AI Scams in Canada: How to Spot a Fake Voice, Text, or Message Before You Lose Money

Imagine getting a call from someone who sounds exactly like your child.

“Mom, I'm in trouble. I need you to send me money right now.”

The voice sounds right. The story feels urgent. Maybe they even know enough about your family to make the situation sound believable. Except it isn't your child. It's a scammer using AI to imitate their voice.

Scams are becoming harder to recognize because AI can make fake messages, voices, and videos look and sound remarkably real. The Canadian Anti-Fraud Centre (CAFC) received more than 112,000 fraud reports involving more than $704 million in reported losses in 2025.

So, how can Canadians protect themselves from AI scams? Slow down, question unexpected requests, and verify who you're dealing with through a separate, trusted channel. You have a powerful tool on your side: the ability to pause.

In this blog, we'll look at some of the most common AI scams, from voice-cloning calls and fake bank texts to deepfake videos and investment scams. We'll also share a simple STOP test you can use to slow down and protect your money and personal information.

Want to learn more? Listen to this episode of the Moolala: Money Made Simple Podcast with Larry Zelvin, Head of the Financial Crimes Unit at BMO Financial Group, on AI Scams Exposed for a closer look at how scammers are using deepfakes, phishing, digital pickpocketing, and other AI tools, plus practical tips to help protect yourself.

What Are AI Scams and Why Are They So Hard to Spot?

AI scams use artificial intelligence to make familiar fraud tactics more convincing. In short, AI can make fake messages look and sound real, so independent verification matters more than ever.

Scammers can use AI to:

• Write convincing emails and text messages
• Personalize phishing messages
• Clone someone's voice
• Create or manipulate videos
• Create fake social media profiles
• Impersonate businesses, government agencies, and public figures
• Create fake investment opportunities and testimonials

Some of the old clues we relied on are becoming less useful. Good grammar doesn't mean a message is legitimate anymore. AI can produce polished, professional-sounding messages in seconds.

The Canadian Centre for Cyber Security warns that AI can make social engineering more personalized and persuasive, including through convincing audio and visual content.

Want to use AI without putting your money at risk? Learn how to use AI confidently while protecting your finances and personal information by checking out our on-demand webinar on AI and Your Money.

6 AI-Powered Scams Canadians Need to Know About

1. The “Family Member” Voice Scam

AI can create convincing imitations of someone's voice, allowing scammers to impersonate a child, grandchild, partner, or friend, claiming there's an emergency and asking you to send money immediately. The call can even appear on your phone screen as your actual family member's name and/or number through caller ID spoofing.

Red flags:

• An unexpected emergency
• Pressure to act immediately
• A request for money
• A request to keep the situation secret
• An unusual payment method (e.g., international money transfers, gift cards, cryptocurrency, etc.)

If you receive a call or request like this, hang up and call the person directly using the number already saved in your contacts. You can also ask a question that only the real person would know.

2. Fake Bank Text Messages

Smishing is a scam that uses text messages (SMS) to trick you into clicking a link or sharing sensitive information, such as banking or personal financial information.

A message might say, “Suspicious activity has been detected on your account. Click here to verify your identity.”

Red flags:

• An unexpected security alert
• An urgent deadline
• A link asking you to log in
• A request for a password, PIN, or verification code

Whatever you do, do not click the link. Open your bank's official app yourself or call the number on the back of your bank or credit card.

3. AI-Generated Phishing Emails

AI can help scammers create personalized phishing emails that appear to come from a real company, colleague, or service provider.

Check the sender's email address carefully. A message can look legitimate while coming from an unfamiliar or suspicious address.

A general rule of thumb is to never click on a link or QR code and always examine the request itself, especially the email address.

4. Fake Government, Business, or Bank Calls

Scammers may impersonate organizations you already trust, including the Canada Revenue Agency (CRA), banks, police, employers, and utilities. They can do this using caller ID spoofing, which makes the call appear to come from the legitimate phone number of the company or agency they’re impersonating. The number may look genuine, but there won’t be a real representative on the other end.

The formula is simple: authority + urgency + fear = pressure to act.

If someone claims your account is compromised, you owe money, or you could face legal consequences, don't let the seriousness of the claim make the decision for you. Hang up and contact the organization independently.

5. Deepfake Videos and Celebrity Endorsements

AI-generated or manipulated videos can make it appear that a celebrity, financial expert, politician, or news anchor is recommending a product or investment. But a convincing video isn't proof that an investment is legitimate.

Red flags include:

• Guaranteed returns
• Limited-time opportunities
• Cryptocurrency offers
• Pressure to invest immediately
• Requests to move the conversation to WhatsApp or Telegram
• Testimonials that seem too good to be true

6. AI-Powered Investment Scams

AI can make investment scams look remarkably professional by creating fake investment websites, advisers, testimonials, reports, and celebrity endorsements.

Investment fraud was Canada's highest-loss fraud category reported to the CAFC in 2025, with $351 million in reported losses.

AI-generated content can make an investment opportunity appear legitimate. Before investing, research the company independently, verify who you're dealing with, and be cautious about guaranteed returns or pressure to act quickly.

How to Spot an AI Scam: Use the STOP Test

The simplest way to respond to a suspicious message is to STOP. In short, don't let urgency make the decision for you.

1. S = Stop

Don't click. Don't respond. Don't transfer money.

2. T = Think

Ask:

• Was I expecting this?
• Does the request make sense?
• Am I being pressured to act now? If so, why?
• Is someone asking me to keep this secret?

3. O = Open Another Channel

Verify the request independently by calling your family member using a saved number, calling your bank using the number on your card, or visiting the organization's official website yourself.

Don't use the phone number, email address, or link provided in suspicious messages.

4. P = Protect Your Information

Never provide sensitive information simply because someone asks for it. Be particularly suspicious of requests for:

• Passwords
• PINs
• Banking information
• Security questions
• Multi-factor authentication codes
• Social Insurance Number (SIN)

According to the Head of the Financial Crimes Unit at BMO Financial Group, Larry Zelvin, taking a few minutes to verify requests could potentially save you thousands of dollars.

"When you're going on a website you may obviously want to look, but you may want to check with the Better Business Bureau,” says Zelvin. “You may want to go online or social media and go 'Is this a legitimate site?' Those few minutes or even seconds, depending on how fast you do it, could save you hours and potentially thousands of dollars, if not tens of thousands of dollars, before you give up your information."

Don't Trust Your Eyes or Ears. Verify.

A familiar voice, convincing video, or official-looking message isn't proof of identity. When money or sensitive information is involved, verify independently.

What to Do If You've Already Been Scammed

If you've interacted with a scammer, act quickly. Contact your financial institution, secure your accounts, monitor your credit, and report the fraud.

1. Contact Your Financial Institution

If you sent money or shared banking information, contact your bank or financial institution immediately and explain what happened.

2. Change Compromised Passwords

Change any passwords that may have been exposed. If you reused those passwords elsewhere, change them there, too.

3. Monitor Your Accounts and Credit Reports

Watch your bank and credit card accounts for unusual activity. If personal information was compromised, monitor your credit report for unfamiliar accounts or inquiries. You can request your credit report for free from Canada’s two major credit bureaus, Equifax Canada and TransUnion Canada.

You can also place a fraud alert with each credit bureau, which will alert a lender that your information may be compromised and used for new loan applications (or credit cards). The lender will take extra steps to verify your identity before approving the application.

4. Report the Fraud

Report fraud to the Canadian Anti-Fraud Centre, even if you didn't lose money. Reporting helps authorities identify patterns and warn other Canadians.

And remember: being scammed doesn't mean you were careless. Scammers deliberately create situations designed to make people react emotionally and quickly.

9 Ways to Protect Yourself From AI Scams

A few simple habits can make it harder for scammers to catch you off guard.

1. Turn on multi-factor authentication.
2. Use strong, unique passwords.
3. Don't use the same password for multiple platforms.
4. Never click unexpected links.
5. Don’t share verification codes.
6. Verify unusual requests for money.
7. Limit personal information you share publicly online.
8. Keep your devices and software updated.
9. Give yourself permission to pause.

That last one can be the most important. You're allowed to say, “Let me check that first.”

The Bottom Line: When in Doubt, Slow Down

AI may make scams more convincing, but the fundamentals haven't changed to protect yourself from AI scams. Slow down, use the STOP test, and independently verify unexpected requests.

Don't click because someone says you have five minutes. Don't send money because a familiar voice asks. Don't share a security code because someone claims to be your bank. And don't assume something is real because it looks professional.

Slowing down isn’t being paranoid. It's being careful with your money.

Need help after a scam?

A scam can leave you dealing with more than lost money. You may also be facing debt, damaged credit, or uncertainty about what to do next.

You don't need to face it alone.

Credit Canada offers free, confidential, and judgment-free non-profit credit counselling to help you understand your options and make a plan. You can speak with a certified Credit Counsellor by calling 1 (800) 267-2272.

You can also turn to Mariposa, Credit Canada's AI-powered debt management agent, for 24/7 guidance about your debt, budget, credit, and financial situation.