TORONTO: Scammers are increasingly exploiting people’s emotions to pressure them into handing over money, with fraud investigators warning that fear, urgency and misplaced trust can prevent victims from recognising warning signs. According to a report by CBC News published on June 8, 2026, understanding these psychological tactics could help people protect themselves from financial fraud.
Toronto Police Detective Dave Coffey told CBC News that his office receives approximately 50 fraud reports daily. Reported fraud losses in the city had reached nearly $224 million in 2026 at the time of the report, with residents projected to lose $560 million over the year, an increase of more than $130 million compared with 2025.
Nationally, reported losses recorded by the Canadian Anti-Fraud Centre exceeded $704 million in 2025. However, the centre estimates that only 5–10% of fraud incidents are reported, meaning the actual scale of the problem could be significantly greater.
One case highlighted by Coffey involved a victim who lost $20,000 after receiving a call from someone posing as a bank employee. The caller reportedly knew the victim’s name, account details and residential address, helping establish credibility before introducing allegations of suspicious transactions and potential links to money laundering.
Scam psychology researcher Martina Dove explained that fraudsters deliberately trigger intense emotional responses, particularly fear, to impair critical thinking and encourage impulsive decisions. Victims may then be kept on calls for hours, preventing them from seeking advice or independently verifying the claims.
In the reported case, the victim was allegedly kept on the phone for four hours and withdrew money from personal and family accounts, along with funds from a home equity line of credit.
Dove recommends pausing whenever a communication triggers sudden anxiety or distress. Both experts advise people to end suspicious calls and independently contact the bank or organisation using verified contact details rather than relying on information supplied by the caller.
