RBC and KPMG surveys reveal AI scams and fraud draining profits and eroding trust nationwide
Artificial intelligence is rapidly transforming Canada’s fraud landscape and new research suggests both households and corporate balance sheets are paying the price.
Fresh surveys from RBC and KPMG Canada reveal increasingly convincing scams powered by emerging technology. From everyday phishing attempts targeting consumers to deepfake impersonation schemes costing businesses profits, fraud is evolving faster than many organizations and individuals can adapt.
According to RBC’s 2026 Fraud Prevention Month poll, Canadians are becoming deeply sceptical of digital interactions as scams grow more frequent and harder to detect.
The research found 81% of respondents feel there is a new scam to worry about almost every week, while 83% now believe it is safest to assume any unexpected email, phone call or text message is fraudulent until verified.
Fraudsters are increasingly exploiting familiarity and authority to appear legitimate, leaving consumers unsure whether advertisements, online stores or even routine communications can be trusted. Nearly nine in 10 Canadians surveyed said distinguishing genuine online ads from scams has become more difficult, and three-quarters struggle to determine whether retail websites are authentic.
Impossible to detect?
AI is accelerating those concerns with 39% of respondents said they lack confidence in identifying AI-generated scams today, while 68% believe advancing technology could eventually make fraud nearly impossible to detect.
Despite growing vigilance, exposure remains widespread. RBC found 41% of Canadians have clicked suspicious links or opened fraudulent emails before realizing the risk, and 40% reported engaging with scammers over the phone before recognizing the deception.
The emotional toll is also mounting. More than eight in 10 respondents said they are angry scams have become part of everyday life, while 78% described feeling exhausted by constant vigilance.
"Canadians are staying alert, questioning unexpected messages and doing what they can to reduce their risk, but scams are evolving faster than ever," said Amit Sadhu, Senior Vice President, Credit and Fraud Management at RBC. "As scams become more frequent and harder to detect, people are left second guessing every message, call or click. We encourage Canadians to stay vigilant, pause before acting, verify requests, enable alerts and multi-factor authentication, and safeguard their personal and financial information."
Corporate Canada feeling the financial hit
While consumers wrestle with uncertainty, businesses are confronting measurable financial damage.
KPMG Canada’s latest business fraud survey found AI-enabled attacks are now the dominant form of corporate fraud. Among companies that experienced fraud in the past year, 81% reported the incident involved artificial intelligence tools, including phishing campaigns, deepfake documents and voice-clone impersonation calls.
Nearly three-quarters of affected organizations said AI fraud reduced profits by between one and five per cent over the past 12 months, and seven in 10 were targeted multiple times.
AI-generated phishing emails and chat messages were the most common attacks, cited by 60% of respondents, followed by deepfake documentation at 39% and executive impersonation voice scams affecting nearly a quarter of companies.
Corporate leaders are increasingly worried about what comes next. Ninety-four per cent said they expect AI-powered fraud risks to rise further in the coming year, yet only 26% reported having a comprehensive and tested response plan specifically addressing AI-enabled threats.
"Beyond the immediate financial hit, the reputational fallout from a fraud attack can be devastating. A single scam can shatter customer confidence, result in lost business, and leave lasting damage to a company's brand. Now, with rise in AI-powered attacks that can mimic legitimate business interactions with alarming accuracy, the margin for error becomes razor-thin and having strong fraud defences is even more essential."
Organizations are increasingly turning to technology to counter the same tools criminals are using.
More than half of surveyed businesses said they are deploying AI to detect anomalies, authenticate users and identify manipulated content — effectively “fighting AI with AI.”
Investment is accelerating alongside the threat. Six in 10 companies plan to increase fraud prevention budgets this year, with spending focused on detection technology, staff training and tighter transaction controls.
However, experts caution that technology alone will not solve the problem.
"Businesses recognize that they are facing a new reality in the fight against fraud, and they're deploying advanced tools to keep pace with fast–moving threats," said Marilyn Abate, a partner in KPMG Canada’s Risk Services practice. "While that's a good step forward, technology alone isn't enough. It's not just about buying technology; it's about equipping people to use it well, closing skills gaps, and running programs that evolve just as quickly as the threats."
As AI lowers the barriers to deception at scale, the challenge facing Canada’s financial ecosystem is no longer simply preventing fraud but rebuilding trust in a digital economy where even legitimate messages can look suspicious.
