OPP launches its 19th Fraud Prevention Month in March

March is Fraud Prevention Month. March 1, 2023

This year's Fraud Prevention Month will focus on Tricks of the trade: What's in a fraudster's toolbox?

The awareness campaign reflects a need to educate and equip Ontario consumers and businesses alike about some of the most common fraud techniques in the marketplace right now.

"Fraud continues to devastate lives in Ontario and across this country, and the number of frauds being reported is on the rise," said Dominic Chong, Det. Super., Director of Financial Crime Services, Anti-Rackets Branch & Serious Fraud Office of the Ontario Provincial Police (OPP).

"One of the best ways to combat fraudsters is to be armed with knowledge, information and awareness. I encourage everyone to learn the information and tips being made available to protect yourself and to share these with your loved ones to help protect them. Together we can fight back and lessen the impact of fraud on our communities."

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With all demographic groups expected to use technology for many facets of their lives, Canadians are being increasingly targeted by cyber criminals.

Police say recognizing these techniques will go a long way in helping to combat cyber-enabled frauds.

In the past decade, technology has completely transformed the fraud landscape, which is more widespread and sophisticated than ever before. With the public's help, the OPP are delivering information, tips and strategies for Ontarians to fight back.

In 2022, the Canadian Anti-Fraud Centre (CAFC) received fraud reports totalling $530 million in victim losses. This was nearly a 40% increase from the 2021, unprecedented $380 million in losses.

In 2021, approximately 75% of all reports the CAFC received were cyber enabled, which is expected to increase year-over-year. It is estimated that only 5-10% of victims report scams and frauds to the CAFC or law enforcement.

According to the CAFC, in 2022, the top frauds affecting Canadians on a daily basis were:

• Investment frauds represented $308 million in reported losses in 2022. Ontario victims reported losing over $136 million.
• Romance frauds represented $59 million in reported losses in 2022. Ontario victims reported losing over $20 million.
• Spear phishing frauds (business email compromise) represented $58 million in reported losses in 2022. Ontario victims reported losing over $21.1 million.
• Service scams represented $20.5 million in reported losses in 2022. Ontario victims reported losing over $8.1 million.
• Extortion frauds represented $19 million in reported losses in 2022. Ontario victims reported losing over $4.8 million.

Fraudsters will create spoofed websites, will use spoofed telephone numbers using Voice over internet protocol (VoIP) to mimic legitimate numbers, will have victims download remote entry software providing access to devices and computers or send out phishing texts pretending to be businesses or governments offering refunds.

Join the OPP in raising awareness on March 9, at 1 p.m. when the OPP and CAFC, will be hosting a live chat to discuss tools fraudsters use to victimize Ontario residents. You can view this live chat on the OPP's Facebook  page.