25 Million Attacks Daily. The Silent War on Canadian Banks and You! And what you can do.
Royal Bank of Canada is hammered by **25 million hostile cyber-attacks every single day**, a relentless barrage driven by North Korea, Russia, China, and sprawling global criminal networks. This digital onslaught doesn’t just threaten one bank—it destabilizes the entire Canadian financial system, putting every major institution and company in the crosshairs. The fallout ultimately lands on ordinary Canadians, whose savings, identities, and daily transactions are now frontline targets in an undeclared cyber war.
As the #1 trusted bank in North America, RBC maintains an impeccable security record, having experienced zero breaches in cybersecurity. Our commitment is upheld by a dedicated security team and 1,100 plus focused staff members working around the clock to ensure the safety of every client account.
Cyber scams have moved from being an occasional digital annoyance to something Canadians deal with almost every day. With more of life happening online—shopping, banking, working, investing—it has become easier for scammers to reach people and harder for the average person to tell what’s real and what’s not. As a result, cyber scams have become one of the most widespread and costly types of crime in the country.
This overview breaks down how common cyber scams are in Canada today, what kinds of losses they cause, how businesses are affected, and why the threat is growing so quickly. We are providing you with a guide to help you learn how to protect yourself, your family, and your digital assets.
Canadians Are Being Targeted More Than Ever
One of the clearest signs of how common cyber scams have become is simply how often people are exposed to them. According to Statistics Canada, about 70% of Canadians aged 15 and older experienced at least one cyber-related incident in 2022. A few years earlier, that number was just over 50%. The rise shows how fast the landscape is changing.
These incidents include everything from phishing emails and sketchy text messages to account hacks and fake alerts pretending to be from banks or government offices. Even if a person doesn’t lose money, the steady flow of scam attempts has become part of daily digital life.
A TransUnion study found that in the second half of 2024:
• 56% of Canadians said they were targeted by a scam, and
• 17% lost money, usually a couple of thousand dollars.
While anyone can be targeted, certain groups face more risk. Seniors often lose more when a scam succeeds because many schemes—especially romance, investment, and impersonation scams—play on trust. Younger Canadians encounter high volumes of scams online but typically lose less.
One of the biggest issues is that most scams never get reported. Authorities estimate that only 5–10% of fraud cases make it to the police or the Canadian Anti-Fraud Centre. Victims often feel embarrassed or assume reporting won’t help. This means the real problem is far bigger than the official numbers show.
The Financial Impact Is Growing
The dollar figures behind cyber scams in Canada tell their own story. In 2024, Canadians reported losing around $638 million to fraud, one of the highest totals ever recorded. Investment scams are consistently among the worst offenders—especially those tied to fake crypto platforms, fraudulent trading apps, or impersonated financial advisors. Romance scams also hit victims particularly hard, often costing tens of thousands of dollars per case.
Experts estimate that the true financial cost likely runs into the billions when factoring in unreported losses, time spent recovering from incidents, emotional stress, and the long-term effects on trust in digital services.
How Businesses Are Being Hit
Cyber scams don’t just affect individuals. Canadian businesses, especially small and medium-sized ones, also face serious risks. In 2023, about 16% of businesses reported a cyber incident that affected their operations. That number is lower than it was in 2019, but the severity of attacks has gone up.
Some important trends stand out:
• Recovery costs nearly doubled, reaching almost $1.2 billion in 2023.
• Half of affected businesses said they were targeted through scams or fraud.
• Identity theft made up about 31% of incidents.
Business email compromise—where criminals impersonate executives or vendors to redirect payments—is one of the most expensive types of fraud. It’s common, sophisticated, and often difficult to detect until the money is gone. Smaller companies tend to be hit hardest because they often lack dedicated cybersecurity staff or updated technology.
Why the Threat Keeps Rising
Several shifts in technology and criminal behavior help explain why cyber scams are growing so quickly:
AI Is Supercharging Scams
Fraudsters now use AI to generate realistic emails, fake voices, and even video content. These tools can convincingly mimic executives, bank employees, government officials, or family members. This makes old advice like “listen for something off in the voice” much less reliable.
The Explosion of Text Scams
Canadians are being flooded with scam text messages—fake delivery notices, banking alerts, mobile-provider warnings, and more. These “smishing” campaigns are cheap for criminals to run and very effective at tricking people into clicking links or sharing information.
Investment Scams Are Becoming More Sophisticated
Scammers have become extremely good at making fake investment platforms look legitimate. Ads on social media, fraudulent endorsements, and professional-looking dashboards make it easy to lure people in. Losses can escalate quickly.
Cybercrime-As-A-Service
The barrier to entry for cybercrime has dropped dramatically. Criminals can now buy ready-made scam kits, hacked data, fake websites, and AI tools on the dark web. This means even low-skill scammers can launch advanced attacks.
The Bigger Picture
Cyber scams have become so common in Canada partly because of how integrated digital services are into daily life. Online banking, mobile payments, and digital communication make life more convenient, but they also open doors for criminals. Meanwhile, law enforcement struggles to keep up. A 2024 federal audit even concluded that Canada currently lacks the tools and coordination needed to effectively tackle cybercrime.
Because many scam networks operate across borders, investigations are slow and complex. Telecom companies, banks, and government agencies still face barriers that make information-sharing difficult. Consumer education efforts exist but are inconsistent and often fail to reach the people most at risk.
Final Thoughts
Cyber scams are now a widespread, everyday issue in Canada. Most Canadians will encounter multiple scam attempts this year, whether or not they suffer financial loss. Businesses face rising recovery costs, individuals are dealing with more aggressive and sophisticated fraud, and AI is making scams harder to detect than ever.
The trend is clear: cyber scams aren’t slowing down. They’re becoming more common, more convincing, and more expensive. Addressing them will require stronger public awareness, better digital habits, and more coordinated efforts among government, banks, telecom providers, and law enforcement.
How you can help yourself daily:
Review the Be Cyber Aware – RBC Fraud Prevention and Cyber Safety Book
John Vidas
November 2025