March is Fraud Prevention Month
(MIDLAND,ON)- Members of the Southern Georgian Bay Detachment of the Ontario Provincial Police (OPP) and the Canadian Anti-Fraud Centre (CAFC) are continuing to raise the awareness for North Simcoe residents of the various scams that they may encounter on the telephone or online.
March is Fraud Prevention Month #FPM2025, and the Canadian Anti-Fraud Centre (CAFC) will focus on uncovering fraud-revealing the tactics criminals use to create convincing identities, impact on victims and what we are doing to fight fraud. Fraudsters are experts at disguising themselves and creating false identities to manipulate, deceive, and steal from their victims. By exposing these deceptive practices, we aim to empower Canadians to spot fraud before it happens.
To mark Fraud Prevention Month and combat the escalating threat of online investment fraud, the Canadian Securities Administrators (CSA), the Canadian Anti-Fraud Centre (CAFC) and the Royal Canadian Mounted Police (RCMP) are together urging Canadians to help fight fraud by reporting suspected scams and by increasing vigilance when considering online investment opportunities.
The CSA, CAFC and RCMP are particularly concerned about the increasing prevalence and sophistication of online investment scams. For the first time since the CSA started tracking incidences of investment fraud, scams among younger Canadians have trended upwards. According to the CSA’s 2024 Investor Index Survey, 46 per cent of Canadians report they’ve seen investment opportunities promoted on social media. Fraudsters are using everyday financial pressures and offers of quick and easy money to attract Canadians from all walks of life.
“Online investment fraud poses a significant risk to Canadians’ financial security and well-being,” said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. “We are witnessing a concerning trend of fraudsters exploiting digital and social platforms to target Canadians and we urge everyone to be cautious and research each investment opportunity before handing over your hard-earned money.”
Earlier this year CAFC, Canada’s central repository for fraud information and intelligence, revealed that $310 million dollars was reported lost to investment fraud in 2024; however, the CAFC estimates 90 to 95 per cent of fraud goes unreported, suggesting that reported losses represent only a fraction of the true harm to Canadians. CAFC data indicates that spear phishing (targeted email scams) and romance scams are part of the top ten frauds reported in 2024 – both common tactics in online investment scams.
Combatting scams and fraud is a shared responsibility that rests with everyone. Prevention remains at the center of this battle and it is essential that Canadians become familiar with common scams and how to recognize them. The CSA and CAFC websites are both good sources of information on common investment scams (visit the CSA Common Frauds and Scams page or the CAFC Investment Fraud page).
“Fraud is a crime that affects more than just your finances and the emotional tolls can linger for victims long after the fraud is uncovered. If you’ve been targeted, report it. It’s the best way to help with the fight against fraudsters and could help some one else from becoming a victim,” said Chris Lynam, Director General of the Canadian Anti-Fraud Centre.
Successful disruption of fraud requires intelligence that sheds light on means and methods employed by criminals. Victims are often reluctant or embarrassed to admit they’ve been scammed but reporting provides the RCMP, CSA members and CAFC with valuable information that contributes to enforcement and prevention.
“The RCMP works collaboratively with provincial, national, and international law enforcement partners, as well as other agencies like the CSA to identify innovative ways to enhance our efficiency and enable successful strategies to fight fraud. The public is also a partner in this fight and 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. The information gained is also used to tailor awareness messages to alert people and prevent losses,” said Richard Burchill, RCMP Director General of Financial Crime.
If you’re a victim of investment fraud or suspect you may be, report it immediately. If someone has approached you or someone you know with a scam, also report it immediately. Reporting it could save someone else from losing their life savings.
You can report investment fraud to your local securities regulator or to your police of jurisdiction.
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