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Lorena Smalley

 

Top 10 frauds Reported in 2023

In 2023, the Canadian Anti-Fraud Centre (CAFC) processed 62,365 fraud reports involving over $554 million in reported losses.  

The following are the top 10 frauds reported in 2023:  

Fraud Type  Reports  Victims  Dollar Loss
Identity Fraud 11,228  11,228  N/A
Service  6,729  4,824  $22.2M
Personal Info 6,150  4,674  N/A
Phishing 5,850  1,265  N/A
Investments  4,010  3,631  $309.4M
Bank Investigator  3,608  1,312  $10.3M
Merchandise  3,471  2,836  $10.6M
Extortion  3,150  1,051  $12.2M
Job  2,692  2,063  $27.7M
Counterfeit Merchandise  2,581  2,541  $0.6M

 

Top 10 frauds based on dollar loss in 2023: 

Fraud Type  Reports  Victims  Dollar Loss
Investments  4,010  3,631  $309.4M
Spear Phishing  1,239  668  $58.2M
Romance  1,135  945  $50.3M
Job  2,692  2,063  $27.7M
Service  6,729  4,824  $22.2M
Extortion  3,150  1,051  $12.2M
Emergency  2,542  1,051  $11.3M
Merchandise  3,471  2,836  $10.6M
Bank Investigator  3,608  1,312  $10.3M
Recovery Pitch  403  221  $6.7M

 

Tips to Protect Yourself  

  • Create strong passwords for each of your accounts. 
  • Set up multi-factor authentication to make it more difficult for someone else to access your accounts. 
  • Never share your multi-factor authentication code with anyone. 
  • Update the privacy settings attached to your social network accounts.
  • Be familiar with the terms of service and how payment methods work before using them. Look for a fraud protection policy. 
  • Never, under any circumstances, accept money and send money to a third party. You may be participating in money laundering which is a criminal offence. 
  • Avoid reacting automatically. Take five minutes to ask additional questions and listen to your instincts. If something doesn’t seem right, ask someone else you trust about it.
  • Remain current on frauds and protect others by sharing what you know. Tell two others and ask them to do the same. An unbroken chain of 25 people telling two would cover the entire population of Canada. 
  • Do not trust the information on your call display because it can easily be manipulated.
  • Do not provide your personal or financial information on demand. 
  • Do not open an attachment or click a link in an unsolicited email or text message.
  • Learn more tips and tricks for protecting yourself.

 

Reporting Fraud

Anyone who suspects they have been the victim of cybercrime or fraud should report it to their local police and to the Canadian Anti-Fraud Centre’s online reporting system or by phone at 1- 888-495-8501. If not a victim, report it to the CAFC anyway.

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