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Preventing Fraud in Finance: A Guide for Canadians

Fraud is a significant issue in Canada, with millions of dollars lost each year to scams and fraudulent activities. However, there are steps you can take to prevent fraud and protect yourself from becoming a victim.

Reporting Fraud is Critical

According to the Canadian Anti-Fraud Centre, less than 5% of fraud victims report their experiences to law enforcement agencies in Canada. By reporting a scam, you provide law enforcement with the information they need to stop fraudsters and help prevent others from becoming victims.

Step-by-Step Guide to Reporting Fraud

If you suspect that you may be or have been a target of fraud, follow these steps:

• Gather all information about the suspected fraud
  • Take note of the name of the person who approached you
  • What they were trying to get you to do
  • When it happened
  • Keep receipts, cancelled cheques, copies of emails and text messages, and other relevant documents
• Report the incident to local law enforcement
  • Contact your local police agency and file a report
  • Make sure to keep a listing of all calls you make to the police and any file number they provide for future reference
• Report the incident to the Canadian Anti-Fraud Centre or the Competition Bureau
  • Contact the Fraud Reporting System (Canadian Anti-Fraud Centre) at 1-888-495-8501 or file a report online
  • You can also file a complaint with the Competition Bureau using their online form
• Report the incident to the financial institution that transferred the money
  • If you have already sent money, notify the financial institution you sent it to (e.g. bank, credit union, credit card company, or internet payment service provider)
• Notify the website where the fraud took place (if applicable)
  • Report the incident directly to the website
  • Details on how to do this can be found under the “report abuse” or “report an ad” links

Additional Resources

For help with specific types of fraud, contact:

• Your local consumer affairs office for provincial and territorial scams
• The Better Business Bureau for complaints about businesses
• Your bank or financial institution for suspicious correspondence regarding your account
• Service Canada to report identity theft

By following these steps and being aware of the different types of fraud, you can help prevent yourself from becoming a victim of fraud in Canada.