With fraud losses surpassing $2 billion since 2021, Canada kicks off its 21st annual Fraud Prevention Month, focusing on impersonation scams.
Canadian Anti-Fraud Centre (CAFC), the Competition Bureau and the Royal Canadian Mounted Police (RCMP) are joining forces to take action and launch the Fraud Prevention Month campaign this March.
Impersonation fraud, one of Canada's fastest-growing scam categories, resulted in a financial loss of $638 million to fraud in 2024, pushing total reported losses since 2021 beyond $2 billion.
Despite these alarming figures, reporting rates remain critically low, with only 5% to 10% of fraud incidents reported to authorities.
This year's campaign targets impersonation scams, where fraudsters pose as trusted organizations, websites or individuals to deceive victims.
"Fraudsters are using sophisticated technology to create scams that feel more real than ever," warned Competition commissioner Matthew Boswell. "It's important for Canadians to trust their instincts and question unexpected calls or messages. The more we learn about their tactics, the less chance criminals have to defraud us."
CAFC data reveals that identity fraud, service fraud and investment fraud topped the list of most reported scams in 2024. Meanwhile, investment frauds, spear phishing and romance scams caused the highest financial losses.
Chris Lynam, RCMP's director general of the CAFC and National Cybercrime Coordination Centre, emphasized that fraud can affect anyone: "Some victims may feel helpless, isolated or even embarrassed, but know that if you've been targeted, you're not alone. Reporting the incident is the best way to help with the fight against fraudsters and could help someone else from becoming a victim."
The month-long initiative brings together more than 80 organizations across Canada to raise awareness and promote fraud prevention strategies. Canadians can follow and contribute to the conversation using #FPM2025 on social media platforms.
Authorities encourage anyone who encounters fraud to report it to their local police and the CAFC (online or at 1-888-495-8501), even if no financial loss occurred. Information about deceptive marketing practices should be reported to the Competition Bureau.
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