Q3-2025 Fraud Report

Executive Summary

The third quarter of 2025 was defined by a massive surge in Impersonation Scams and Investment Fraud. Advanced technologies, specifically AI-driven voice synthesis and deepfakes, have made “Grandparent” and “Bank Investigator” scams significantly more convincing. While Investment Fraud remains the costliest category, Identity Fraud and Phishing remain the highest in terms of raw volume of reports.

Top 10 Most Active Frauds (Q3 2025)

Ranked by estimated financial impact and activity level.

1. Investment & Cryptocurrency Fraud

  • Status: #1 for Financial Loss
  • The Scam: Fraudsters use fake online trading platforms, often advertised on social media, promising “guaranteed” high returns in cryptocurrency.
  • Q3 2025 Trend: A specific alert was issued regarding the impersonation of legitimate firms (e.g., Liquidnet Canada). Victims are seeing “pig butchering” tactics where scammers build trust over months before draining accounts.
  • Red Flag: Unsolicited investment offers via Telegram or WhatsApp; promises of risk-free returns.

2. Spear Phishing (Business Email Compromise)

  • Status: Top Threat for Businesses
  • The Scam: Scammers impersonate senior executives or trusted vendors, sending urgent emails to accounting staff requesting wire transfers or gift card purchases.
  • Q3 2025 Trend: Increased use of AI to mimic the writing style of CEOs. Attacks are targeting new employees who may not know internal verification protocols.
  • Red Flag: Urgent requests for secrecy; changes in vendor payment details (e.g., “Our bank account has changed”).

3. Romance Scams

  • Status: High Financial Impact / Emotional Manipulation
  • The Scam: Perpetrators build fake romantic relationships online, eventually asking for money for “emergency travel,” “medical fees,” or “investment advice” (merging with investment fraud).
  • Q3 2025 Trend: A rise in “Crypto-Romance” hybrids, where the “partner” doesn’t ask for money directly but “teaches” the victim how to invest in a fake crypto app.
  • Red Flag: The person refuses to meet in person or video chat (or uses a short, looped video) and quickly moves conversation to encrypted apps.

4. Job & Employment Scams

  • Status: High Frequency (Targeting Ages 18-34)
  • The Scam: Fake job postings for “Data Entry” or “Virtual Assistant” roles. Victims are hired without an interview and sent a fake cheque to buy “equipment,” then asked to wire the difference back.
  • Q3 2025 Trend: Scammers are impersonating real Canadian recruitment agencies. They now use WhatsApp to conduct “interviews” that consist entirely of text messages.
  • Red Flag: “Hired” without a verbal interview; requests to deposit a cheque and send money elsewhere.

5. Bank Investigator / Impersonation Fraud

  • Status: Rapidly Increasing Activity
  • The Scam: A call claims to be from your bank or Visa/Mastercard security, warning of “suspicious charges.” You are told you must help catch the teller by withdrawing cash or moving funds to a “safe account.”
  • Q3 2025 Trend: Fraudsters are spoofing the actual phone numbers of financial institutions (Caller ID spoofing) and keeping phone lines “open” to fake a transfer to a supervisor.
  • Red Flag: The bank asking you to transfer funds to yourself or a “safe” account; requests to help in an “internal investigation.”

6. Emergency (Grandparent) Scams

  • Status: High Severity for Seniors
  • The Scam: A panicked call claims a grandchild is in jail or hospital and needs immediate bail money. A “courier” is often sent to the victim’s home to collect cash.
  • Q3 2025 Trend: The use of AI Voice Cloning is now a confirmed threat, with scammers using snippets of a loved one’s voice from social media to make the panic call sound authentic.
  • Red Flag: Demands for secrecy (“Don’t tell my parents”); a courier coming to your house to pick up cash.

7. Service Scams (Tech Support)

  • Status: High Volume of Reports
  • The Scam: Pop-ups or calls claiming your computer has a virus. Scammers request remote access to “fix” it, then steal banking info or install malware.
  • Q3 2025 Trend: Scammers are now impersonating internet providers (Bell/Rogers/Telus) offering “refunds” or “router upgrades” to gain remote access.
  • Red Flag: Unsolicited calls claiming your computer is sending “error messages.”

8. Extortion

  • Status: Steady Activity
  • The Scam: Threats to release sensitive photos/videos (Sextortion) or physical threats unless payment is made.
  • Q3 2025 Trend: “Hitman” emails claiming someone has been paid to hurt you, or “Hydro” scams threatening immediate power disconnection.
  • Red Flag: Demands for payment via Bitcoin or Gift Cards to prevent a negative action.

9. Merchandise / Non-Delivery Fraud

  • Status: Consumer Retail Threat
  • The Scam: fake e-commerce sites offering brand-name goods at unrealistic discounts. The item never arrives, or is a cheap counterfeit.
  • Q3 2025 Trend: A spike in fake rental listings (apartments/cottages) as students looked for Q3 housing.
  • Red Flag: Prices too good to be true; sellers refusing to use secure payment platforms.

10. Identity Fraud

  • Status: Foundation for Other Frauds
  • The Scam: Theft of personal info to apply for credit cards, loans, or government benefits (CRA accounts).
  • Q3 2025 Trend: Credit Card Fraud specifically saw a sharp rise in Q3, with data breaches fueling account takeovers.
  • Red Flag: Unfamiliar charges on statements; receiving mail for credit cards you didn’t apply for.

Emerging Threat to Watch: “Quishing”

In Q3 2025, authorities noted a rise in QR Code Phishing (Quishing). Fraudsters place fake QR stickers on parking meters or send them via email (e.g., “Scan to update your 2FA”). Scanning leads to a fake payment or login site.