How to avoid financial fraud?

Financial fraud has become increasingly common in recent years, even in friendly communities, and Calgary is no exception. In 2024, law enforcement agencies in Alberta alone recorded nearly 10,000 reports of fraud, of which 6,787 were investigated as a primary crime. Fraudsters are constantly inventing new schemes, from phone scams and online attacks to complex investment traps. To protect yourself and your finances, it is important to be aware of the latest threats and to use proven prevention and response strategies.

The fraud landscape in Calgary

According to the Calgary Police Service (CPS) and partners, the most common categories of fraud in 2025 are:

  • Cybercrime and phishing – fraudsters send out fake emails and messages en masse, asking people to enter their bank details or install malicious software.
  • Business and service scams – fake contractors, fake charities, fake tech support asking for access to your computer and payment for “virus removal.”
  • Investment scams – online promises of instant profits, fake crypto projects, “binary options,” pyramid schemes, and pump-and-dump schemes fueled by AI-generated content and deep fakes.
  • Romance scams – fraudsters establish relationships on social media, gain trust, and extort money under the pretext of an “urgent need” or “investment opportunity.”
  • Affinity fraud – fraudsters join religious, community, or ethnic groups to exploit “insider trust.”

According to CPS statistics, fraud is often accompanied by other crimes, ranging from theft to cybercrime. Every year, March is designated Fraud Prevention Month in Alberta, during which law enforcement agencies and non-governmental organizations conduct training and awareness campaigns.

Prevention strategies

1. Protect your personal data and devices

  • Set passwords and two-factor authentication on all devices and accounts.
  • Do not publish your SIN, date of birth, address, or financial information in public. Use privacy settings on social media.
  • Regularly update your operating system and antivirus software, and avoid suspicious websites and attachments.

2. Verify organizations and contacts

  • Always verify the license and registration of a company or agent through official registries (Alberta Insurance Council, CSA, provincial registry) before making any financial commitment.
  • Do not agree to pay or provide any information in response to suspicious calls or messages. Instead, call the official number of the institution that the person claims to represent.

3. Watch out for red flags

  • Fines or debts that “must be paid immediately” with threats of arrest or penalties on behalf of the CRA, RCMP, or CPS are almost always a scam.
  • Urging you to “hurry up” with payment via gift cards, cryptocurrency, or non-refundable transfers is a classic sign of a scam.
  • Unrealistic guarantees of high returns in a short period of time and advertising “exclusive” investment opportunities are a red flag.

4. Use of support tools

  • Browser add-ons such as ad blockers and fake website blockers (anti-phishing) help prevent account theft.
  • Monitor your credit report through Equifax or TransUnion and set up fraud alerts if you suspect fraudulent activity.

Where to report fraud

If you have been a victim of or witnessed financial fraud in Calgary, act immediately:

  • Contact the Calgary Police Service at 403-266-1234 (or 9-1-1 if your life is in danger). Obtain a case number for further recovery.
  • Report it to the Canadian Anti-Fraud Centre online or by calling 1-888-495-8501. The CAFC collects fraud data to help law enforcement identify schemes and warn others.
  • Notify your bank or credit institution of any unauthorized transactions. Change your passwords and block your cards.
  • Place fraud alerts with Equifax and TransUnion credit bureaus to prevent new accounts from being opened in your name.
  • Contact the Association of Certified Fraud Examiners (ACFE) Calgary Chapter for advice and resources on detecting and investigating fraud.

Building financial literacy

Educational programs and events

  • Participate in CPS seminars and webinars during Fraud Prevention Month.
  • Review CAFC materials (Tricks of the Trade) and third-party resources (Competition Bureau, Get Cyber Safe).
  • Integrate cyber hygiene training into family or workplace procedures.

Culture of “skeptical trust”

  • Don't be afraid to question “hot” offers and ask for written confirmation.
  • Discuss potential financial decisions with family or a financial advisor before transferring funds.
  • Share your knowledge of threats with friends, colleagues, and your local community to form an early warning network.

By adopting these comprehensive approaches — from data protection and contact verification to rapid incident response — Calgary residents can significantly reduce their risk of falling victim to financial fraud. Continued financial literacy and active cooperation with law enforcement and relevant organizations are key to a secure financial future.