Report Shows Canadians Lost $530 Million to Criminal Fraud in Past Year

The Canadian Anti-Fraud Centre (CFAC), along with the RCMP and the Competition Bureau of Canada are joining forces this March to lead the 19th annual Fraud Prevention Month.

The group says in the past decade, technology has completely transformed the criminal landscape, making fraud easier to commit, more widespread, and more sophisticated than ever before.

According to the CFAC, Canadians lost $530 million to criminal fraud in 2022. The organizations estimate only five to ten per cent of victims come forward, making the true financial losses likely much higher.

“Fraudsters have developed new sophisticated tricks and tools to take advantage of Canadians in the digital economy,” says Matthew Bosswell, Commissioner of the Competition Bureau of Canada.

“This Fraud Prevention Month, the Competition Bureau will help Canadians recognize, reject and report online deceptive marketing practices used by scammers to entrap victims and perpetrate fraud.”

While law enforcement agencies and members of the Fraud Prevention Forum are committed to fighting fraud, Canadian consumers and businesses also have a huge role to play to help stop fraudsters. The group says education and awareness are the strongest lines of defence against scams and fraud.

Under the theme “Tricks of the trade: What’s in a fraudster’s toolbox?”, this year’s campaign will expose fraudsters’ tricks, tools, and tactics, to help Canadians equip their own toolbox to protect themselves.

The group is asking Canadians to join the conversation using #FPM2023 to find and share information to recognize, reject and report fraud.

More from 100.5 Cruz FM