Canadians reported losing more than $643 million to fraud in 2024 — the highest ever recorded by the Canadian Anti-Fraud Centre (CAFC). The CAFC logged 108,878 fraud reports that year, and because the centre estimates only 5 to 10 percent of fraud is ever reported, the true annual toll is likely well into the billions. If you have been scammed and need help, call Discreet Investigations today at +1 (888) 680-0036.
Top Scams in Canada by Reported Losses (2024)
The table below ranks fraud categories by total dollar loss as reported to the CAFC in 2024. These figures represent only a fraction of actual losses, given the estimated 5-to-10-percent reporting rate.
| Fraud Category | Dollar Loss (2024) | Reports Filed | Avg Loss / Victim |
|---|---|---|---|
| Investment Fraud | $313,080,388 | 4,214 | $78,309 |
| Spear Phishing | $67,349,355 | 184 | $107,415 |
| Romance Scams | $58,871,388 | 1,057 victims | $55,697 |
| Service Fraud (incl. govt impersonation) | $20,588,902 | 5,191 | — |
| Emergency Scams | — | 1,225 (546 victims) | — |
| Phishing | — | 3,532 | — |
Source: CAFC 2024 Annual Statistical Report, published October 2025 (data as of 2025-02-19).
Cyber-enabled fraud accounted for $481.6 million — 75 percent of total Canadian fraud losses in 2024. For the broader picture on how online and online-enabled crime has scaled in Canada, including police-reported cybercrime, ransomware, and identity-based fraud trends, see our compilation of cybercrime statistics in Canada.
Investment and Cryptocurrency Fraud
In 2024, investment fraud was the single costliest fraud category tracked by the Canadian Anti-Fraud Centre, accounting for $313,080,388 in reported losses — 49 percent of the total $643 million lost to fraud that year. The average dollar loss per investment fraud victimization was $78,309, the highest of any fraud category. Over 4,200 investment fraud reports were filed with the CAFC in 2024, with those aged 60 and above accounting for 36 percent of the total dollar loss associated with investment scams.
Investment scams typically begin with an unsolicited contact — often through social media, dating apps, or messaging platforms — in which a fraudster builds trust over weeks or months before steering the target toward a fraudulent investment platform. Cryptocurrency investment fraud, sometimes called “pig butchering,” follows this pattern: the victim is encouraged to invest small amounts that appear to grow on a fake trading dashboard, then loses everything when they attempt a withdrawal.
The Canadian Securities Administrators (CSA) maintains a list of registered dealers and advisers. Before transferring any funds to an investment platform, verify that the firm and individual are registered with your provincial securities regulator. Unregistered investment offerings are illegal in Canada regardless of the returns promised.
If you suspect you have already transferred funds to a fraudulent investment scheme, contact Discreet Investigations at +1 (888) 680-0036. A licensed private investigator can assist with skip tracing and asset recovery, documenting the fraud for civil litigation, and gathering evidence for a report to police or the CAFC. For the underlying data on fraud trends across Canada, the U.S., and the U.K. — including year-over-year CAFC totals, sector breakdowns, and demographic patterns — see our compilation of fraud statistics in Canada and the broader fraud research hub.
Romance Scams in Canada
Romance scams cost Canadians $58,871,388 in 2024 — the third-largest fraud category by dollar loss, behind investment fraud and spear phishing. The CAFC 2024 Annual Statistical Report recorded 1,057 romance scam victims in 2024 at an average loss of $55,697 per victim. Canadians aged 30 and above accounted for $42.5 million of the total romance scam losses, and the CAFC estimates that only 5 to 10 percent of fraud victims report to the centre, meaning actual losses are likely many times higher.
Romance scammers typically create fictitious identities on dating apps or social media and invest months cultivating a relationship before requesting money — often framed as a medical emergency, a business loan, or travel costs to visit the victim. Increasingly, fraudsters use AI-generated profile photos and AI voice-cloning to make video and audio calls appear genuine, making the scam harder to identify until significant money has been sent.
If you have concerns about someone you met online — whether for a personal relationship or a business partnership — a reverse image search and a professional background investigation can confirm whether the identity is genuine. Our guide to corporate background checks for Ontario investors covers the PPSA, OSB insolvency, and court filing searches that can identify fraudulent business identities before a deal is signed. For the cross-jurisdictional data on romance fraud — losses, demographics, and the pig-butchering crypto-investment variant — see our research compilation on romance scam statistics.
Government Impersonation Scams (CRA, CBSA, RCMP)
Government impersonation falls under what the CAFC classifies as “service fraud” — the second most-reported fraud category in 2024, with 5,191 reports and $20,588,902 in losses according to the CAFC 2024 Annual Statistical Report. Common scenarios include fraudsters posing as Canada Revenue Agency (CRA) agents demanding unpaid taxes, Canada Border Services Agency (CBSA) officers claiming a package containing illegal goods has been intercepted, or callers impersonating RCMP officers. The Competition Bureau of Canada designated impersonation fraud as the focus of Fraud Prevention Month 2025, calling it one of the fastest-growing forms of fraud in the country.
Note that the CAFC “service” category is broader than government impersonation alone — it also includes tech support scams, air-duct-cleaning fraud, and other in-person service scams. A government-impersonation-only breakdown does not appear separately in the 2024 annual report.
The Canada Revenue Agency will never demand immediate payment by gift card, cryptocurrency, or wire transfer, and will never threaten arrest over the phone. If you receive such a call, hang up and verify through the official CRA contact page at canada.ca. Caller-ID spoofing is routine in these scams — a call appearing to come from a legitimate government number proves nothing.
Phishing, Smishing, and Spear Phishing
Phishing was the eighth-most-reported fraud type in 2024, with 3,532 reports and 1,007 victims — a 6.8 percent increase in victimization from the prior year, the second-largest increase of any fraud category tracked by the CAFC. Spear phishing — targeted email or message attacks on businesses — was the second-costliest fraud category by dollar loss, at $67,349,355, with an average loss per victimization of $107,415. Spear phishing is captured only on business reporting; individual Canadians are more likely to encounter standard phishing and smishing (SMS-based phishing) attempts.
Phishing messages typically impersonate a trusted brand — a delivery company such as FedEx or Canada Post, a financial institution, or a government agency — and urge the recipient to click a link and provide personal or payment information. Smishing operates identically over SMS. The safest response is to close the message and navigate directly to the sender’s official website to verify whether any action is genuinely required.
Spear phishing targeting businesses is significantly more damaging on a per-incident basis. Fraudsters research an organization, then craft a convincing message appearing to come from a senior executive or trusted supplier, requesting a fund transfer or credential submission. Employee awareness training and multi-factor authentication on financial systems are the primary controls.
Grandparent and Emergency Scams
The CAFC recorded 1,225 emergency scam reports in 2024 — covering scenarios where fraudsters pose as a distressed relative, lawyer, or police officer demanding urgent bail money or medical fees — resulting in 546 confirmed victims (a 44.6 percent victimization rate). Since 2021, emergency scams have resulted in more than $23 million in losses across Canada, and more than 70 money mules have been arrested across every province in connection with coordinated investigations involving the CAFC and Ontario Provincial Police.
This scam typically targets elderly Canadians. A caller pretending to be a grandchild or other relative claims to be in urgent trouble — a car accident, a DUI arrest, a medical emergency — and needs cash immediately. A second scammer posing as a lawyer or police officer then takes the call to add credibility and pressure. Urgency and secrecy are hallmarks: the victim is told not to tell other family members.
Seniors aged 60 and above accounted for 40.3 percent of the total dollar loss reported to the CAFC in 2024 — $179,900,453 — despite making up a smaller proportion of total report filers. Among seniors, service fraud, identity fraud, and investment fraud were the three most-reported fraud types. For the senior-specific cross-jurisdictional breakdown, see our research compilation on elder fraud statistics.
If a call raises suspicions, hang up and redial a number you already know for the person supposedly in trouble. When financial exploitation comes from a known caregiver or family member rather than an external scammer, our guide to elder abuse investigations in Ontario covers what a licensed PI can do to document and stop it.
Warning Signs Across All Scam Types
Despite the variety of scams, several warning signs appear consistently regardless of the method or pretext.
- Urgency and pressure. Fraudsters manufacture time pressure — “you must act now or face arrest,” “this offer expires in one hour” — to prevent victims from pausing to verify.
- Unusual payment demands. Legitimate government agencies, businesses, and individuals do not request payment by gift card, cryptocurrency, or money transfer services. These methods are untraceable and irreversible.
- Caller-ID spoofing. A number that appears to belong to the CRA, a police force, or a bank proves nothing. Spoofing is trivially easy and routinely used.
- Requests for secrecy. Any instruction not to tell family members or friends is a hallmark of manipulation — genuine emergencies rarely come with a secrecy requirement.
- Unsolicited contact. An unexpected call, text, email, or social media message about money, prizes, debts, or investment opportunities should be treated with suspicion until independently verified.
- Requests for personal information. Government agencies and financial institutions that contact you should already have your information. Any request to “confirm” your SIN, date of birth, or banking credentials over an inbound contact is a red flag.
How to Protect Yourself From Scams in Canada
Taking a few routine precautions significantly reduces your exposure to the most common fraud patterns.
- Verify independently. If you receive an unexpected call, text, or email from a government agency or financial institution, hang up and call back using a number from the organization’s official website.
- Register with the National Do Not Call List. The CRTC’s National Do Not Call List reduces legitimate telemarketing calls, making unsolicited contact easier to flag as suspicious.
- Enable multi-factor authentication. Use MFA on email, banking, and social media accounts. A compromised password alone is not enough to access a protected account.
- Search for registered investments. Before investing, look up the firm or individual on the CSA’s National Registration Search. Unregistered investment offerings are illegal in Canada.
- Pause before acting. No legitimate offer or emergency requires an immediate financial decision. A 24-hour pause — and a call to a trusted family member or friend — is one of the most effective scam defences available.
- Report every incident. Report to the Canadian Anti-Fraud Centre at 1-888-495-8501 and to your local police. Even if recovery is unlikely, every report builds the data the CAFC uses to warn other Canadians.
- Talk to seniors in your life. Older Canadians bear a disproportionate share of fraud losses. A candid, non-judgmental conversation about common scam patterns can be more protective than any technical tool.
How Discreet Investigations Can Help Fraud Victims
Reporting a scam to the CAFC and police is the essential first step — but police resources are stretched thin and complex fraud investigations can take months or years to advance. A licensed private investigator can bridge the gap.
Discreet Investigations — Licensed · Insured · Bonded — works with individuals, families, and legal counsel across Ontario on fraud-related cases including investment fraud, romance scam evidence gathering, asset tracing, and elder financial exploitation. Our work produces documented evidence suitable for civil litigation, insurance claims, and police reports.
Common scenarios where a PI engagement makes a difference include: identifying the true identity of a romance scammer, tracing transferred funds through corporate structures, documenting a pattern of financial exploitation by a caregiver, and gathering open-source intelligence on a fraudulent investment promoter before a civil claim is filed.
If you believe you or someone you know has been defrauded, contact us at +1 (888) 680-0036 for a confidential consultation. Early engagement improves the prospects for asset recovery and evidence preservation.
