5 most common scams impacting Canadians

March is fraud prevention month and the five most common scams in Canada have been revealed.

In 2024, Canadians reported losing $642 million to fraud, according to the Canadian Anti-Fraud Centre. This is well over the previous record of $578 million in 2023. Many incidents go unreported.

Cyber-enabled fraud accounted for 75 per cent of reported losses, reflecting the increasing sophistication of online crime.

The Ontario Provincial Police Anti-Rackets Branch and Serious Fraud Office just launched the 2025 Fraud Prevention Month campaign, “The Masks of Fraud.” The campaign aims to equip Canadians with the information, tools and strategies they need to recognize, reject and report fraud.

“Fraud is constantly evolving, and our collective response must evolve with it,” said OPP Detective Superintendent Mike Bickerton. “By working with partners in law enforcement, industry and the community, we are strengthening fraud prevention, supporting victims and holding those responsible accountable. Fraud Prevention Month is an opportunity for everyone to learn how to recognize the signs of fraud and take action to protect themselves and others.”

The Canadian Anti-Fraud Centre said the five most common frauds in 2024 were:

Investment

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.

Canadians lost $310 million in investment scams in 2024. Ontario victims reported losing more than $102.7 million.

Spear phishing

Spear phishing scams involve scammers pretending to be from legitimate sources to convince businesses or individuals to send them money. These scams leverage existing relationships between the person receiving the email and the person sending it. The sender’s address appears to be the actual email address of the source they’re pretending to be, a tactic known as spoofing.

This scam represented $67.2 million in reported losses in 2024. Ontario victims reported losing more than $39.5 million.

Romance

A scammer convinces a person to enter a virtual, online relationship to gain trust and affection. This can occur through email messages and fake profiles on social media and dating sites.

Eventually, the scammer may ask for money for travel, a medical emergency or family assistance – making it seem urgent or like an emergency. They may also ask a victim to receive money for them – by doing so you might unknowingly be committing a crime; to join a business venture with them; or to invest in cryptocurrency

Romance fraud represented $58.4 million in reported losses in 2024. Ontario victims reported losing more than $19 million.

Job scam

Using the names of real companies in Canada, fraudsters offer victims freelance job opportunities. In some cases, the victim installs software and creates an account, they receive “orders” or “tasks” they have to complete. Victims might receive a small payment or commission to convince them that the job is legitimate. Victims deposit funds into crypto accounts or wallets. They will see funds in their crypto account, but will not have the ability to withdraw the funds they have deposited and earned.

In other cases, scammers instruct a victim to deposit a cheque and withdraw some of the funds. Then the victim is directed to deposit the money into a specific bank account to pay fees. At this point, the victim learns the cheque is counterfeit.

The job scam represented $47.1 million in reported losses in 2024. Ontario victims reported losing more than $14.8million.

Extortion

Extortion happens when someone unlawfully obtains money, property or services from a person, entity, or institution through coercion. In late 2024, the Anti-Fraud Centre received reports of extortion letters sent by email. The extortion letters have your full name, personal telephone number, personal residential address and a screenshot from search engines. The letter claims that you have visited explicit websites and threatens to send a copy of a video to your contact list unless you pay them using cryptocurrency. Some letters may also use a QR Code.

Extortion fraud represented $21 million in reported losses in 2024. Ontario victims reported losing more than $6.8 million.

For more information on fraud prevention, visit the Canadian Anti-Fraud Centre or opp.ca.

If you suspect fraud or have been a victim, report it to your local police and the Canadian Anti-Fraud Centre at 1-888-495-8501, or online via the Fraud Reporting System.

Lead photo: Tim Gouw