TL;DR: On May 13, 2026, the Canadian Anti-Fraud Centre announced that it and partners helped recover about C$3.5 million linked to a payment redirection fraud against a Quebec business in April 2026. The CAFC says spear-phishing losses were above C$68 million in 2025 and nearly C$31 million in the first three months of 2026.
What happened
The CAFC release says criminals targeted the business during a high-value commercial deal, using spear phishing, posing as legitimate contacts and altering email exchanges to supply false payment instructions. Believing them genuine, the business authorized two wire transfers.
Financial institutions spotted problems with the beneficiary account details shortly afterwards. The business quickly reported through the Report Cybercrime and Fraud website, which let the CAFC, financial institutions and investigative partners coordinate. Recovery and investigation are ongoing.
Why it works
The attackers sat inside a real email conversation, so the new bank details looked like a routine update. Speed is the one thing that helped here: quick reporting made it possible to freeze and trace funds.
The case is a business one, but the same trick targets people buying homes or paying contractors.
Background: our explainers on business email compromise. See also Fort McMurray Society Fraud Now Alleged to Exceed C$800,000 and New Brunswick Man Gets 22 Months for Billing as Defunct Firm.
What the CAFC advises
- Independently verify payment instructions before sending money.
- Confirm any banking detail change using contact information you already trust, not the details in the request.
- Turn on multi-factor authentication for business email accounts and train staff on spear phishing and payment redirection.
- Report suspicious activity immediately, as fast reporting can improve the chances of recovery.
If you have already sent money
Call your bank or card issuer at once and ask to stop or recall the payment, then report it to the Canadian Anti-Fraud Centre (1-888-495-8501) and your local police. Our guides on reporting to the Canadian Anti-Fraud Centre, Canadian bank impersonation scams and how to reverse a wire transfer scam walk through the steps, and what to do after a scam, wherever you live covers the first 24 hours. Scammers often start with details taken from past leaks, so run our free digital footprint check to see what of yours is already exposed.
Frequently Asked Questions
How much was recovered?
About C$3.5 million so far, linked to a Quebec business targeted in April 2026, according to the CAFC on May 13, 2026.
How did the fraud work?
Criminals used spear phishing to alter email exchanges and supply false payment instructions, leading to two wire transfers.
What are the spear-phishing loss figures?
Above C$68 million in 2025 and nearly C$31 million in the first three months of 2026.
What made the recovery possible?
Quick reporting through the Report Cybercrime and Fraud website let the CAFC, banks and investigators coordinate fast.
Sources
- CAFC: CAFC and partners assist in $3.5M recovery linked to sophisticated payment redirection fraud (May 13, 2026)
- Canadian Anti-Fraud Centre
Related Reading
- Fort McMurray Society Fraud Now Alleged to Exceed C$800,000
- New Brunswick Man Gets 22 Months for Billing as Defunct Firm
- Sydney Trio Charged Over A$600,000 Email Scam and Gold Bullion
- Canada Scam News: October 2026 Roundup and Warnings
- Average Loss per Victim by Scam Type (2025)
- What to do after a scam, wherever you live