March is here and so is fraud prevention month.
This year’s Fraud Prevention Month campaign is focused on “20 years of fighting fraud – where are we now?.”
The Ontario Provincial Police plan to showcase the way fraud has evolved over the past 20 years. The goal of the campaign is to empower Canadians with information, tools, and strategies to recognize, reject and report fraud.
In 2023, the Canadian Anti-Fraud Centre received fraud reports totalling a staggering $554 million in victim losses, surpassing the 2022 historic loss amount of $530 million. With the evolution of fraud, 75 per cent of overall losses reported to the CAFC are from cyber-enabled fraud, and this is expected to increase year over year.
It is estimated that only five to 10 per cent of victims report scams and frauds to the CAFC or law enforcement.
“Fraud losses within Ontario and throughout Canada continue to rise to unprecedented levels, which devastates the lives of our friends, colleagues, family members and businesses. One of the strongest and most effective methods we have to combat fraud is through enhanced public knowledge and cyber awareness,” said OPP Detective Superintendent and Director of Financial Crime Services, Mike Bickerton. “Our partners will provide fraud prevention information that will allow you to gain the knowledge you require to understand the tools and methods fraudsters use in attempts to try to take away your hard-earned money.”
According to the CAFC, in 2023, the top five frauds affecting Canadians daily were:
- Investment frauds: represented $309 million in reported losses in 2023. Ontario victims reported losing more than $111.2 million.
- Spear phishing frauds: (Business Email Compromise) represented $58.2 million in reported losses in 2023. Ontario victims reported losing more than $21.3 million.
- Romance frauds: represented $50.3 million in reported losses in 2023. Ontario victims reported losing more than $21.3 million.
- Job scams: represented $27.7 million in reported losses in 2023. Ontario victims reported losing more than $9.4 million.
- Service frauds: represented $22.2 million in reported losses in 2023. Ontario victims reported losing more than $8.3 million.
