Canadian Anti-Fraud Centre: Record-Breaking $379 Million in Reported Fraud Cases for 2021
The Canadian Anti-Fraud Centre (CAFC) unveils alarming findings in its 2021 Annual Report, revealing an unprecedented surge in fraud and identity crimes with a steep rise from $165 million in 2020 to an astounding $379 million in reported victim losses.
Digital Environment: A Magnet for Fraudsters
Canadians’ digitally-driven activities have created a paradox, as the digital sphere continues to expand, making an enticing target for fraudsters. Key points from the report:
- The increasing trend for Canadians to spend more time online has resulted in a significant rise in reported fraud cases.
- The thriving digital economy urges Canadians to shop, communicate, and work predominantly online.
Targeted Victimization: Young and Elderly Canadians
A concerning trend that emerged in 2021 is the disproportionate targeting of young and elderly Canadians. The report highlights:
- These groups are rapidly adopting digital technology.
- However, their awareness of cyber security threats may not be as strong.
Protecting Yourself Against Fraud and Identity Crimes
The Government of Canada’s annual report underlines the necessity for heightened vigilance and precautions for Canadians:
- Access the report at https://www.publications.gc.ca/site/eng/9.917185/publication.html
CAFC’s Commitment: Resources, Education, and Response
As the fraud threat landscape continues to shift, the CAFC renews its dedication to providing Canadians with essential resources, education, and response tools to help protect themselves against fraud and identity crimes.
Endnote
- It’s important to note that only an estimated 5-10% of all fraud connected to Canadian victims is reported to the CAFC.