Toronto police warn about rise of scams using AI
Toronto police are warning the public about a dramatic surge in AI-powered scams over the past six months. Detective David Coffey of the financial crimes unit reports that while the types of scams—such as romance or impersonation fraud—remain the same, artificial intelligence has made them far more convincing and targeted. Fraudsters now use AI to […]
Friend’s investment tip cost him $180K
Investment fraud is a growing crisis in Canada, with victims losing hundreds of millions of dollars annually. Today’s scammers use increasingly sophisticated methods, utilizing artificial intelligence and fake online dashboards to create an illusion of legitimacy. Often, these schemes begin via a social media connection. To protect your savings, watch for major red flags: promises […]
Ontario Woman Scammed by Roofing Job
An Etobicoke, Ontario woman, Colleen McMichael, lost nearly $50,000 in a door-to-door roofing scam. The ordeal began in late January when two men offered to clear ice and snow from her eavestroughs for $50. After briefly going onto her roof, they falsely claimed it was in a disastrous state, citing holes, mould, rotting wood, and […]
Be Prepared For Emergencies & Opportunities
Randy worked for a small business. When the owner died suddenly, the business accounts were frozen and it took several weeks before they could be accessed to meet payroll. Randy had trouble meeting his financial obligations and had to find a new job. Jane worked at a small company for many years. When the owner […]
How to Benefit from Being Charitable
Charities play a vital role in our society. The Canadian government recognizes this role and tax breaks exist to encourage taxpayers to give to their favorite charities. Roger makes occasional donations to various charities. His donations are rather small and amount to only a few hundred dollars per year. He learned that he might get […]
How Important is it to Have a Will?
Most Canadians want to pass their life savings on to their heirs. The assets remaining once retirement needs are met will be distributed more effectively if there is a properly prepared will detailing the deceased’s wishes. Many people mistakenly believe that this issue is far in the future. Preparation of a valid will and its […]
Compromised laptop resulted in $174,000 theft
CBC News reported the devastating impact of a digital banking scam on a Manitoba couple, Linda and Rudy Klassen. In mid-2024, their compromised home computer allowed fraudsters to deposit bogus cheques and illegally transfer funds. While Access Credit Union forgave an initial $100,000 loss, a subsequent breach at Steinbach Credit Union left the couple’s account […]
Money Mule Scam
A British Columbia man unknowingly became an illegal “money mule” after accepting an unsolicited courier job that required picking up cash from residents’ homes. In reality, he was collecting money for a fraudster operating a “grandparent scam.” This scam tricks vulnerable seniors into handing over cash by falsely claiming a relative is in jail and […]
Utility imposters targeting customers with fake bills
Utility companies are warning Canadians about a surge in “utility imposter” scams, where fraudsters pose as service providers to steal money and personal information. According to the article, reports of such fraud increased by 50% for Toronto Hydro in 2024. Scammers typically use high-pressure tactics, such as threatening immediate service disconnection during extreme weather to […]
Getting Serious About Savings & Investing
We are now well into 2026 and your New Year’s Resolution about managing your money better may have already been forgotten. As the late Sir John Templeton famously stated, the best time to invest is when you have money! The challenge for most people – with many people just struggling to make ends meet – […]
Get It When You Can
You know, we often hear those sad stories: a family loses everything in a house fire, and they didn’t have fire insurance. It’s easy to think, “That could never happen to me,” but the truth is, disasters don’t pick favorites. Insurance isn’t about expecting the worst — it’s a smart, affordable way to protect yourself […]
Government Benefits Can Boost Retirement Income
You might be surprised to learn that every year, thousands of Canadian seniors miss out on government benefits they’re entitled to—sometimes worth thousands of dollars a year. According to recent reports from Service Canada, more than 100,000 older Canadians still aren’t receiving full benefits from programs like the Canada Pension Plan (CPP), Old Age Security […]
Apple Pay Phishing Scam
Fraudsters are targeting Apple users with a carefully constructed campaign. A sophisticated phishing scam is targeting Apple Pay users, leveraging fake “blocked transaction” emails to steal personal data. The article, originally from Macworld, details how fraudsters send official-looking emails claiming a high-value purchase was blocked due to suspicious activity. These emails use official branding and […]
Ontario man loses $260K in ‘pump-and-dump’ scam
A Richmond Hill man, lost $260,000 in a sophisticated “pump-and-dump” scam shortly after moving his investments to a website falsely claiming to be Wealthsimple. Targeted by Instagram ads mimicking Wealthsimple’s branding, Klait joined an online trading forum that initially helped him profit $14,000. Trusting the group, he invested a larger sum, only for the stock […]
Four-in-five Canadians targeted by scams as fraud losses top $544M
A new report from the Angus Reid Institute reveals that over 80% of Canadians have been targeted by digital or phone scams since 2024. While many ignore these attempts, roughly 30% of those targeted fell victim, resulting in the theft of funds or personal data. By September 2025, reported losses exceeded $544 million, though the […]
Canada Pension Network Hub Scam
The “Canada Pension Network Hub” is the name used in SCAM videos and webpages circulating online that promote false information about Canadian retirement benefits. The actual Government of Canada has issued multiple warnings about these fraudulent attempts to steal personal and financial information. Key Information on the Scam Reporting Scams If you encounter such a scam or […]
Financial Resolutions for 2026
Give your finances a boost this new year. Here is a list of financial resolutions to help you become better off by the end of the next twelve months: Eliminate personal debt Brad and Angie had fallen into the very common habit of buying lots of ‘stuff’ with their credit cards and soon were carrying […]
Maximize Your RRSP Return Through Asset Location
Do you know the real rate of return on your investments? Generally, Canadians measure the success of their investments based only on the rate of return. While it provides a good snapshot of whether an investment is doing well or not, it is not the only criterion for a true picture of success. A good […]
Too Much Life at the End of the Money
You have probably heard the phrase; too much month left at the end of the money. Paying for housing, groceries, fuel, utilities and various child rearing expenses, although very necessary, can put a huge strain on a family when outlays sometimes exceed your income. Fortunately, this is usually only a temporary hiccup in most people’s […]
DEEPFAKE Elon Musk video used in cryptocurrency scam
A woman from Markham, Ontario, lost her life savings of $1.7 million to a cryptocurrency scam involving a deepfake video of Elon Musk. Using the pseudonym Denise, the victim told CTV News she was lured by a Facebook video where an AI-generated Musk promoted a high-return investment platform. After an initial $250 investment appeared to […]
Two Canadians lose $2.3 million to crypto scams
Two Canadians lost a combined $2.3 million to sophisticated cryptocurrency scams driven by AI-generated content. Denise, a 51-year-old from Markham, Ontario, lost her life savings of $1.7 million after viewing a deepfake video of Elon Musk on Facebook promising high returns. She even took out a second mortgage to invest. Similarly, Donald Hanrahan from Charlottetown […]
Ontario woman loses $4,000 to advance fee loan scam
The CTV News segment, “Consumer Alert,” warns viewers about advance fee loan scams. Reporter Pat Foran highlights the story of Linda Bailey, a woman struggling financially who sought a $20,000 loan online. She contacted a company called Dynamic Resource Solutions, which appeared legitimate with positive reviews. However, the company required a $4,000 upfront fee to […]
Police Warn About Gift Card Scams
Police are warning holiday shoppers about ongoing scams where gift card barcodes are tampered with so that scammers keep the cash value of the card. Watch video below to learn about what to watch for while shopping.
2025 Year in Review: Staying Financially Strong in Uncertain Times
As we wrap up 2025, it’s a good time to pause and reflect on what the year has brought—and more importantly, how to position ourselves for success in 2026. This year has been another reminder that global uncertainty is here to stay. Trade tensions, fluctuating interest rates, and uneven economic growth have all played a […]
RDSP Offers a Bonus
You may have heard of the Registered Disability Savings Plan (RDSP) — one of the best financial tools available for Canadians who qualify for the Disability Tax Credit (DTC). Since its launch in 2008, the RDSP has helped thousands of people with disabilities save and grow their money with significant government support. An RDSP is […]
Don’t Bank on an Inheritance
Many Baby Boomers have pinned their hopes on an inheritance to solve their financial challenges. Media reports often highlight the anticipated $1 trillion expected to transfer between generations over the next 10-15 years. A recent HSBC report from March 2024 reveals that 39% of working and recently retired individuals are counting on some form of […]
RBC and CIBC allow 89-year-old to drain life savings, lose $1.7M to scammers
Ray Anholt of Victoria recently marked his 90th birthday, but says there was little to celebrate — being the victim of one of the largest-ever bank investigator scams reported in Canada, he was left virtually penniless. Over six months last year, Anholt lost his life savings — almost $1.7 million.
BC Senior losses $40,000 to investment scammers
Seniors are getting taken advantage of by people pretending to be their friends A retired Richmond man in his 80s lost his entire life savings, totaling over $40,000, to scammers posing as supportive online friends. His son is now speaking out to warn other families, highlighting how sophisticated fraudsters exploit the trust and loneliness of […]
AI-powered crypto scam is targeting Canadians
This CTV News report details how AI-generated deepfakes are being used to defraud Canadians of their life savings. The video highlights victims like the Perkins family, who lost over $42,000, and Brenda Dion, who lost $16,000, after trusting realistic deepfake videos of political figures—including Chrystia Freeland and Mark Carney—endorsing fake crypto investment platforms According to […]
Canadians need to beware of “Ghost tapping”
The Better Business Bureau is warning shoppers about a new scam called “ghost tapping” this holiday season. This occurs when thieves intercept the Near Field Communication (NFC) signals used in contactless payments to make unauthorized charges or charge a card multiple times. Because the scammers need to be physically close to your card or phone, […]