Spear-Phishing Scams Cost Canadians $57.7M in 2026

• •Canadians reported $57.7 million in spear-phishing losses in the first half of 2026.
• •Fraudsters impersonate trusted contacts to redirect payments through convincing emails.
• •Indigenous businesses in northern Ontario lost over $800,000 due to these scams.

In the first half of 2026, Canadians reported approximately $57.7 million in losses due to spear-phishing scams, as reported by the Canadian Anti-Fraud Centre (CAFC). This figure reflects a significant threat, as it represents a notable portion of the $351 million total fraud losses reported in the same period. The scams typically involve fraudulent emails that impersonate trusted contacts, urging victims to update banking information. Fraudsters may compromise legitimate email accounts or use lookalike addresses to make their requests appear genuine. Victims often realize the fraud only when the intended recipient follows up on an unpaid invoice. Indigenous businesses in northern Ontario alone lost over $800,000 due to such scams. The CAFC emphasizes the importance of verifying any changes to payment instructions independently.