Most Common Types of Financial Fraud in Canada Exposed

A Staggering Number of Canadians Fall Victim to Financial Fraud

In 2021, a staggering number of Canadians fell victim to financial fraud, with a total reported loss of over $379 million. According to the Canadian Anti-Fraud Centre (CAFC), there were 104,295 fraud reports filed last year. However, it’s estimated that fewer than 5% of victims actually report their experiences.

Top 10 Most Common Types of Financial Fraud in Canada

The CAFC has released its annual list of the top 10 most common types of financial fraud in Canada, based on both the number of reports and the dollar loss. Here are the results:

Top 10 Frauds by Number of Reports (2021)

• Identity Fraud: 30,849 reports, with an estimated 30,849 victims
• Extortion: 30,361 reports, with 9,707 victims losing $16.5 million
• Personal Information Fraud: 9,666 reports, with 5,572 victims affected
• Phishing: 6,953 reports, with 1,636 victims targeted
• Counterfeit Merchandise: 5,200 reports, with 5,151 victims losing $1.1 million

Top 10 Frauds by Dollar Loss (2021)

• Investments: 3,442 reports, with 3,077 victims losing $163.9 million
• Romance Fraud: 1,928 reports, with 1,365 victims losing $64.6 million
• Spear Phishing: 1,817 reports, with 871 victims targeted and losing $54 million
• Extortion: 14,202 reports, with 3,160 victims losing $18 million
• Merchandise Fraud: 4,994 reports, with 4,051 victims losing $12.3 million

Takeaways from the Statistics

The CAFC notes that scams involving personal information and phishing do not typically result in financial losses for the victim. Additionally, identity fraud often does not involve financial loss, as many victims are not responsible for the fraudulent activities.

Protect Yourself from Financial Fraud

These statistics serve as a reminder of the importance of being vigilant and taking steps to protect oneself from financial fraud.