A new KPMG Canada survey says AI-enabled fraud is affecting Canadian businesses, with many organizations reporting losses linked to phishing, deepfakes, and voice-cloning scams.

Artificial intelligence-powered fraud is increasingly affecting Canadian companies, according to a new KPMG Canada survey of business leaders.

The report says 72 per cent of Canadian organizations experienced AI-driven fraud that cost them up to five per cent of their annual profits over the past year. Among businesses that reported being targeted, 81 per cent said the fraud was AI-enabled, while 72 per cent said they were hit more than once.

KPMG identified AI-generated phishing emails and chats as the most common form of AI-related fraud, cited by 60 per cent of respondents. Deepfakes and manipulated documents were identified by 39 per cent, while 24 per cent reported voice-clone calls impersonating executives.

The survey also found that concern about future attacks is high, with 94 per cent of organizations saying they are worried about experiencing AI-driven fraud in the coming year.

Despite that concern, only 26 per cent of companies said they had implemented a comprehensive and tested response plan. At the same time, 52 per cent reported using AI tools to detect anomalies, verify users, and identify manipulated content.

KPMG said many businesses are now planning to increase spending on fraud prevention, including detection technology, staff training, and stronger transaction controls such as dual authentication.

The survey was based on responses from 251 Canadian business leaders collected between February 4 and February 13.

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Originally published on Canadian Fraud News.