The many masks of fraud

Investment, phishing and romance frauds in Ontario represented more than $161M in lost money in 2024. (Pexels)

March is Fraud Prevention Month and both the Anti-Rackets Branch and Serious Fraud Office of the Ontario Provincial Police (OPP) are hosting the Masks of Fraud campaign.

OPP say the campaign shows the deceptive techniques used to commit fraud in the digital age.

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Provincial police want to equip Canadians with information and strategies to reject and report fraud.

“Fraud is constantly evolving, and our collective response must evolve with it,” said OPP Det. Super. Mike Bickerton.

“By working with partners in law enforcement, industry and the community, we are strengthening fraud prevention, supporting victims and holding those responsible accountable. Fraud Prevention Month is an opportunity for everyone to learn how to recognize the signs of fraud and take action to protect themselves and others,” said Bickerton.

In 2024, the Canadian Anti-Fraud Centre (CAFC) received fraud reports totalling $642 million in victim losses, surpassing the previous record of $578 million in 2023.

Cyber-Enabled fraud accounted for 75 per cent of reported losses, reflecting the increasing sophistication of online crime. Law enforcement agencies, including the OPP and CAFC, are strengthening partnerships with the private sector to combat these evolving threats through prevention, detection and enforcement.

While many incidents go unreported, the OPP and CAFC encourage people and businesses to report fraud to assist police with identifying crime patterns and prevent others from falling victim to the same scheme.

According to the CAFC, the five most common frauds impacting Canadians were:

Investment fraud represented $310 million in reported losses in 2024. Ontario victims reported losing more than $102.7 million.

Spear phishing fraud (Business Email Compromise) represented $67.2 million in reported losses in 2024. Ontario victims reported losing more than $39.5 million.

Romance fraud represented $58.4 million in reported losses in 2024. Ontario victims reported losing more than $19 million.

Job scams represented $47.1 million in reported losses in 2024. Ontario victims reported losing more than $14.8 million.

Extortion fraud represented $21 million in reported losses in 2024. Ontario victims reported losing more than $6.8 million.

If you suspect fraud or have been a victim, report it to your local police and the Canadian Anti-Fraud Centre at 1-888-495-8501, or online via the Fraud Reporting System.