March is Fraud Prevention Month! The South Simcoe Police Service will be sharing prevention tips and highlighting frauds circulating in our communities.
The theme for this year’s campaign is “20 years of fighting fraud: from then to now,” and will shed light on how fraudsters’ old tricks have now been refined with the use of technology. The campaign aims to help Canadians recognize warning signs, reject suspicious claims and report fraud to the authorities.
Recent numbers from the Canadian Anti-Fraud Centre (CAFC) are concerning. In 2023 alone, Canadians lost a staggering $567 million – an increase of $37 million from 2022 and $187 million since 2021. Despite this rise in financial losses, the rate of frauds being reported remains low, with only 5% to 10% reported.
Quick Facts from the CAFC about frauds in 2023:
- The top three most reported types of fraud were identity fraud, service fraud, and phishing –all designed to get you to pay or give away sensitive information like your social insurance number, passwords or banking details.
- The top three frauds reported that had the highest level of financial impact were investment scams, spear phishing, and romance scams.
- In 2023, the CAFC received 116,403 reports which included at least 41,873 victims of fraud. The CAFC is jointly managed by the RCMP, the Competition Bureau and the Ontario Provincial Police.
How fraudsters use technology:
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.
How to protect yourself from frauds and scams:
- Don’t be afraid to say no or hang up the phone
- Do your research and verify information
- Don’t give out personal information
- Beware of upfront fees
- Protect your computer
- Be careful who you share images with
- Protect your online accounts
- Recognize spoofing
- Don’t be pressured into immediate action
Remember, if it seems too good to be true, it is. Always report fraud and fraud attempts to police and the Canadian Anti-Fraud Centre.