Canadians lost a staggering $567 million to fraud in 2023
OTTAWA, ON, Feb. 29, 2024 /CNW/ – The Canadian Anti-Fraud Centre (CAFC), the Royal Canadian Mounted Police (RCMP), and the Competition Bureau are once again joining forces for the 20th edition of Fraud Prevention Month (FPM).
Under the theme “20 years of fighting fraud: From then to now,” this year’s campaign will shed light on how fraudsters’ old tricks have now been refined with the use of technology. The campaign aims to help Canadians recognize warning signs, reject suspicious claims and report fraud to the authorities.
Recent numbers from the CAFC are concerning: in 2023 alone, Canadians lost a staggering $567 million – an increase of $37M from 2022 and $187M since 2021. Despite this rise in financial losses, the rate of frauds being reported remains low, with only 5 to 10 per cent reported.
As law enforcement agencies and over 60 organizations across the country work together to raise awareness about fraud, Canadian consumers and businesses also play a key role in preventing it. Education remains the strongest line of defence against frauds.
This March, join the conversation by using #FPM2024 and stay informed about evolving fraud threats. Follow us on social media and spread the word:
CAFC X (previously Twitter) and FacebookRCMP X (previously Twitter) and FacebookCompetition Bureau X (previously Twitter), LinkedIn and Facebook
If you or someone you know is a victim of a fraud, contact your local police service to report the crime and also report it to the CAFC online or toll-free at 1-888-495-8501. If a financial loss did not occur, still report it to the CAFC.
If you have information about deceptive marketing practices, report it to the Competition Bureau. Your reports are essential to identify links, catch criminals, and prevent further frauds.
Quick facts
In 2023, the top three most reported types of fraud were identity fraud, service fraud, and phishing –all designed to get you to pay or give away sensitive information like your social insurance number, passwords or banking details. The top three frauds reported that had the highest level of financial impact were investment scams, spear phishing, and romance scams.In 2023, the CAFC received 116,403 reports which included at least 41,873 victims of fraud. The CAFC is jointly managed by the RCMP, the Competition Bureau, and the Ontario Provincial Police.
Quotes
“Fraudsters and cybercriminals often operate with the confidence that they’re anonymous online and won’t be caught. But the impact that law enforcement, partners, and the public can have when working together is significant and can put a stop to more people becoming victims. As fraud continues to evolve we want to remind Canadian to remain vigilant by recognizing, rejecting, and reporting fraud.”
RCMP’s Director General of the Canadian Anti-Fraud Centre and National Cybercrime Coordination Centre, Chris Lynam
“While technology has become mainstream for many Canadians for a broad range of day-to-day activities, fraudsters have also used it to enhance their tricks. With scams now more convincing than ever, staying informed is key to stay ahead of emerging frauds.”
Commissioner of Competition, Matthew Boswell
Associated links
Fraud Prevention MonthRoyal Canadian Mounted PoliceCanadian Anti-Fraud CentreCompetition Bureau CanadaFraud Prevention Month 2024: Fighting fraud in the digital era
SOURCE Royal Canadian Mounted Police
