Scams targeting businesses are becoming more common across Canada, and the financial impact is growing.
More than 9,200 business scams were reported between 2023 and 2024, according to the Canadian Anti-Fraud Centre.
The Better Business Bureau (BBB) also received more than 3,600 scam reports from businesses across North America since 2022.
In a recent study, the BBB outlined how scammers are using impersonation, fake services and stolen data to defraud companies. The report highlights that nearly 80 per cent of businesses were targeted by scammers last year.
One case shared by the BBB involved a food company that reported losing nearly $390,000 after sending products to what turned out to be a fake client.
The scammers used real-looking documents and private contact details to carry out the fraud.
The BBB says impersonation is one of the most common tactics. Criminals often pose as coworkers, government agencies, trademark offices or even the BBB itself.
In some cases, scammers gain access to a company’s email system and use it to trick employees into sending money or sensitive information.
The report also notes that scams involving fake services, such as domain renewals, trademark protection or advertising, are becoming more frequent.
The Royal Canadian Mounted Police has also warned about business email compromise, calling it one of the most financially damaging online crimes.
These scams often rely on trust between employees and their contacts, making them harder to detect.
Small businesses are especially vulnerable.
Many lack dedicated IT staff and may not be aware of the latest scam tactics, according to the BBB.
To help protect against fraud, the BBB recommends:
- Training employees to spot scams
- Verifying payment requests and vendor details
- Using secure systems and strong passwords
- Researching unfamiliar companies before doing business
The BBB encourages businesses to report scams through its Scam Tracker tool and to contact local law enforcement when necessary.