Title: Report Reveals Canadians Lost $16 Billion to Fraud Over Five Years

A new report by Statistics Canada highlights the alarming trend of financial fraud in Canada between 2014 and 2019. Canadians reported a staggering $16 billion in losses due to fraudulent activities during this period.

Key Findings

• Canadians reported over $16 billion in losses due to fraud between 2014 and 2019.
• Identity theft was the most common complaint, with 37,000 reports made during the period.
• Credit card fraud and investment fraud followed closely behind.

Types of Fraud

Identity Theft

Identity theft was the most common complaint, with 37,000 reports made during the five-year period.

Credit Card Fraud

Credit card fraud was the second most reported type of fraud, with Canadians reporting losses totaling over $3 billion.

Investment Fraud

Investment fraud was the third most reported type of fraud, with losses exceeding $1 billion.

Public Awareness

Despite advancements in technology and increasing public awareness, the statistics demonstrate that Canadians remain vulnerable to fraudsters. A recent survey revealed that:

• Over 70% of Canadians have felt confident in their ability to avoid falling victim to fraud.
• One in five reported having experienced fraudulent activities in the past.

Canadian Anti-Fraud Centre (CAFC)

The Canadian Anti-Fraud Centre (CAFC) urges the public to be cautious and vigilant. Canadians are encouraged to report any suspected fraud attempts to their local police or call the CAFC’s toll-free line.

Importance of Personal Responsibility and Public Awareness

The report emphasizes the importance of personal responsibility in preventing fraud. However, it also calls for increased public awareness and education, as well as stricter regulations and enforcement to curb the rise in fraudulent activities.

Regulatory Authority Efforts

The financial regulatory authorities in Canada, such as the Ontario Securities Commission, are strengthening their efforts to tackle financial fraud. For example, the Ontario Securities Commission has taken steps to enhance investor protection measures and toughened penalties for those involved in investment fraud.

Conclusion

As fraudsters continue to adapt to new technologies and target individuals and businesses alike, the fight against financial fraud remains an ongoing challenge. Canadians are reminded to stay informed and remain vigilant to protect their hard-earned money from fraudsters.