New research reveals the hidden risk in Canadians' growing confidence around financial scams
Nearly nine in 10 Canadians say they can spot a scam. More than half are quietly doing things that make them easier targets.
That paradox is at the centre of a new survey released by TD Bank, conducted by Léger between December 18, 2025 and January 5, 2026 with a nationally representative sample of 1,517 Canadian adults and 262 business owners.
The results carry practical implications for mortgage brokers, whose clients are navigating some of the largest financial decisions of their lives at a time when fraud attempts are becoming harder to detect.
The survey found that 46% of Canadians encounter scams or fraud attempts weekly or daily. Nearly a quarter, or 24%, say they or a family member have been the victim of financial fraud in the past year.
Despite that exposure, 89% feel confident in their ability to identify fraud, even as 52% admit to habits that increase their vulnerability: using public Wi-Fi to access financial accounts, clicking links in texts or emails before verifying the source, and downloading apps from unfamiliar sites.
Compounding the risk, 41% of Canadians say they never consult resources or educate themselves on fraud prevention.
Overconfidence creating a dangerous blind spot
Tarundeep Dhot, Vice President of Fraud Management at TD, said the confidence gap is precisely what fraudsters count on.
"While it's encouraging that Canadians feel aware, overconfidence can sometimes lead to quick decisions or overlooked warning signs that scammers rely on," he said.
"Bad actors are counting on people moving quickly or assuming they're not at risk."
The findings land in a climate already shaped by high-profile enforcement action. The B.C. Financial Services Authority's expanded enforcement against mortgage fraud schemes and the ongoing conversation about how fraud is reshaping trust in Canadian real estate underscore just how far the damage can spread.
Source: TD Bank survey conducted by Léger, December 18, 2025 – January 5, 2026. n = 1,517 Canadian adults + 262 business owners. Margin of error ±2.5%, 19 times out of 20.
Key figures
Confidence vs. risky habits by group
Business owner protective habits
Gen Z: fraud education and awareness
Gen Z most engaged and most exposed
Among younger Canadians, the findings are contradictory. Those in Generation Z are the most proactive on fraud education. Sixty-seven percent consult resources at least once a year, and 52% have stepped in to help a family member manage a scam.
Yet 65% of Gen Z respondents admit to risky online habits, more than any other generation and well above the 52% national average.
"Younger Canadians are often seen as tech savvy, and many are taking on the role of helping others navigate fraud risks," said Dhot.
"But digital literacy alone isn't enough. Staying safe requires ongoing awareness, conversations and a willingness to pause and verify — even when something appears to be familiar."
Simple habits that make a real difference
TD's survey outlines a short list of behaviours that meaningfully reduce fraud exposure. Avoiding sensitive account access on public Wi-Fi, refusing to click links or open attachments from unverified sources, and independently confirming the identity of anyone requesting personal or financial information are among the most effective steps individuals can take.
For families, making fraud a regular topic of conversation — discussing suspicious messages or recent scam attempts as they arise — builds collective awareness over time.
If a call, text, or email from a financial institution feels off, do not engage, and contact the institution directly using verified contact details.
For businesses, TD recommends a structured "pause and verify" approach for any request involving payment or sensitive data, regular account reviews, and multi-factor authentication across platforms.
Business owners surveyed showed stronger protective habits. According to the TD survey, 81% regularly review accounts for suspicious activity, 76% report having safeguards in place, and 75% say their teams are prepared to identify and report scams, suggesting that structured processes meaningfully reduce exposure.
As growing calls for stronger fraud protections at Canadian banks continue to pressure regulators and financial institutions alike, brokers are in a position to serve as a frontline resource for clients who may be more confident, and more at risk than they realise.
Make sure to get all the latest news to your inbox on Canada’s mortgage and housing markets by signing up for our free daily newsletter here.
