Fraud Prevention Month to focus on impersonation fraud, one of the fastest growing forms of fraud

News provided by

Competition Bureau

Feb 28, 2025, 12:10 ET

Canadians lost over $638 million to fraud in 2024

GATINEAU, QC, Feb. 28, 2025 /CNW/ - With technologies like AI, fraudsters are constantly adapting their tricks to avoid being detected. This is why the Canadian Anti-Fraud Centre (CAFC), the Competition Bureau and the Royal Canadian Mounted Police (RCMP), are teaming up again this March to fight fraud for the 21st  edition of Fraud Prevention Month (FPM).

Data from the CAFC shows that Canadians lost a staggering $638 million to fraud in 2024. Reported losses to the CAFC since 2021 have now surpassed $2 billion. Despite this rise in financial losses, the rate of frauds being reported remains low, with only 5% to 10% reported. 

This year's campaign will focus on impersonation fraud, one of the fastest growing forms of fraud. Impersonation fraud happens when fraudsters pretend to be trusted organizations, websites, and even another person to deceive people into their scams. This can lead to financial loss, identity theft, and other serious consequences.

The FPM campaign aims to equip Canadians with the tools to recognize, reject, and report fraud.

Every year, over 80 organizations across Canada work together to ensure that fraud prevention is top of mind for consumers and businesses. This March, Canadians can join the fight by using #FPM2025 to stay informed about the latest news on fraud.

Quotes

"Fraudsters are using sophisticated technology to create scams that feel more real than ever. It's important for Canadians to trust their instincts and question unexpected calls or messages. The more we learn about their tactics, the less chance criminals have to defraud us."

Matthew Boswell,
Commissioner of Competition

"Anyone, anywhere, at any time can be a victim of fraud. Some victims may feel helpless, isolated or even embarrassed, but know that if you've been targeted, you're not alone. Reporting the incident is the best way to help with the fight against fraudsters and could help some one else from becoming a victim."

Chris Lynam
RCMP's Director General of the Canadian Anti-Fraud Centre and National Cybercrime Coordination Centre

Quick facts 

  • In 2024, the top three most reported types of fraud were identity fraud, service fraud, and investment fraud – all designed to get you to pay or give away sensitive information like your social insurance number, passwords or banking details. The top three frauds reported with the highest level of financial impact were investment frauds, spear phishing, and romance scams.
  • In 2023, the CAFC received 108,878 reports which included at least 34,621 victims of fraud.
  • The CAFC is jointly managed by the RCMP, the Competition Bureau and the Ontario Provincial Police.
  • If you or someone you know is a victim of a fraud, contact your local police service to report the crime and also report it to the CAFC online or toll-free at 1-888-495-8501. If a financial loss did not occur, still report it to the CAFC.
  • If you have information about deceptive marketing practices, report it to the Competition Bureau. Your reports are essential to identify links, catch criminals, and prevent further frauds.

Associated links

SOURCE Competition Bureau

Media Contacts: Canadian Anti-Fraud Centre, [email protected]; Competition Bureau, [email protected]; Royal Canadian Mounted Police, 613-843-5999, [email protected]

Organization Profile

Competition Bureau