The Ontario Provincial Police (OPP) Anti-Rackets Branch (ARB) and Serious Fraud Office Ontario (SFO), in concert with theĀ Canadian Anti-Fraud CentreĀ (CAFC) are launching the annual Fraud Prevention Month campaign.
This year’s national fraud prevention campaign will focus on impersonation scams and various frauds that prey upon vulnerable consumers and businesses. A majority of the scams and frauds involve an aspect of impersonation, with suspects posing as a trusted individual in order to steal victims’ money or personal information.
2021 was an historic year for frauds reported to the CAFC and OPP. According to the CAFC, reported losses have totalledĀ $379Ā million, a dramatic increase fromĀ $164Ā million in losses in 2020. Ontario residents representedĀ $142Ā million of the overĀ $379Ā million in losses reported to the CAFC in 2021.Ā It is estimated that onlyĀ 5%Ā of victims report their frauds to law enforcement or the CAFC.
Fraud Prevention Month will focus on highlighting some of the top reported scams from 2021, including investment scams, spear phishing (Business Email Compromise), extortion, service scams, phishing and more.
SIGNIFICANT FRAUD LOSS INCREASES
- Ā Investment frauds representedĀ $163Ā million in reported losses in 2021, overĀ $33Ā million in 2020.
- Cryptocurrency payments to fraudsters jumped toĀ $77Ā million in reported losses 2021, overĀ $23Ā million in 2020.
- Spear phishing frauds (Business Email Compromise) representedĀ $53Ā million in reported losses in 2021, overĀ $30Ā million in 2020.
- Extortion frauds representedĀ $17Ā million in reported losses in 2021, overĀ $16.4Ā million in 2020.
- Service scams representedĀ $11.6Ā million in reported losses in 2021, overĀ $6.6Ā million in 2020.
- Phishing / Identity theft reports increased toĀ 7,566Ā in 2021, versusĀ 6,953Ā reports in 2020.
The OPP is committed to working together with our law enforcement partners to create awareness by highlighting the various ways that all Ontario residents are being targeted by fraudsters.Ā Through awareness and education, Ontario residents can be better prepared and protected.
Detective Superintendent Dominic Chong, the Director of Financial Crime Services for the OPP shares this perspective:
“Fraud is an insidious crime.Ā Criminals committing fraud often prey on the vulnerable population in our communities, and count on their crimes not being reported to police due to shame or embarrassment experienced by the victims.Ā These crimes are often devastating to the victims and their families.Ā I encourage everyone who has been a victim of fraud to report it to police and the Canadian Anti-Fraud Centre.Ā Victims of fraud are victims of crime, the shame should be placed on the criminals who commit the crime, not on the victims.”
The public is encouraged to engage in the conversation to helpĀ recognize, reject andĀ report frauds by using the hashtagsĀ #FPM2022 #kNOwFraud, #Take5 #Tell2, #SeriousFraudOfficeONĀ @canantifraud
LEARN MORE
If you do fall victim to a fraud or know someone who has,Ā contact your local police service to report the crime and also report it to the Canadian Anti-Fraud Centre (CAFC).
TheĀ CAFCĀ collects information on fraud and identity theft Canada wide.Ā Contact the CAFC by phone atĀ 1-888-495-8501Ā or online by way of theĀ Fraud Reporting System (FRS),Ā even if a financial loss did not occur.
For more fraud facts and figures and a downloadable booklet (PDF), visit The Competition Bureau of Canada website atĀ https://www.competitionbureau.
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