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Shockingly, approximately 5-10% of fraud is reported to authorities, according to Canadian Anti-Fraud Centre
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Internet and telephone scammers targeted at least 42,000, raking in $571 million last year, according to the Canadian Anti-Fraud Centre.
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And that’s just what was reported. Shockingly, those numbers paint a very small picture of the damage done to Canadian pocketbooks.
“Only 5-10% of victims report to the Canadian Anti-Fraud Centre,” said agency spokesperson Jeff Horncastle.
For the first six months of 2024, the reported numbers are on track to match 2023’s total, as $284.3 million has been lost to fraudsters.
The amount of reported losses has been climbing over the last few years, according to figures compiled by the anti-fraud agency.
Canadians reported $164.7 million lost in 2020, $387.6 million in 2021, $531.3 million in 2022.
Multiply the losses with the rate of reporting and it’s a multi-billion dollar industry.
“When you put it into perspective, where we estimate that only a small portion of victims are reporting, fraud is a serious problem in Canada,” Horncastle said.
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“A lot of victims are ashamed and don’t want to discuss what happened to them,” he added. “They may not want to report unless they’re guaranteed to get their money back or guaranteed restitution.”
The agency, jointly managed by the RCMP, OPP and the Competition Bureau, has been gathering intelligence on fraud and sharing information with local police forces since 1993.
It has compiled a laundry list of scams that have been documented in Canada. Frauds include scammers masquerading as Canada Revenue Agency officials, cryptocurrency investors, cellphone reps and tech support workers.
Horncastle said a common type of fraud involves a scammer claiming to be work on behalf of a cellphone provider, such as Rogers, Bell or Telus, who calls to offer a discount plan or a new phone.
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“They’ll ask you for your personal information because they have to do what they say is a credit check,” he said. “They’ll ask you for your driver’s licence and social insurance number. When the call is done, they order a phone with your identity. Their goal is identity fraud.”
Horncastle suggests making outgoing calls with any company you have business with, including banks.
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Earlier this month, the anti-fraud centre issued a release warning the public about the increasing threat of scammers impersonating the CAFC and police services.
“Sometimes, fraudsters are claiming to assist the CAFC with an ongoing investigation using their letterhead and logo as part of the fraud or in other cases, they spoof police phone numbers,” the agency said.
In one example, scammers claimed to be a bank investigator, telling victims there were unauthorized charges on their account or that the account was compromised.
“At times, the fraudster demands that you provide your credit card information and that you send money for reimbursement fees or as bait money to help catch a bad employee.”
After being convinced of the authenticity of the investigations, victims were told to cooperate in order to “catch” suspects.
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Another fraud involves scammers who claim to be tech support workers, saying a virus has infected a victim’s computer, and it must be serviced.
“They request access to your computer and may run programs or alter settings,” the agency says. “Fraudsters will claim that they have found fraudulent activity on your computer and an investigation is required.”
Victims are contacted by alarming website pop-ups that demand you call a number urgently, or unsolicited telephone calls from computer companies. The victim is told to cooperate with the investigation.
The agency urges anyone who suspects they have been the victim of fraud to report it to their local police department and to the CAFC’s online reporting system, or by phoning 1-888-495-8501.
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