Most young Canadians have confidence in their prowess in spotting AI-driven financial scams, but a growing number worry those scams are becoming harder to spot.

According to a Scotiabank Fraud Awareness Poll, undertaken with Harris Poll Canada, of the 1,514 Canadians surveyed, those between 18-34 are most confident (76 per cent) among all age groups in their ability to identify AI-generated scams. 

However, younger Canadians are growing more vulnerable, with nearly one-in-three (29 per cent) admitting they fell for a scam in the past year.

While email- and social media-based fraud continues to be a major problem for all Canadians, those kinds of scams are becoming more successful as fraudsters turn to AI to make them harder to spot, according to Scotiabank. These AI-driven scams are increasingly being aimed at today’s younger, more digitally connected generation, who claim they are better at spotting such scams.

According to Scotiabank, 79 per cent of young Canadians said they know how to identify fraud, but 82 per cent worry AI will result in more sophisticated financial scams which are harder to spot. 

Deep fakes, fake calls

In a Competition Bureau of Canada report, AI is now being widely used to “impersonate government officials, politicians and other high-profile leaders with a level of realism that’s harder than ever to spot. These impersonation tactics are used to steal money, collect personal information, install malware and spread false information.”

In a growing number of cases, AI is now used to fake government websites to gather Canadians' personal information, with fraudsters deploying “voice cloning and AI-generated messages to impersonate government officials. These messages might sound like someone is promoting a program, an investment, refunds or enforcement actions.”

Data from the Canadian Anti-Fraud Centre (CAFC) showed “Canadians lost over $704 million to fraud in 2025, with reported losses since 2022 now surpassing $2.4 billion. These losses represent only a fraction of the harm, because only five per cent to 10 per cent of frauds are reported.”

The Scotiabank poll added the advancements in AI are leading to a rise in highly misleading and hard to spot deepfakes: “Canadians of all ages are concerned about what tomorrow could bring, with 90 per cent expressing fear that AI will create more sophisticated financial fraud that is harder to detect.”

"As fraudsters leverage AI to create more convincing scams than ever before, there is an opportunity for financial institutions like Scotiabank to continue to educate Canadians on how to spot scams, practice safe banking habits and take steps for added protection," said Tammy McKinnon, senior vice-president of global fraud management, Scotiabank in a release accompanying the poll results.

"Fraud is increasingly impacting younger Canadians, and it is important for families to turn to their bank for fraud prevention resources to help each other stay informed and protected. At Scotiabank, we're committed to supporting the fight against fraud and keeping our clients' financial information safe."

According to Scotiabank:

• The poll also showed Canadians (78 per cent) are aware of the security precautions their financial institution has in place.
• The majority of Canadians use secure and unique passwords (88 per cent), enable two-step verification when offered (82 per cent), and know how to identify and report fraudulent activity (81 per cent).
• Nearly three-quarters (71 per cent) of Canadians believe financial institutions should be given more time to process transactions to protect against fraud.