Fraud is big business in Canada — and it's only getting bigger.
According to figures collected by the Canadian Anti-Fraud Centre, which tracks scams and identity theft across the country, victims lost approximately $165 million in 2020. Three years later, that figure more than tripled to $569 million.
But here's the staggering part: that huge number represents only the small percentage of people who actually admit they've been scammed.
"We estimate that only five to 10 per cent of victims actually report to the Canadian Anti-Fraud Centre," said spokesman Jeff Horncastle, in a recent episode of our Inside the Village podcast. "That [$569 million] can be multiplied by 10 or 20, in reality."
From grandparent scams to romance frauds, phishing has become a daily part of life for any Canadian with a cellphone or email address.
March is Fraud Prevention Month in Canada, an opportunity for law enforcement and other agencies to educate people on how to recognize, avoid and report attempted frauds.
Tonight on 'Closer Look': We revisit our podcast episode with Horncastle, who explained why fraud is skyrocketing, how scammers are using generative AI to their advantage, and what you can do to protect yourself.
You can watch the full interview HERE.
Hosted by Scott Sexsmith and Michael Friscolanti, the Editor-in-Chief of Village Media, Inside the Village is a news and current affairs podcast that provides a weekly window into some of the best local journalism from across our chain of Ontario newsrooms. Produced by Derek Turner, the program also explores bigger-picture issues that impact people across the province.
Every episode is can be found HERE. If you prefer the audio version, it is available wherever you find your favourite podcasts.
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