Most Common Types of Financial Fraud in Canada Exposed

A Staggering Number of Fraud Reports Filed in 2020

In 2020, the Canadian Anti-Fraud Centre (CAFC) received an astonishing 101,483 fraud reports, resulting in losses totaling nearly $160 million. However, only a small percentage of victims report fraud to the CAFC, with estimates suggesting fewer than 5%.

Top 10 Most Common Types of Financial Fraud by Report Number

According to the data, the top 10 most common types of financial fraud affecting Canadians by report number are:

• Extortion: 17,390 reports
• Identity fraud: 16,970 reports
• Personal information: 6,649 reports
• Phishing: 3,672 reports
• Merchandise: 3,354 reports
• Victim vendor: 2,320 reports
• Job: 2,297 reports
• Service: 2,009 reports
• Spear phishing: 1,049 reports
• Emergency: 924 reports

Top 10 Most Common Types of Financial Fraud by Dollar Loss

In terms of dollar loss, the top 10 most common types of financial fraud affecting Canadians are:

• Romance fraud: $18.5 million in reported losses
• Investment fraud: $16.5 million in reported losses
• Spear phishing: $14.4 million in reported losses
• Extortion: $12.5 million in reported losses
• Merchandise: $8.7 million in reported losses
• Service: $8.5 million in reported losses
• Victim vendor: $4.2 million in reported losses
• Prize: $3.5 million in reported losses
• Bank investigator: $3.0 million in reported losses
• Job: $2.6 million in reported losses

Conclusion

These alarming statistics highlight the importance of being aware of the most common types of financial fraud and taking steps to protect yourself from becoming a victim. By understanding the tactics used by fraudsters, you can better safeguard your personal and financial information, reducing the risk of falling prey to these scams.