Financial Crime World

Fraud Prevention Month 2023: RCMP, Canadian Anti-Fraud Centre, and Competition Bureau Team Up to Thwart Scammers’ Tricks

During the digital age, Canadian consumers and businesses face an increased risk of sophisticated fraudsters. The Canadian Anti-Fraud Centre (CAFC) reported a record-breaking $530 million in victim losses in 2022 - a 40% surge from the previous year’s $380 million (CAFC, 2023). However, reports suggest that only 5% to 10% of Canadians affected by fraud actually file a complaint (CBC, 2022).

To address these concerning trends, the RCMP, Canadian Anti-Fraud Centre, and Competition Bureau have collaborated once more for the 19th annual Fraud Prevention Month. With the theme “Tricks of the trade: What’s in a fraudster’s toolbox?”, this year’s campaign aims to:

  1. Raise awareness about fraudsters’ methods and tactics
  2. Educate Canadians on how to recognize and respond to fraudulent activities
  3. Encourage citizens and businesses to act proactively in safeguarding themselves

A collaborative effort to prevent and combat fraud

These law enforcement agencies are collaborating with members of the Fraud Prevention Forum to strategically prevent and combat fraud (RCMP, 2023). They encourage Canadians to engage in discussions about fraud prevention using the social media campaign hashtag #FPM2023. Follow the CAFC, RCMP, and Competition Bureau on their respective social media platforms for the latest updates and resources.

If you or someone you know has been victims of fraud, contact your local law enforcement agency to report the crime and file a report with the Canadian Anti-Fraud Centre:

Even if a financial loss did not occur, reporting the incident to the CAFC is crucial for identifying patterns and apprehending criminals (CAFC, 2023). In 2022, the CAFC handled a total of 70,878 reports, with over 37,000 victims falling prey to mass marketing fraud (CAFC, 2023). Some common types of fraud reported include:

  • Phishing
  • Extortion
  • Personal information scams
  • Investment scams
    • Cryptocurrency
    • Romance scams
    • Spear phishing

Words from the authorities

“As the volume of fraud losses continues to escalate, it becomes increasingly important that we all band together to protect one another. Fraudsters use a combination of new techniques and classic tricks to target Canadians. During this Fraud Prevention Month, I encourage each and every one of us to educate ourselves about the signs of scams and fraud, know how to report it, and share that information with our loved ones. A single conversation could save someone from becoming the next victim,”

  • Chris Lynam, Director General of the Canadian Anti-Fraud Centre and National Cybercrime Coordination Centre, RCMP.

“Fraudsters in the digital economy have sharpened their tricks and tools to exploit Canadians. This Fraud Prevention Month, the Competition Bureau will partner with Canadians to help them recognize, reject, and report online deceptive marketing practices used by scammers to entrap victims and commit fraud,”

  • Matthew Boswell, Commissioner of Competition.

References

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