Financial security is top-of-mind for Canadians as scam attempts become a widespread reality across digital and telecommunications platforms. New research from Capital One Canada shows that over one-third of Canadians (34 per cent) were targeted by an unsuccessful financial scam attempt in the past 12 months, while 26 per cent were targeted by financial fraud, with consumers reporting contact across multiple channels, including phone calls (52 per cent), emails (51 per cent) and text messages (47 per cent) serving as the primary contact channels for scam attempts.
The survey suggests financial institutions play a critical role in helping Canadians respond to fraud and scams. Across all steps taken upon discovering a financial fraud or scam, consumer actions include:
- 78 per cent report it to a financial institution (with 44 per cent citing this as their very first action)
- 66 per cent change their password or PIN
- 55 per cent freeze or monitor credit cards
- 31 per cent report it to the Canadian Anti-Fraud Centre
Younger Canadians face higher rates of successful fraud
Canadians aged 18 to 34 are more likely to experience financial fraud (20 per cent versus 14 per cent) and successful financial scams (17 per cent versus 9 per cent) than those aged 35 and older. While fraud can occur without victim interaction, the data reveals generational gaps in identifying and taking action against deceptive scams:
- Only 70 per cent of Canadians aged 18 to 34 express confidence in distinguishing between fraud and scams, compared with 81 per cent of those aged 55 and older
- Canadians aged 35 and older are consistently more likely than younger adults to take immediate protective action after discovering an incident, such as reporting it to a financial institution
The results highlight the importance of helping young adults recognize scams, particularly those encountered through social media and other digital platforms.
Growing demand for proactive, systemic prevention
Canadians increasingly view fraud prevention as a shared responsibility, calling on industry and government to intervene before threats reach their devices:
- 92 per cent expect financial institutions to do more to identify and prevent fraud
- 91 per cent expect phone service providers to take stronger action to stop fraudulent calls and text messages
- 90 per cent expect social media and telecommunications companies to step up prevention efforts
Beyond corporate action, a majority of Canadians (66 per cent) support federal legal mandates requiring technology and telecommunications companies to actively intercept and block spoofing threats before they reach consumers. This is supported by Canadians aged 35 and older (70 per cent), compared to 55 per cent of those aged 18 to 34.
To help Canadians stay informed, Capital One Canada offers scam prevention guidance, practical tips and insights on emerging tactics. You can visit the Capital One Canada Support Centre to learn more.
If you suspect you have been targeted by a scam or fraud, report it to your bank and the Canadian Anti-Fraud Centre at antifraudcentre-centreantifraude.ca to help safeguard others.
Methodology
Capital One Canada surveyed 1,622 Canadian residents aged 18 years and older from August 14 to August 17, 2026, using Leger’s LEO panel. For comparison purposes, a probability sample of 1,622 respondents yields a margin of error no greater than ±2.4%, 19 times out of 20. Results were weighted according to age, gender, mother tongue, region, education and presence of children in the household to ensure a representative sample of the Canadian population.
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This entry was posted on October 14, 2026 at 1:23 pm and is filed under Commentary with tags Capital One. You can follow any responses to this entry through the RSS 2.0 feed.
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Capital One survey: As one in three consumers face scams, Canadians turn to financial institutions first
Financial security is top-of-mind for Canadians as scam attempts become a widespread reality across digital and telecommunications platforms. New research from Capital One Canada shows that over one-third of Canadians (34 per cent) were targeted by an unsuccessful financial scam attempt in the past 12 months, while 26 per cent were targeted by financial fraud, with consumers reporting contact across multiple channels, including phone calls (52 per cent), emails (51 per cent) and text messages (47 per cent) serving as the primary contact channels for scam attempts.
The survey suggests financial institutions play a critical role in helping Canadians respond to fraud and scams. Across all steps taken upon discovering a financial fraud or scam, consumer actions include:
Younger Canadians face higher rates of successful fraud
Canadians aged 18 to 34 are more likely to experience financial fraud (20 per cent versus 14 per cent) and successful financial scams (17 per cent versus 9 per cent) than those aged 35 and older. While fraud can occur without victim interaction, the data reveals generational gaps in identifying and taking action against deceptive scams:
The results highlight the importance of helping young adults recognize scams, particularly those encountered through social media and other digital platforms.
Growing demand for proactive, systemic prevention
Canadians increasingly view fraud prevention as a shared responsibility, calling on industry and government to intervene before threats reach their devices:
Beyond corporate action, a majority of Canadians (66 per cent) support federal legal mandates requiring technology and telecommunications companies to actively intercept and block spoofing threats before they reach consumers. This is supported by Canadians aged 35 and older (70 per cent), compared to 55 per cent of those aged 18 to 34.
To help Canadians stay informed, Capital One Canada offers scam prevention guidance, practical tips and insights on emerging tactics. You can visit the Capital One Canada Support Centre to learn more.
If you suspect you have been targeted by a scam or fraud, report it to your bank and the Canadian Anti-Fraud Centre at antifraudcentre-centreantifraude.ca to help safeguard others.
Methodology
Capital One Canada surveyed 1,622 Canadian residents aged 18 years and older from August 14 to August 17, 2026, using Leger’s LEO panel. For comparison purposes, a probability sample of 1,622 respondents yields a margin of error no greater than ±2.4%, 19 times out of 20. Results were weighted according to age, gender, mother tongue, region, education and presence of children in the household to ensure a representative sample of the Canadian population.
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This entry was posted on October 14, 2026 at 1:23 pm and is filed under Commentary with tags Capital One. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.