With the FIFA World Cup 2026 drawing near, many Toronto residents and businesses are looking for ways to capitalize on the influx of visitors and earn extra income. However, experts caution that these opportunities come with significant risks, including fraud, cybercrime, and liability issues.
Great Reward, Great Risk?
Josie Van Ryswyck, a senior underwriter at Markel Insurance, noted that the event presents opportunities similar to other major events, with bars, restaurants, and retailers expecting increased foot traffic and demand. However, she emphasized the importance of risk management. "Host liquor liability is a critical consideration for establishments selling or serving alcohol," she said. "Businesses should also be mindful of everyday exposures such as slips, trips, and falls, ensuring their spaces remain safe during what is likely to be a busy period."
Short-Term Rentals: Opportunities and Pitfalls
Some residents are considering renting out spare rooms or condos, but Kelly Ho, a financial planner and partner at DLD Financial Group, warned of potential pitfalls. "It is important to check your municipal bylaws on running an Airbnb," she said. "Non-compliance will result in significant fines." Ho also advised owners to consider cleaning services, guest experience, and the impact on their daily lives. "Calculate your anticipated net profit after considering all the extra tasks or hiring outside help," she added.
Fraud and Cybercrime Threats
Ed Rawe, cyber, tech, and fintech lead at Markel Canada, highlighted the increased risk of scams and cybercrime during high-profile events. "The complexity of FIFA, spanning multiple sectors and geographies, creates a wide attack surface for threat groups," he said. These include petty cybercrime tied to ticketing or travel, payment diversion, vendor impersonation, and even nation-state and hacktivist groups seeking disruption. Ransomware groups may also target the tournament's reliance on digital ticketing and cloud infrastructure, as the pressure to restore service could increase the willingness to pay.
Toronto's BMO Field will host five group-stage matches and one round of 32 knockout game, starting with Canada vs. Bosnia and Herzegovina on June 12. Other matches include Ghana vs. Panama on June 17, Germany vs. Cote d'Ivoire on June 20, Croatia vs. Panama on June 23, Senegal vs. Iraq on June 26, and the round of 32 match on July 2.
