March is Fraud Prevention Month (FPM) and, this year, the OPP and partners’ campaign will focus on “20 years of fighting fraud – where are we now?” and will showcase how fraud has evolved over the past 20 years.
The incidents of fraud in Ontario are among the highest in the country. Throughout the month of March, the OPP along with the CAFC hope to raise awareness to the growing need for deterrence and reporting of fraud against the people of Ontario and in particular those in our vulnerable populations.
In 2023, the Canadian Anti-Fraud Centre (CAFC) received fraud reports totalling a staggering $554 million in victim losses, surpassing the 2022 historic loss amounts 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.
According to the CAFC, in 2023, the top five frauds affecting Canadians daily were:
- Investment frauds – $309 million in reported losses in 2023. Ontario victims reported losing more than $111.2 million.
- Spear phishing frauds (Business Email Compromise) – $58.2 million in reported losses in 2023. Ontario victims reported losing more than $21.3 million.
- Romance frauds – $50.3 million in reported losses in 2023. Ontario victims reported losing more than $21.3 million.
- Job scams – $27.7 million in reported losses in 2023. Ontario victims reported losing more than $9.4 million.
- Service frauds – $22.2 million in reported losses in 2023. Ontario victims reported losing more than $8.3 million.
Modern fraudsters use technology that include spoofed websites, use of spoofed telephone numbers using Voice over internet protocol (VoIP) to mimic legitimate numbers, will have victims download remote-entry software providing access to devices and computers or send out phishing texts with hyperlinks imitating legitimate businesses or governments offering refunds, rebates or requiring payments.
“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 effect methods we have to combat fraud is though enhanced public knowledge and cyber awareness,” says Mike Bickerton, Detective Superintendent, Director of Financial Crime Services, Anti-Rackets Branch & Serious Fraud Office, Ontario Provincial Police.
He adds that, “Throughout this year’s 20th Fraud Prevention Month, the OPP, CAFC and 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.”
if you become a victim of a fraud, or know someone who has, contact your local police service to report the crime and report it to the CAFC at 1-888-495-8501 or online on the Fraud Reporting System (FRS), even if a financial loss did not occur.
Follow our social media, using hashtags #FPM2024, #kNOwfraud and @canantifraud, as we will be posting on social media each week during the month of March.
