Three in four Canadians say advances in artificial intelligence are making them feel more exposed to financial fraud, according to a new survey by TD Bank Group.
The poll, conducted by Léger between Dec. 18, 2025, and Jan. 5, 2026, surveyed 1,517 Canadian adults and 262 Canadian business owners. It found that 75% of respondents felt more vulnerable to fraud due to AI, while 82% believed scams were becoming harder to detect. A further 86% said they are more concerned about fraud than they were five years ago.
The findings come as financial fraud continues to cause harm. Nearly one in four Canadians – 24% – said they or a family member had been the victim of financial fraud or a scam in the past year.
Despite heightened concern, more than half of Canadians surveyed (52%) admitted engaging in behaviours that increase their vulnerability to scams. Among them, 18% said they use public Wi-Fi to access personal or financial accounts, while 15% open email attachments from unknown senders, and another 15% click links in texts or emails without first verifying the sender.
Awareness efforts also appear limited. The survey found that 41% of Canadians never consult resources or seek fraud prevention advice, and 42% do so only a few times per year or less.
Sophia Leung, executive vice president of the Protect Platform at TD, urged Canadians not to overlook foundational safety practices.
“It’s vital for Canadians to remember that longstanding fraud prevention tips remain as effective today as ever before,” Leung said. “Don’t respond to unsolicited communications – simply block and report them whenever possible. And always use secure networks.”
Canadian businesses are also feeling the strain. According to the survey, 66% of business owners said they feel more exposed to fraud than in previous years, and 61% identified AI-driven crime as a major threat. Nearly half (46%) said they had experienced at least one fraud or scam attempt in the past year.
Sherry Kalantari, senior manager of business banking fraud prevention and education at TD, said the findings point to a need for stronger security practices.
“Business owners are concerned about fraudsters accessing their customer data as they leverage technological advancements,” Kalantari said. “To stay one step ahead of bad actors, Canadian business owners should continue to review and boost their security protocols while keeping up with the latest fraud trends and how to combat them.”
Leung added that TD has developed resources to help clients and the broader public respond to the shifting threat landscape.
“Technology is rapidly evolving, and so are the tactics that scammers employ,” she said. “TD created the Fraud Prevention Hub which is our public online resource centre designed to help clients and the general public identify, prevent, and report fraud and scams.”
The survey carries a margin of error of ±2.5%, 19 times out of 20.
The TD findings come against a backdrop of sharply rising fraud losses across the country. According to the Canadian Anti-Fraud Centre, Canadians reported $638 million in fraud losses in 2024 – the highest figure ever recorded by the agency.
By September 2025, reported losses had already reached $544 million, putting 2025 on pace to surpass the previous year’s record, according to The Globe and Mail. The CAFC estimates that only 5% to 10% of all fraud incidents are reported, meaning actual losses could be substantially higher.
A January 2026 report from the Angus Reid Institute added to those figures, finding that more than 80% of Canadians have been targeted by digital or phone scams since 2024. Seniors aged 60 and older were disproportionately affected, nearly twice as likely to be victimized as younger adults, a vulnerability researchers linked in part to the rise of AI-generated communications.
The federal government has also taken notice. Canada’s 2025 budget included plans to establish a new Financial Crimes Agency and introduce amendments to the Bank Act that would require financial institutions to implement policies to detect and prevent consumer-targeted fraud. The Department of Finance said legislation to establish the agency is expected to be tabled by spring 2026.
Meanwhile, the Canadian Securities Administrators (CSA) warned in June 2025 that scammers were increasingly using AI to create convincing fake advertisements and online profiles targeting older Canadians with fraudulent investment opportunities.
The CSA cautioned investors to be wary of any opportunity seemingly endorsed by a celebrity or public figure, noting that AI can now generate realistic imagery, video, and audio with relative ease.
