What happened
The Canadian Anti-Fraud Centre published its mid-year numbers: about $351 million in reported losses from January to June 2026. Investment fraud led at about $139.6M. Spear phishing, where criminals pose as executives, suppliers or contractors to redirect payments, reached about $57.7M, against just over $68M for all of 2025. Extortion ($25.5M) already passed the full-year 2025 total of about $23M. (Canadian Anti-Fraud Centre, Aug. 25, 2026)
Note on figures: Figures are losses reported to the CAFC, not total losses.
What it means for Canada
Payment-redirection fraud against businesses (spear phishing) is on pace to far exceed 2025, and the CAFC says only 5% to 10% of fraud is reported. Accounts-payable teams in every sector are the front line.
- Sectors
- All sectors that pay suppliers · Finance and accounts payable · Banks and credit unions
- Tools involved
- Business email · EFT and wire payments
- Canadian rules
- Voluntary reporting to the CAFC and police
Takeaways for Canadian businesses and individuals
- BusinessTreat any request to change supplier banking details or payment instructions as a fraud signal; confirm it by calling a number already on file, as the CAFC advises.
- BusinessBrief accounts-payable staff that spear phishing often impersonates executives, suppliers or contractors, the pattern behind about $57.7M in losses in six months.
- IndividualsHang up on anyone claiming to be your bank or police who asks you to move money to 'protect' it; the CAFC counted about $28.6M lost to this in six months.
- IndividualsIgnore offers to recover money you already lost; recovery fraud is a growing category.
- BusinessReport fraud to local police and the CAFC: 1-888-495-8501 or the Report Cybercrime and Fraud website.
For the Canadian AI sector
The CAFC notes criminals rely on convincing communications and impersonation, the exact tasks generative AI makes cheaper. Firms selling AI agents for finance or customer service will be asked how their tools resist and detect this.
Written by AgentsNorth from the source below. General information, not legal or security advice.