It’s Fraud Prevention Month and local police are offering up tips to raise awareness about common phone and online scams.
Ontario Provincial Police say fraudsters are experts at disguising themselves, creating false identities to manipulate, deceive and steal from their victims.
Officials are particularly concerned about an increase in online investment fraud, with scams among younger Canadians trending upwards.
A survey from the Canadian Securities Administrators (CSA) found 46 per cent of Canadians have seen investment opportunities promoted on social media, often offering quick and easy money.
“We urge everyone to be cautious and research each investment opportunity before handing over your hard-earned money,” said CSA chair Stan Magidson.
Targeted email scams, also called spear phishing, and romance scams are common tactics in online investment scams, and are both part of the top ten frauds reported in 2024.
The Canadian Anti-Fraud Centre (CAFC) says $310 million dollars was reported lost to investment fraud in 2024, however the real figure is likely significantly higher as the centre estimates 90 to 95 per cent of fraud goes unreported.
However when victims share their experiences, officials say it helps prevent others from losing their life's savings.
“We encourage Canadians to report instances of scams and fraud as these reports help identify trends that allow law enforcement agencies to better target their efforts,” added Richard Burchill, RCMP’s director general of financial crime.
“The information gained is also used to tailor awareness messages to alert people and prevent losses.”
Investment fraud can be reported to your local securities regulator or to your police of jurisdiction.
