Tips for Staying Safe from Financial Fraud in Canada

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Settling into life in Canada involves managing finances in a new country. Along the way, you may be asked to share personal or banking information. Knowing how to recognize and respond to potential fraud may help you protect yourself and your finances.

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This article outlines common types of fraud and offers helpful steps that may help you reduce risk as you manage money in Canada.

Understanding Financial Fraud

Financial fraud happens when someone tries to get access to your money or personal financial information by misleading you. This may include false messages, fake offers, or requests that are not genuine.

Fraud also involves trust. Someone may pretend to be a bank, a government office, or a service you recognize. If you are new to Canada, some requests may be unfamiliar. Learning how these situations present themselves, may help you spot warning signs and protect you from fraud as you manage your finances.

Examples of Fraud You May Encounter in Canada

Fraud can take different forms. Some situations may be easier to recognize than others, especially if you are new to how services work in Canada. Below are examples of fraud that newcomers may come across.

Phone scams: Some fraud attempts may begin with a phone call. The caller may claim to represent a government department or another official organization. They may ask for personal details or claim you owe money. They may pressure you to act quickly or threaten you with penalties or arrest. Government agencies in Canada do not demand immediate payment or sensitive information over the phone.
Rental scams: Looking for housing may involve online listings or social media posts. In some cases, listings may not be real. A scammer may claim to own or manage a property and say it cannot be viewed in person. They may ask for a deposit or rent in advance and stop responding after receiving payment.
Immigration or settlement service scams: Some individuals offer help with immigration or settlement services for a fee. Fraudulent providers may promise services they cannot deliver, such as job offers or paperwork. Before paying for help, it may be useful to check official registries and confirm that the person or organization is authorized to provide these services.

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Simple Steps to Help Protect Your Information

Protecting personal and financial information often involves small, everyday choices. The steps below may help reduce risk when using online services or sharing details.

Take a moment before responding: Messages that create urgency are a common tactic. If a request asks you to act right away, pause before responding. Taking time to check details or speak with someone you trust may help you avoid mistakes.
Be careful with emails and links: Unexpected emails, especially from unknown senders, may contain harmful links or attachments. Avoid clicking links or downloading files unless you are confident the message is legitimate.
Limit the personal details you share: Not every request requires full personal information. Be cautious when sharing details such as your address, phone number, or full birthdate, particularly with unfamiliar people or businesses.
Check security before entering information online: When shopping or banking online, look for signs that a website is secure. A web address that begins with “https” and a padlock symbol in the browser bar may indicate added security, however, you should still use caution before entering any type of information online.
Shop online with care: Before making a purchase, review the seller’s website, refund policies, and customer feedback. This may help you identify reliable retailers.
Use strong passwords and keep them private: Create passwords that are hard to guess and avoid reusing them across accounts. Enter passwords carefully, especially when using shared or public devices.

If Something Doesn’t Seem Right

If you notice activity that feels unusual or suspect fraud, taking a few early steps may help reduce potential impact. You do not need to be certain before reaching out for support.

Who to Contact First

Reach Out to Your Financial Institution

If you believe your bank account or credit card information may have been compromised, contact your financial institution as soon as possible. They may help secure your account, issue new cards, and review recent activity.

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Report the Situation

You may also consider reporting the incident to the Canadian Anti-Fraud Centre and your local police service. These organizations collect information about fraud and may provide guidance on next steps.

Requests You Can Treat as Warning Signs

Knowing what banks do not ask for may help you recognize possible fraud.

For example, TD Bank will not:

Ask you to keep a request private or avoid speaking with others
Ask you to share passwords, PINs, or banking details by phone, text, or email
Request access to your computer, phone, or other devices
Ask you to send, transfer, or move money to “resolve” an issue
Ask you to purchase gift cards or share gift card information

If a request includes any of these actions, you may wish to pause and verify before responding.

When You Need Support

If you have questions about activity on your TD account, help is available. Checking details before acting may help you understand what is happening and decide what to do next.

Unfamiliar requests deserve a closer look. Taking a moment to pause and ask for guidance may help protect your personal and financial information.

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Why Choose TD?

More Than 160 Years of Helping Canadians:

TD has a proud history of delivering financial solutions to Canadians for more than 160 years. TD also brings a century of experience helping newcomers navigate the unique challenges of the Canadian banking system.

With over a thousand branches, and the ability to also serve you in more than 80 different languages, TD has become one of the largest and most trusted banks in Canada, now serving 16 million Canadians.

TD offers online support and resources of interest to newcomers on topics such as banking basics, moving to Canada, credit score essentials, and more. TD is open longer hours for your convenience and has thousands of ATMs across Canada to help you take care of your everyday banking needs quickly and easily.

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Book an appointment to talk with a TD Personal Banking Associate about the TD New to Canada Banking Package. You can book online right away, or visit the TD website to learn more.

Legal Disclaimer:

Information provided by TD Bank Group and other sources in this article is believed to be accurate and reliable when placed on this site, but we cannot guarantee it is accurate or complete or current at all times. The information in this article is for informational purposes only and is not intended to provide financial, legal, accounting or tax advice, and should not be relied upon in that regard. This information is not to be construed as a solicitation to buy. Products and services of the TD Bank Group are only offered in jurisdictions where they may be lawfully offered for sale. All products and services are subject to the terms of the applicable agreement. The information in this article is subject to change without notice.

^®The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries.

Sources:

Competition Bureau Canada, “Rental Scam: No Room for Error,” accessed February 14, 2025, https://www.canada.ca/en/competition-bureau/news/2018/08/rental-scam-no-room-for-error.html

Canada Revenue Agency, “Fraud and Scams,” accessed February 14, 2025, https://www.canada.ca/en/revenue-agency/campaigns/fraud-scams.html

Immigration, Refugees and Citizenship Canada, “Protecting Yourself Against Fraud,” accessed February 14, 2025, https://www.canada.ca/content/dam/ircc/migration/ircc/english/pdf/pub/fraud-english.pdf

Competition Bureau Canada, “The Little Black Book of Scams,” accessed February 14, 2025, https://www.competitionbureau.gc.ca/eic/site/cb-bc.nsf/eng/04158.html

Office of the Privacy Commissioner of Canada, “Identity Theft: A Guide for Consumers,” accessed February 14, 2025, https://www.priv.gc.ca/en/privacy-topics/identities/identity-theft/guide_idt/

Canadian Bankers Association, “How to Bank Safely Online,” accessed February 14, 2025, https://cba.ca/how-to-bank-safely-online

TD Bank Group, “Types of Fraud and Scams,” accessed February 14, 2025, https://www.td.com/ca/en/about-td/privacy-and-security/how-you-can-protect-yourself/protect-yourself/types-of-fraud-and-scams

Canadian Anti-Fraud Centre, “Report Fraud,” accessed February 14, 2025, https://www.antifraudcentre-centreantifraude.ca/report-signalez-eng.htm