Canadian Anti-Fraud Centre and US Secret Service freeze $1.7M fraudulent transfer

On January 13, 2026, the Canadian Anti-Fraud Centre (CAFC) and the Ottawa United States Secret Service (USSS) office, in partnership with financial institutions, disrupted a $1.7 million CAD fraud induced transaction linked to a spear phishing fraud. Due to the timely reporting of the incident, and support from the involved financial institutions, the funds are well positioned to be recovered and returned to the victim.

The fraudulent transfer was identified after a Canadian business reported to the CAFC that it had been targeted by a spear phishing fraud. As a result of this report, the CAFC was able to take swift action to notify the financial institution and the Ottawa USSS. As a result, the transfer was intercepted before the funds could be further dispersed.

Spear phishing fraud continues to be one of the most prevalent frauds affecting Canadian businesses and organizations, with reported losses of more than $43 million in 2025. In total, Canadians lost more than $700 million to fraud in 2025, which we know is just the tip of the iceberg.

Perpetrators of spear phishing fraud take time to collect information on their intended targets to send convincing emails that appear to come from a trusted source. The perpetrators may infiltrate or spoof a business or individual's email account and create rules to forward copies of incoming emails to accounts they control. They analyze language patterns, payment schedules, and key contacts to make their communications appear legitimate.

Spear phishing attacks are launched after identifying an accounts payable employee. They may impersonate a supplier or contractor and request an urgent payment to settle an invoice while providing an alternate bank account for the payment. In some cases, fraudsters register domain names that closely resemble legitimate company domains to make emails appear more authentic.

Reporting remains one of the most important tools in the battle against fraud. Timely reporting provides the CAFC as well as national and international policing partners opportunities to react sooner, which can result in recoveries for victims. Other ways business can protect themselves from spear phishing fraud include:

• remaining current on frauds targeting businesses and educating employees regularly
• including fraud awareness training as part of new employee onboarding
• putting detailed payment procedures in place, including verbal authentication for urgent requests or changes to payment details
• encouraging verification of unusual or unexpected payment requests
• establishing fraud identification, management, and reporting procedures
• avoiding opening unsolicited emails or clicking on suspicious links or attachments
• hovering over email addresses and links to confirm they are legitimate before clicking
• restricting the amount of information shared publicly and using caution on social media
• ensuring technical security software is kept up to date

Anyone who suspects they have been the target of cybercrime or fraud should report it to their local police. Also visit the Report Cybercrime and Fraud website to report online or by phone at 1-888-495-8501.

January is Crime Stoppers Month, which offers a reminder for Canadians to inform police and police partners of unlawful or fraudulent activities. This plays a critical role in disrupting fraud and protecting victims. Tips can be provided anonymously through Crime Stoppers or 1-800-222-TIPS (8477).

Associated links
Canadian Anti-Fraud Centre – Spear phishing
United States Secret Service
Royal Canadian Mounted Police

Contact
Canadian Anti-Fraud Centre
media@antifraudcentre.ca

Date modified:

2026-01-29