Financial Fraud Epidemic Hits Canada: Report Reveals Shocking Statistics

A Staggering Number of Canadians Fell Victim to Financial Fraud in 2020

According to a report released by the Canadian Anti-Fraud Centre (CAFC), a staggering number of Canadians fell victim to financial fraud in 2020, with reported losses totalling over $160 million. The report reveals that nearly 67,000 victims from across the country suffered losses exceeding $104.2 million.

The Extent of the Problem: A Look at the Numbers

• In total, the CAFC received an astonishing 101,483 fraud reports last year.
• Only a small fraction of these cases resulted in official complaints, with fewer than 5% of victims filing a report with the agency.

Top 10 Most Common Types of Fraud Affecting Canadians

Here are the top 10 most common types of fraud affecting Canadians:

• Extortion: Nearly 17,000 reports and losses totalling $12.5 million
• Identity fraud: Over 16,700 reported cases
• Merchandise scams: Losses reaching $8.7 million
• Service scams: Resulted in losses of $8.5 million
• Spear phishing: Reported losses of $14.4 million
• Romance fraud: Victims lost a staggering $18.5 million
• Investment fraud: Losses totalling $16.5 million

The Importance of Vigilance and Education

The CAFC’s report highlights the importance of vigilance and education in preventing financial fraud. “Fraudsters are constantly evolving their tactics, making it crucial for Canadians to stay informed and take steps to protect themselves,” says a spokesperson for the agency.

What You Can Do to Protect Yourself

• Report any suspicious activity
• Remain cautious when conducting online transactions or sharing personal information

As the country grapples with the scale of this problem, authorities are urging citizens to report any suspicious activity and remain cautious when conducting online transactions or sharing personal information. Stay informed and take steps to protect yourself from financial fraud.