This year’s Fraud Prevention Month (FPM) campaign will focus on “20 years of fighting fraud – where are we now?”
The 2024 campaign will 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.
Being able to recognize techniques used by cyber criminals will go a long way in helping Canadians combat cyber enabled frauds. In the past 20 years, technology has transformed the fraud landscape, which is more widespread and sophisticated than ever before. Information, tips, and strategies help Ontarians fight back against cyber-enabled fraud.
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 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.
How Modern Fraudsters Use Technology
Fraudsters will create spoofed websites, use 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.
Take Action
On March 21, 2024, at 12:30 p.m. EST the OPP, CAFC, Financial Transactions and Reports Analysis Centre of Canada, Canada Post, and the Canadian Money Services Business Association, 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 X and Facebook.
Remember, if you become a victim to 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.
Photo by Mike Gosselin