Despite Two Decades Combatting Fraud, Scams Persist Unabated.

In 2023, Reports to Canadian Anti-Fraud Centre (CAFC) Reveal $554 Million in Victim Losses, Exceeding Previous Year’s Record

March Marks Fraud Prevention Month: Reflecting on Two Decades of Combatting Fraud – What’s Next?

This year’s 2024 campaign delves into the evolving landscape of fraud over the past 20 years. Its mission is to equip Canadians with the knowledge, resources, and tactics needed to identify, thwart, and report fraudulent activities effectively.

In 2023, the Canadian Anti-Fraud Centre (CAFC) recorded a staggering $554 million in victim losses due to reported fraud, surpassing the historic 2022 loss amounts of $530 million. As fraud continues to evolve, cyber-enabled fraud accounts for 75 percent of overall losses reported to the CAFC, with expectations of a year-over-year increase.

Estimates suggest that merely five to ten percent of scam and fraud victims report incidents to the CAFC or law enforcement.

“Being able to recognize techniques used by cybercriminals will go a long way in helping Canadians combat cyber-enabled frauds. In the past 20 years, technology has transformed the fraud landscape, which is more widespread and sophisticated than ever before. Information, tips, and strategies help Ontarians fight back against cyber-enabled fraud,” says a police news release.

According to the CAFC, the top five frauds impacting Canadians daily in 2023 were as follows:

• Investment frauds tallied reported losses of $309 million in 2023, with victims in Ontario reporting losses exceeding $111.2 million.
• Spear phishing frauds, known as Business Email Compromise, resulted in reported losses of $58.2 million in 2023, with Ontario victims reporting losses surpassing $21.3 million.
• Romance frauds accounted for reported losses of $50.3 million in 2023, with Ontario victims reporting losses exceeding $21.3 million.
• Job scams led to reported losses of $27.7 million in 2023, with Ontario victims reporting losses exceeding $9.4 million.
• Service frauds caused reported losses of $22.2 million in 2023, with Ontario victims reporting losses exceeding $8.3 million.

“The incidence of fraud in Ontario stands among the highest in the country,” remarks Stephen Buchanan, Acting Detective Inspector of the Anti-Rackets Branch. “Throughout March, the OPP, in collaboration with the CAFC, aims to raise awareness about the pressing need for deterrence and reporting of fraud among the people of Ontario, especially those in vulnerable populations.”