Most Canadians believe that talking openly about fraud would help protect them and their families from scams, yet very few are actually having those conversations, according to new survey data from TD Bank.
According to the survey, 62% of Canadians polled said regular family conversations about scams would make them feel less vulnerable to fraud, yet only 23% report those conversations happen consistently. The disconnect is particularly pronounced among younger Canadians, with 75% of Gen Z respondents said open family discussions would help them feel less vulnerable, but 52% said they would feel too embarrassed to share their own fraud experiences, compared with 28% of Canadians overall.
"Talking openly about fraud can help remove stigma and empower more Canadians to spot scams earlier. Even simple conversations can help to build the awareness and confidence to take action when facing a suspicious situation. Canadians don't have to navigate fraud risks alone," said Tarundeep Dhot, vice president of fraud management at TD. "Sharing experiences and tips with people you trust can be a powerful way to stay one step ahead of scammers."
The survey results arrive as financial fraud in Canada reaches record levels. Canadians lost more than $638 million to fraud and cybercrime in 2024, up from $578 million the previous year, according to the CAFC, with investment scams accounting for the highest dollar losses at nearly $311 million.
The CAFC estimated that only five to 10% of victims report their losses, suggesting the true scale of fraud is far higher than official figures indicate. Reported losses rose from $165 million in 2020 to $643.7 million in 2024, a 290% increase in four years.
The Canadian Securities Administrators, CAFC and RCMP issued a joint advisory in March 2025 warning that investment fraud scams among younger Canadians had trended upward for the first time since the CSA began tracking the data, adding weight to the TD survey's finding that Gen Z is simultaneously the most aware of fraud risks and the least likely to discuss them.
According to Equité Association estimates, insurance crime of all types costs Canada between $3 billion and $5 billion annually. Insurance fraud alone adds about $1 billion per year to Canadian premiums, Aviva Canada said.
The problem is accelerating and evolving in ways that are placing new demands on claims teams. Aviva Canada further reported a 46% increase in claim fraud detection in 2024, with auto-related incidents accounting for 67% of investigations and staged accidents up 47% in the fourth quarter of the year. The insurer also flagged a rise in AI-enabled or forged documents, with fraudsters using artificial intelligence to create false claims or inflate legitimate ones through fabricated invoices. Aviva's claims investigation data showed a 400% increase in staged collisions from 2024 to 2025.
The TD survey's findings on under-reporting have a direct parallel in the insurance context. The low rate of fraud reports to the CAFC may be partly attributable to a lack of consumer knowledge about personal insurance options.
While a standard home insurance policy may cover certain types of fraud, it is unlikely to cover the full cost of a cyber incident or identity theft, according to the CAFC. That gap represents a tangible opportunity to engage clients on cyber and identity theft coverage, products that remain significantly underpurchased relative to the risk exposure most Canadian households carry.
The TD survey suggests that any effort to reduce fraud, whether at the consumer, broker or regulatory level, will need to address the cultural barrier around discussing it, particularly among younger Canadians who are increasingly targeted but least likely to speak up.
