As reports of fraud seem more and more commonplace in Ontario, crime prevention agencies are hoping public education about fraudsters’ tactics will help members of the public avoid becoming victims.
March marks law enforcement’s 19th annual Fraud Prevention Month, and this year the theme is “Tricks of the trade: What’s in a fraudster’s toolbox?”.
The campaign reflects a need to educate and equip consumers and businesses alike about some of the most common fraud techniques in the marketplace right now, the law enforcement agency's said in a news release.
The education initiative is a joint effort of the Ontario Provincial Police, the Canadian Anti-Fraud Centre, the Royal Canadian Mounted Police and the Competition Bureau of Canada.
In the past decade, technology has completely transformed the fraud landscape, which is more widespread and sophisticated than ever before.
In 2022, the Canadian Anti-Fraud Centre received fraud reports totalling a staggering $530 million in victim losses. This was nearly a 40% increase from the 2021, unprecedented $380 million in losses.
In 2021, approximately 75% of all reports the CAFC received were cyber enabled, and this is expected to increase each year. It is estimated that only 5 to 10% of victims report scams and frauds to the CAFC or law enforcement.
According to the CAFC, in 2022, the top frauds affecting Canadians on a daily basis were:
- Investment frauds represented $308 million in reported losses in 2022. Ontario victims reported losing over $136 million
- Romance frauds represented $59 million in reported losses in 2022. Ontario victims reported losing over $20 million
- Spear phishing frauds (Business Email Compromise) represented $58 million in reported losses in 2022. Ontario victims reported losing over $21.1 million
- Service scams represented $20.5 million in reported losses in 2022. Ontario victims reported losing over $8.1 million
- Extortion frauds represented $19 million in reported losses in 2022. Ontario victims reported losing over $4.8 million
How do they do it? Fraudsters create spoofed websites, use spoofed telephone numbers using voice over internet protocol (VoIP) to mimic legitimate numbers, have victims download remote entry software providing access to devices and computers or send out phishing texts pretending to be businesses or governments offering refunds.
Want to learn more? On March 9 at 1 p.m. the OPP, CAFC, Finance Canada, Royal Bank of Canada, and Rogers Communications Inc., will be hosting a live chat to discuss tools fraudsters use to victimize Ontario residents. You can view this live chat on the OPP’s Facebook page.
“Fraud continues to devastate lives in Ontario and across this country, and the number of frauds being reported is on the rise,” said Dominic Chong, detective superintendent, director of financial crime services, anti-rackets branch & serious fraud office with the OPP. “One of the best ways to combat fraudsters is to be armed with knowledge, information and awareness. I encourage everyone to learn the information and tips being made available to protect yourself, and to share these with your loved ones to help protect them. Together we can fight back and lessen the impact of fraud on our communities.”
If you fall victim to 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.
