Fraud is a significant problem in Canada, with the Canadian Anti-Fraud Centre (CAFC) reporting a steady increase in the number of fraud incidents reported each year. The CAFC is a national agency that works to protect Canadians from fraud and identity theft. In this article, we will analyze the latest statistics released by the CAFC to better understand the nature and prevalence of fraud in Canada.

CAFC Statistics

In 2020, the CAFC received a total of 123,000 fraud reports, a 12% increase from the previous year. Of these reports, 65% involved identity theft, 23% involved fraudulent banking and investment schemes, and 12% involved computer fraud. The majority of fraud incidents took place online, with 83% of reports involving some form of electronic transaction.

Identity Theft

Identity theft is by far the most common type of fraud reported to the CAFC, accounting for 65% of all fraud incidents in 2020. This trend has been consistent over the past few years, with identity theft representing more than half of all fraud reports. The most common methods of identity theft involve the use of stolen personal information, such as social insurance numbers, credit card numbers, and passwords. Victims of identity theft often experience financial losses, credit damage, and severe anxiety as a result of the theft.

Fraudulent Banking and Investment Schemes

While identity theft is the most common type of fraud reported to the CAFC, fraudulent banking and investment schemes account for a significant portion of fraud incidents. In 2020, 23% of all fraud reports involved these schemes, which typically involve scams targeting victims through email, phone calls, or social media. Common schemes include investment scams, pension scam, and charity scams. Victims of these schemes often lose significant amounts of money to fraudsters, who may pose as trusted institutions or individuals.

Computer Fraud

Computer fraud accounts for 12% of all fraud incidents reported to the CAFC. This type of fraud typically involves the use of malware, phishing scams, or other cyber-related activities to steal personal information or gain access to computer systems. In 2020, the most common form of computer fraud was the use of malware, followed by phishing scams and unauthorized access to computer systems. Victims of computer fraud often experience financial losses, data breaches, and severe anxiety as a result of the incident.

Preventing Fraud

In order to protect themselves and their personal information, Canadians should take a few simple precautions. Firstly, they should always be cautious when providing personal information online or by phone. When dealing with unknown parties, Canadians should always verify the identity of the individual or institution before providing any sensitive information. Additionally, Canadians should install and maintain up-to-date security software on their computers and devices to protect against malware and other cyber threats. Finally, Canadians should regularly monitor their credit report and alert credit card companies to any suspicious activity.

Fraud is a significant problem in Canada, with the Canadian Anti-Fraud Centre reporting a steady increase in the number of fraud incidents reported each year. While identity theft remains the most common type of fraud, fraudulent banking and investment schemes and computer fraud also pose significant risks to Canadians. To protect themselves and their personal information, Canadians should take simple precautions to prevent becoming victims of fraud. By doing so, Canadians can help reduce the impact of fraud on their communities and the Canadian economy as a whole.