Do your homework, says Mario Malouin, CPA, a professor at the Université du Québec en Outaouais (UQO) and associate professor at the INRS-UQO Joint Research Unit in Cybersecurity.Unfortunately, the platform is entirely controlled by a fraudster who disappears with their money or charges them huge withdrawal fees.” HOW TO PROTECT YOURSELF They then invest much more-even their entire life savings in some cases. “Individuals often start off with small investments that quickly seem to generate huge profits. “Most of these scams are related to cryptocurrency investment platforms,” says Larocque. This is by far the most financially devastating type of fraud, with losses almost doubling from $164 million in 2021 to $308.6 million in 2022, according to the CAFC. Here are some of the scams that are currently taking the greatest financial toll on Canadians-and how to protect yourself. “The more we’re online, the more we’re opening ourselves up to smart scammers, so extra diligence is required.” “Canadians, especially younger Canadians, are increasingly turning to online services and personal devices to carry out daily activities, making it more important than ever to safeguard private financial information,” says Doretta Thompson, CPA Canada’s financial literacy leader. This general trend is one that was also confirmed by the CPA Canada survey. Guy Paul Larocque, CPA, acting officer in charge of the Canadian Anti-Fraud Centre (CAFC), points out, a full 70 per cent of the financial losses reported in 2022 are related to emails, social media or the internet. These days, most scams have a technology or online component. According to CPA Canada’s annual fraud survey, almost half of respondents (46 per cent) reported having fallen victim to financial fraud at some point in their lives. The emergency scam, which makes targets believe a loved one is in immediate need of cash, is especially prevalent among seniors (Getty Images/Westend61)įraudsters are constantly dreaming up new ways to trick their targets, and too often, they are successful.
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