Account takeover fraud is an increasingly common scam tactic affecting Canadians today.

According to the Canadian Anti-Fraud Centre, Canadians lost $544 million to fraudsters in 2025,¹ with impersonation and identity-based scams—the primary drivers of account takeovers—continuing to rise year over year.

Rather than breaking into accounts through technical hacks, scammers are relying on social engineering—tricking people into handing over the information needed to gain access to their accounts.

Once inside, fraudsters can change contact details, move money, or lock the real account holder out entirely.

How Account Takeovers Happen

Scammers commonly gain access by:

• Impersonating trusted organizations like banks or government agencies and creating urgency with language like “Your account is compromised”
• Sending phishing messages that trick people into clicking fake links and entering login details
• One-time passcode scams, where they convince victims to share verification codes sent to their phone or email
• Using malware or compromised devices that capture credentials in the background

The goal is simple: obtain just enough information to take control of the account.

Warning Signs to Watch For

Be wary of any communications you receive that:

• Include unexpected requests for login details or verification codes (i.e. not triggered by you)
• Pressure you to act immediately
• Seem legitimate but feel slightly off—perhaps containing spelling errors or graphics that look wrong
• Contain alerts about account changes you didn’t make

Official communications from a legitimate source should never make you feel rushed into making a decision.

How to Protect Yourself

A few small habits can make a big difference:

• Never share passwords or one-time codes, even if the message looks legitimate
• Avoid clicking links in unexpected emails or texts
• Enable two-factor authentication (2FA) wherever possible
• Slow down and verify using official contact information

How EQ Bank Helps Protect Your Account

EQ Bank uses multiple layers of security, including secure sign-in, real-time alerts, and in-app card controls that allow you to lock your card if suspicious activity is detected, helping you spot and stop fraud quickly. Still, staying informed remains one of the strongest defenses against fraud.

Fraud tactics continue to evolve, but awareness and caution can go a long way in keeping your account secure.

Learn more about identifying common scams:

https://www.eqbank.ca/identifying-common-scams

Sources:

1. "The impact of fraud so far this year," Canadian Anti-Fraud Centre, February 2026, https://antifraudcentre-centreantifraude.ca/index-eng.htm (accessed March 4, 2026)