Officer of an RCMP Cyber Crime Unit target a potential online scammer.
Toronto Police say they are receiving 45 calls daily to investigate possible fraud-related offences and there is no shortage of work as March is Fraud Prevention Month.
Fraud Squad Detectives said they received almost 17,000 fraud-related reports in 2024 and investigated almost $370 million in scam losses.
Police and other law enforcement authorities have launched a national campaign to raise awareness so people can safeguard themselves from online scammers.
The investigators said the five top reported frauds in Toronto last year based on dollar value includes: online investment scams with $71 million in losses; account takeovers with $36 million; romance confidence scams in which victims suffered $34.5 million in scam losses.
The Romance Scam is one of the top online scams taking advantage of mostly female victims.
Cryptocurrency scams resulted in $33 million in losses and identity theft was fifth with $16.5 million in losses to a range of victims.
“Fraud targets all of us and fighting and preventing fraud is a collective effort,” said Detective Dave Coffey. “While Toronto Police receives an average of 45 fraud reports per day, we know this represents only a fraction of what’s really happening as it is estimated that only five to 10 per cent of frauds are reported for various reasons.”
He said the goal of the campaign is to promote the “3R’s; to encourage residents to recognize, reject, and report fraud.”
Anti-fraud officers said these scams often begin as romance scams, where fraudsters initiate contact through text or email, building a relationship with the victim over time.
“Once trust is established, they introduce a lucrative investment opportunity, convincing victims to transfer funds,” police warned.
Chris Lynam, of the Canadian Anti-Fraud Centre, said fraud is often illusive and hard to spot.
“The Canadian Anti-Fraud Centre is committed to supporting its policing partners in exposing fraud, empowering Canadians with knowledge, and protecting Canada’s economic integrity,” he said.
Lynam said this month people are encouraged to recognize the signs of fraud, reject suspicious requests, and report to help prevent others from becoming victims
Josephine Palumbo, Deputy Commissioner of the Deceptive Marketing Practices Directorate said: “As scammers get smarter, Canadians and businesses need to stay informed and join the fight against fraud.”
“By recognizing the warning signs of fraud and reporting it to the authorities, we can help protect ourselves, our loved ones, and our communities,” she said.