According to Statistics Canada, the most common crime in Canada is fraud.
Using 2019 data, the national statistical agency discovered that almost 17% of respondents to its crime survey stated they had been victims of fraud in the previous five years, with total losses topping $16 billion. According to the agency, this equates to five million Canadians over the age of 15.
According to StatsCan, 7.8% of people reported being victims of fraud in the previous 12 months, and that is nearly double the recorded rate of violent crime victimisation, which is 4.3% (including sexual assault, robbery, and assault).
Furthermore, according to police-reported crime data for 2021, the rate of fraud has nearly doubled since 2011.
At the same time, Statistics Canada discovered that only 11% of victims reported their fraud experience to the police, and only 7% reported it to the Canadian Anti-Fraud Centre. The vast majority of victims (65%) reported the fraud to their bank.
“By comparison, 52% of motor vehicle thefts and 45% of break-and-enters are believed to have been reported to police in 2019,” StatsCan noted.
According to StatsCan, the average loss from fraud was $5,120, “mostly due to very high losses incurred by a few victims,” with 38% reporting no loss. The median loss was $600.
The great majority of self-reported fraud involved personal information theft, such as cloned or copied credit or debit cards, hacked online accounts, and database breaches or leaks.
“In most cases, fraud victims discovered the incident while reviewing their bank or credit card statements (38%) or after being contacted by a financial institution or a credit card company (31%),” StatsCan stated.
It is obvious that fraud is very widespread in Canada, and I probably get two or three likely fraud attempt phone calls a week. Fraud is a part of our lives now in Canada, and it is not a question of if, but when. Be aware and do your best to protect yourself.
THIS ARTICLE IS PROVIDED AS A GENERAL SOURCE OF INFORMATION ONLY AND SHOULD NOT BE CONSIDERED TO BE PERSONAL INVESTMENT OR LEGAL ADVICE. READERS SHOULD CONSULT WITH THEIR FINANCIAL OR LEGAL ADVISOR TO ENSURE IT IS SUITABLE FOR THEIR CIRCUMSTANCES.