What are the most common types of fraud?
According to the Canadian Anti-Fraud Centre (CAFC), in 2022 these are the top 10 fraud listed by dollars lost and by number of reports.
Top 10 fraud by dollars list
- Investment ($308.6 million)
- Romance ($59.0 million)
- Spear Phishing ($58.1 million)
- Service fraud ($20.6 million)
- Extortion ($19.0 million)
- Emergency ($$9.4 million)
- Merchandise ($8.7 million)
- Job ($7.1 million)
- Bank Investigator ($6.7 million)
- Foreign Money Offer ($4.5 million)
Top 10 reported scams
1. Identity fraud (19,499 reports)
Identity theft refers to criminals stealing someone else's personal information for criminal purposes. Identity theft can be:
Identity theft refers to criminals stealing someone else's personal information for criminal purposes. Identity theft can be:
- Unsophisticated, such as dumpster diving and mail theft
- More elaborate, such as phishing or database breaches
- Computer spywares and viruses also help thieves steal personal information.
2. Phishing (10,603 reports)
Criminals use tactics to trick you into giving your personal information or clicking on links. These tactics could be:
Criminals use tactics to trick you into giving your personal information or clicking on links. These tactics could be:
- Email and website name spoofing
- Urgency
- Offers of refunds or money
- Seemingly "harmless" requests to click links, download attachments or fill out forms online
- Instructions to scan a QR code
3. Extortion (8,240 reports)
- Extortion happens when someone unlawfully obtains money, property or services from a person, entity, or institution through coercion.
4. Personal Information (8,083 reports)
A scammer, pretending to be from a business, government agency, a bank, or utility company, urgently asks you to verify your personal information. They may request information such as:\
A scammer, pretending to be from a business, government agency, a bank, or utility company, urgently asks you to verify your personal information. They may request information such as:\
- Your name
- Your address
- Your birth date
- Your account information
- Your Social Insurance Number (SIN)
Once you provide this information, the scammer may use it for identity fraud.Never provide personal information over the phone, online or through email in response to an unsolicited request.
5. Service fraud (6,255 reports)
There are a variety of service scams, including:
5. Service fraud (6,255 reports)
There are a variety of service scams, including:
- Financial services
- Telecommunications
- Insurance
- Tech support scams
- Immigration scams
Some of the more common service scams reported to the CAFC include:
- Air duct cleaning
- Cellphone service provider
- Help with government documents
- Immigration website
- Low interest rate offers
- Pardon
- Resale
6. Investment fraud (4,631 reports)
An investment scam is any solicitation for investments into false or deceptive investment opportunities. These opportunities falsely promise higher-than-normal returns. However, investors lose most or all their money.
7. Bank Investigator (4,631 reports)
A scammer calls you to ask for your help to catch a bank employee who has been stealing money or claims to be helping you resolve suspicious transactions on your bank account.
8. Counterfeit Merchandise (3,960 reports)
Scammers are constantly creating fake ads online. A good rule of thumb: if the asking price of a product is too good to be true, it is.
To reach potential victims, they use:
An investment scam is any solicitation for investments into false or deceptive investment opportunities. These opportunities falsely promise higher-than-normal returns. However, investors lose most or all their money.
7. Bank Investigator (4,631 reports)
A scammer calls you to ask for your help to catch a bank employee who has been stealing money or claims to be helping you resolve suspicious transactions on your bank account.
8. Counterfeit Merchandise (3,960 reports)
Scammers are constantly creating fake ads online. A good rule of thumb: if the asking price of a product is too good to be true, it is.
To reach potential victims, they use:
- classified ads sites
- resale sites
- website pop-ups
- fake company websites
Items offered for sale in these scams can be almost anything, including:
- event tickets
- puppies
- electronic equipment
- clothing
- apartment, cottage, or vacation rentals
- motor vehicle
9. Merchandise (3,935 reports)
Counterfeiters use websites that have the same look and feel as a legitimate manufacturer to sell products at big discounts. The products are far inferior and could pose significant health risks. For example, counterfeit jackets have been found to contain bacteria, fungus and mildew.
Red flags to watch for:
Counterfeiters use websites that have the same look and feel as a legitimate manufacturer to sell products at big discounts. The products are far inferior and could pose significant health risks. For example, counterfeit jackets have been found to contain bacteria, fungus and mildew.
Red flags to watch for:
- Warnings posted online
- No customer phone number or email listed on the website
- An odd or different name on your credit card statement
- The transaction is in different currency
- The product packaging has no labels
- The quality of product is bad
- The price is hugely discounted
10. Vendor Fraud (3,141 reports)
If you've posted an online ad for yourself or your business, you may be contacted by a scammer. They claim to be located out of town and offer to buy the item unseen. When it comes time to pay, they use various tactics to scam you and avoid paying.
If you've posted an online ad for yourself or your business, you may be contacted by a scammer. They claim to be located out of town and offer to buy the item unseen. When it comes time to pay, they use various tactics to scam you and avoid paying.