Canadians reported $16B in fraud losses in five years: report
Canadians reported $16 billion in fraud losses between 2014 and 2019, in accordance with Statistics Canada.
A brand new report launched by the federal company on Monday shares findings from the General Social Survey (GSS), which in 2019 allowed Canadians to self-report fraud for the primary time.
According to the report, one in six folks mentioned they have been a sufferer of fraud between 2014 and 2019. About 24 per cent of individuals reported dropping $1,000, whereas three per cent reported dropping $10,000.
The median loss as a consequence of fraud throughout that point interval was $600.
The majority of Canadians consider fraud has elevated in Canada, the report notes.
The launch of the report comes on the heels of the RCMP partnering with the Canadian Anti-Fraud Centre (CAFC) to ascertain an Open Government Portal to permit transparency concerning the variety of Canadians who’ve fallen sufferer to scams. According to the RCMP, each 2021 and 2022 have been “historic” years for the variety of reported losses to fraud.
In 2021, reviews to the CAFC confirmed that $380 million was misplaced to fraud. In 2022, this quantity rose to $531 million.
Many Canadians are conscious of accelerating cellphone and electronic mail scams, however fraudsters have gotten extra subtle. A earlier report by the Better Business Bureau (BBB) mentioned the riskiest rip-off in Canada is a house enchancment fraud. The total median greenback loss reported was $300 in 2022, up from $250 in 2021, representing a 20 per cent improve.
FRAUD IS THE MOST COMMON CRIME
Fraud topped the record of crimes reported by Canadians within the survey.
Roughly 5 million folks aged 15 years and older — 17 per cent of the Canadian inhabitants — reported being a sufferer of not less than one fraud between 2014 and 2019.
In the 12 months main as much as the GSS survey, practically 2.5 million folks — 7.8 per cent of the Canadian inhabitants aged 15 years and older — reported being a sufferer of fraud.
“This is more than for any other crime measured by the GSS,” it states. “By comparison, it’s almost double the number of people (1.4 million people; 4.3 per cent of the Canadian population) who have been victims of a violent crime, which includes sexual assault, robbery and assault.”
Police reported knowledge, StatCan mentioned, exhibits fraud rose from 87,174 circumstances in 2011 to 168,483 circumstances in 2021. The numbers proceed to extend as fraud represented greater than half — or 57 per cent — of cybercrime in 2021.
Data from the BBB exhibits scammers usually goal people with various kinds of fraud, with the riskiest rip-off in Canada being a house enchancment fraud. In June, the Ontario Provincial Police issued a warning to older adults about on-line.
The GSS discovered that Alberta residents had the best proportion of people that have been victims of fraud.
On the flip facet, folks in Nunavut, New Brunswick, Newfoundland and Labrador, Nova Scotia and Quebec have been much less more likely to fall sufferer to scams.
The knowledge was additionally damaged down by fraud reviews in several cities. The report states that individuals dwelling in Edmonton, Victoria and Calgary have been extra more likely to be victims of fraud, whereas these in London, Ont., Saskatoon, Halifax and St. John’s have been much less more likely to fall sufferer to fraud.
PERSONAL INFORMATION LEAKED WITHOUT KNOWLEDGE
Many Canadians didn’t understand fraudsters had taken private data from them, the report suggests.
According to the information, about 41 per cent of victims didn’t know their private data was obtained.
Of those that have been conscious of their private data being obtained or leaked, 39 per cent mentioned scammers had cloned or copied their debit or bank card.
Canadians’ data was additionally obtained via private emails that had been pirated, with 18 per cent of individuals surveyed indicating this occurred to them, adopted by data given by the people at 16 per cent, and knowledge leaks at 10 per cent.
“In most cases, fraud victims discovered the incident while reviewing their bank or credit card statements (38 per cent) or after a financial institution or a credit card company had contacted them (31 per cent),” the report states.
CANADIANS TAKING MEASURES TO AVOID FALLING VICTIM TO FRAUD
Nearly all — or 95 per cent — of Canadians have taken some steps to guard themselves from scammers.
The report notes that 83 per cent usually evaluate financial institution statements, 73 per cent shred mail, payments or receipts and 72 per cent delete suspicious emails.
Despite the varied precautions Canadians are taking, about 48 per cent mentioned their private data was thought-about “somewhat well protected,” whereas 34 per cent mentioned it’s “not very well protected.”
