Banking and money transfer scams that target newcomers

Why are newcomers targeted?

Data from the Canadian Anti-Fraud Centre (CAFC) shows Canadians lost over $704 million to fraud in 2025. The government says only 5% to 10% of fraud is reported, so the real number is higher. The most reported types were identity fraud, investment fraud and service fraud.

Newcomers face extra risk because they:

• expect calls from government offices about their status or taxes,
• are looking for housing and jobs quickly,
• are moving large amounts of money into new accounts,
• may not yet know how Canadian banks and agencies normally behave.

Scams change fast. The rules below stay the same.

Fake CRA and immigration calls

A caller says you owe tax, or that your immigration file has a problem. They threaten arrest or deportation and demand payment now. Caller ID may show a real government number, because scammers can fake it.

What to do: hang up. Do not call back the number they gave you. To check if the CRA really called, call 1-800-959-8281 (individuals). For immigration, check your IRCC online account. Never share your Unique Client Identifier (UCI) with a caller. See also immigration scams.

e-Transfer and online banking scams

• Fake deposit notice. A text or email says you have an e-Transfer waiting. The link opens a fake bank login page. The CAFC says the goal is to steal your banking credentials. Open your bank app yourself to check.
• “Your bank” calls. Someone says there is fraud on your account and asks for a code sent to your phone. The CAFC says to never share your security (multi-factor) code with anyone. Your bank will not ask for it.
• Spoofed messages. The CAFC warns that email addresses and text numbers can be faked. A message that looks like it comes from your bank may not.

Remember: once an e-Transfer is deposited, it cannot be reversed.

Rental deposit scams

The CAFC describes the pattern: an apartment in a great location at a low price, a fast reply with photos copied from real ads, and pressure to pay quickly “to secure the rental”.

• Do not pay a deposit before you see the home in person (or a trusted person sees it for you).
• Check that the person owns or manages the property.
• Sign a written lease before you pay.

Full checklist: rental scams in Canada.

Overpayment and fake cheque scams

You sell something online. The buyer pays more than the price and asks you to send back the extra, often by wire or a money service like Western Union. Or a new “employer” sends you a cheque and asks you to cash it and forward part of it.

The first payment is fake. The CAFC says these frauds use compromised bank accounts, fake cheques and stolen credit cards. A cheque can appear in your balance and then bounce later. When it does, you owe the bank the money you already sent.

Rule: never send back “extra” money. Return the full payment the same way it came, or cancel the deal.

Job scams and money mules

The CAFC lists several types of job scams:

• Fake cheque jobs: you deposit a cheque and send money on.
• Task or “boosting” jobs: you rate apps or products, get small payments, then must pay to “unlock” your earnings.
• Mystery shopper jobs: you deposit a cheque and buy gift cards.
• “Financial agent” or payment processor jobs: you receive money and forward it, often by crypto.

The last one makes you a money mule, a person who moves stolen money for criminals. The CAFC says you could be arrested for money laundering.

Warning signs: a job you did not apply for, a free web-mail address, fees to start work, or any request to move money through your personal account. If you are looking for work, use the official sources in finding a job in Canada.

Money transfer scams: sending money home or bringing it in

Newcomers often move money across borders. Scammers use that:

• Fake transfer services that offer a rate far better than the market, then disappear with your money.
• “Agents” who offer to carry or move cash for you outside the banking system.
• Fake fee portals for tuition or visa payments. See tuition payment scams.
• Family emergency messages from a new number asking for money urgently. Call the person on their old number to check.

Use a bank or a money services business you can check. Money services businesses in Canada must register with FINTRAC, the federal anti-money-laundering agency. If your bank asks where money came from, that is normal; see why your bank asks about your money.

What to do if you are scammed

1. Call your bank right away using the number on your card. Ask them to stop payments and secure your accounts.
2. Report to your local police. The CAFC says to contact police as soon as possible. Ask for a report number.
3. Report to the CAFC online at reportcyberandfraud.canada.ca or by phone at 1-888-495-8501 (Monday to Friday, 10 am to 4:45 pm Eastern). You can report anonymously, and report even if you lost no money.
4. If your SIN or ID was stolen, contact Equifax (1-800-465-7166) and TransUnion (1-800-663-9980) and ask about a fraud alert. Watch your credit report.
5. Watch for “recovery” scams. The CAFC says it will never ask you to transfer money or make a payment. Anyone who offers to get your money back for a fee is likely another scammer.

Common questions

Sources

• Canadian Anti-Fraud Centre: Report fraud
• Competition Bureau: Fraud Prevention Month 2026 (CAFC data)
• Canadian Anti-Fraud Centre: Merchandise and rental scams
• Canadian Anti-Fraud Centre: Job scams
• Canadian Anti-Fraud Centre: Money mule awareness
• Canadian Anti-Fraud Centre: Fraudsters impersonating the CAFC
• CRA: Recognize a scam
• CRA: Verify it is the CRA calling
• IRCC: Online and telephone immigration scams
• IRCC: Fraud targeting newcomers
• ESDC: SIN fraud and data breaches
• Interac: Consumer FAQ

Checked against these sources on October 10, 2026. Spotted something out of date? Tell us.