How to identify frauds and outsmart today's cyber scammers

Imagine getting a phone call. A scammer is pretending to be your grandson. He's frantic. He says he's been in an accident, or he's in legal trouble, and he needs money – right now. The voice is real. The fear is real. But the call? That's the “grandparent emergency scam”.

This kind of fraud is not science fiction. It is happening right now to Canadians just like you.

It’s a real and serious problem, and the numbers are hard to ignore

Canadians reported losing more than $700 million to fraud in 2025 – up from $648 million the year before.¹ And those are only the cases that were reported. The Canadian Anti-Fraud Centre (CAFC) estimates that only 5 to 10% of fraud victims ever come forward.² That means the real number could easily be in the billions.

Investment scams were the biggest culprit, with $351 million in reported losses in 2025 alone.³ Spear phishing – personalized, targeted email attacks – added another $67.9 million.⁴ And the "bank investigator" scam, where someone pretends to be from your bank's fraud department, cost Canadians $28.3 million last year.⁵

And often the most vulnerable in our society, older Canadians, are especially hard hit: seniors accounted for nearly 40% of all fraud losses in 2024.⁶

Knowledge is power: the latest tricks you should know about

We know scammers are getting smarter and more targeted. So how do we fight back? Knowledge is key. If we know what to look out for, scams often become obvious. Here are some of the tactics being used against Canadians right now:

• The “bank investigator” call. Someone calls claiming to be from your bank's fraud team. They know your card type. They may even read out the first few digits of your card number, but these numbers are the same for everyone at a given bank, which is public information. They tell you your account has been compromised and ask you to confirm a one-time security code they just sent you. If you read back that code, they are in. 
• The fake investment opportunity. Social media ads and videos may show trusted celebrities, politicians, or news anchors "endorsing" investment platforms. One Canadian research group found more than 200 fake Facebook pages running these kinds of ads.²
• Phishing, smishing, and vishing. These are scams delivered through email (phishing), text messages (smishing), and phone calls (vishing). Today's versions are highly personalized – often pulling details about you from your social media profiles so they feel very real.
• The “grandparent emergency” scam. A panicked voice calls claiming to be your grandchild, or child. They need bail money, hospital fees, or emergency funds, and they beg you not to tell anyone. Losses from this scam topped $23 million.²

Three things RBC will never ask you for

This may be the most important thing you read today. If anyone contacts you claiming to be from RBC – by phone, text, or email – and asks for any of the following, it is not RBC. Period.

1. Your password, PIN, or one-time security code.
   RBC will never ask you to share these – ever. Not by phone, text, or email.⁸
2. Remote access to your computer or phone.
   RBC will never ask you to download an app or program that allows someone else to control your device.⁸
3. Your help with a fraud investigation.
   RBC – and no legitimate police or peace officer – will ever ask you to withdraw cash, buy gift cards, or transfer money to "help" with an investigation or "protect" your funds.⁹

Five things you can do right now to protect yourself

You do not need to be a tech expert to stay safe. These five steps are simple, practical, and effective:

1. Pause before you act.
   Scammers rely on urgency and panic. If a call, text, or email is pushing you to do something right now, that is your signal to slow down. Hang up. Take a breath. Think.
2. Call back on a number you trust.
   If someone calls claiming to be from your bank or a government agency, hang up, and call back using the official number on the back of your card or on the organization's official website. Never use a number the caller gave you.
3. Create a family code word.
   Pick a secret word that only your immediate family knows. If you ever get a distressing call from a "family member," ask for the code word. A scammer will not know it.
4. Be careful about what you share online.
   Scammers can use your public social media posts to build their attacks. Limit what you share – especially audio and video – and review your privacy settings.
5. Report it, even if you feel embarrassed.
   Fraud is not your fault. Because only 5 to 10% of victims report what happened, the CAFC urges all Canadians to come forward.² Reporting protects other Canadians. You can reach the CAFC at 1-888-495-8501 or report online at antifraudcentre-centreantifraude.ca.¹⁰

Stronger together: you are not alone

Cybercriminals are sophisticated in their methods. They are well-funded. And they work hard every day to find new ways to get to you.

But so do we.

RBC Royal Bank, RBC Dominion Securities and your Investment Advisor are committed to being your partner in protecting what you have worked so hard to build. If something feels suspicious, – a strange call, a suspicious email, an unexpected request – trust that instinct. Reach out. We are here and ready to help.

Speak with your Investment Advisor to answer any questions you may have about protecting yourself from fraud, to report suspicious activity, or to get some peace of mind. You can also read our Digital Safety and Scams guide to explore how to stay ahead on the scams making the rounds.

Your financial security is too important to leave to chance. Let's protect it – together.

Sources

1. Canadian Anti-Fraud Centre, Fraud Prevention Month 2026 (February 2026). https://antifraudcentre-centreantifraude.ca/features-vedette/2026/02/month-prevention-mois-eng.htm
2. CBC News, "Prime Minister Mark Carney AI Cryptocurrency Scam, Prince Albert, Saskatchewan" (2025). https://www.cbc.ca/news/canada/saskatchewan/prime-minister-mark-carney-ai-cryptocurrency-scam-prince-albert-sask-9.6975464
3. Canadian Anti-Fraud Centre, Fraud Prevention Month 2026 (February 2026). https://antifraudcentre-centreantifraude.ca/features-vedette/2026/02/month-prevention-mois-eng.htm

4. Ibid.
5. Ibid.
6. The Globe and Mail, "How Canadian seniors can stay ahead of cyber scams" (2024). https://www.theglobeandmail.com/life/article-how-canadian-seniors-can-stay-ahead-of-cyber-scams/
7. Canadian Anti-Fraud Centre, "CAFC Supports OPP in Major Grandparent Fraud Investigation" (April 2024). https://antifraudcentre-centreantifraude.ca/news-nouvelles/2024/2024-04-18-eng.htm
8. RBC Royal Bank, "Cybersecurity Checklist: Banking Safely Online." https://www.rbcroyalbank.com/en-ca/my-money-matters/money-academy/cyber-security/understanding-cyber-security/cybersecurity-checklist-banking-safely-online/
9. Canadian Bankers Association, "What Your Bank Will Never Ask" (2025). https://cba.ca/article/what-your-bank-will-never-ask
10. Canadian Anti-Fraud Centre. https://antifraudcentre-centreantifraude.ca