A Township of Puslinch resident has lost $300,000 in an investment scam, according to Ontario Provincial Police (OPP).
On Monday, OPP said in a news release the individual in their 50s sent over $300,000 to a person who a friend had met online.
“The suspect would present different reasons for needing money which the victim would then send via a Bitcoin machine,” OPP said. “The victim also invested in the suspect's business venture with the promise that their money would double. However, when the victim was unable to withdraw any funds from the alleged investment, they became suspicious and contacted police.”
FRAUD PREVENTION MONTH BEGINS ON MARCH 1
Fraud Prevention Month begins later this week, with the Royal Canadian Mounted Police issuing a news release about fraud on Monday.
“The 2022 top three frauds with the highest levels of reported victim losses were investment scams, particularly cryptocurrency fraud, romance scams, and spear phishing,” the release said.
"As we see the amount of money lost to fraud continue to increase, our duty to protect each other grows more and more important,” Chris Lynam, the RCMP's director general of the Canadian Anti-Fraud Centre and National Cybercrime Coordination Centre said in the release. “Fraudsters are using increasingly sophisticated methods to victimize Canadians while also relying on the basic tricks too. During this Fraud Prevention Month, I encourage everyone to take time to learn the signs of a scam or fraud, know how to report it and share this information with the people around you. It could take just one conversation with a loved one to prevent them from falling victim to fraud. By working together, we can prevent these crimes from happening."
In 2022, the Canadian Anti-Fraud Centre (CFRA) received fraud and cybercrime reports totalling a staggering $530 million in victim losses.
That’s nearly a 40 per cent increase from the $380 million in losses in 2021, according to the CFRA.
The CFRA estimates between five and 10 per cent of scams are reported.
The 19th edition of Fraud Prevention Month begins Wednesday, with this year’s campaign focusing on "Tricks of the trade: What's in a fraudster's toolbox?”
BREAKDOWN OF DIFFERENT SCAM IMPACTS
The breakdown of scams by type is as follows, as provided by OPP.
|
2022 MMF Pitch Offering Breakdown (Ontario) |
|||
|
Pitch Offering |
Reports |
Victims |
Dollar Loss |
|
|
|
|
|
|
Phishing |
2,713 |
795 |
$0.00 |
|
Personal Info |
2,343 |
1,675 |
$0.00 |
|
Extortion |
2,167 |
810 |
$4,867,271.15 |
|
Service |
1,920 |
1,416 |
$8,196,924.59 |
|
Investments |
1,436 |
1,311 |
$136,489,555.98 |
|
Bank Investigator |
1,287 |
394 |
$3,087,389.46 |
|
Merchandise |
1,257 |
1,064 |
$2,081,949.31 |
|
Emergency (Jail, Accident, Hospital, Help) |
1,177 |
567 |
$5,446,071.21 |
|
Other |
1,036 |
239 |
$1,001,028.50 |
|
Vendor Fraud |
962 |
649 |
$1,122,879.76 |
|
Job |
878 |
631 |
$2,133,953.33 |
|
Unknown |
655 |
134 |
$824,262.04 |
|
Spear Phishing |
447 |
278 |
$21,103,222.45 |
|
Prize |
411 |
144 |
$1,522,524.68 |
|
Romance |
365 |
300 |
$20,332,013.54 |
|
Counterfeit Merchandise |
310 |
301 |
$109,302.59 |
|
False Billing |
186 |
75 |
$407,639.71 |
|
GRANT |
165 |
109 |
$959,737.75 |
|
Collection Agency |
128 |
17 |
$1,370.73 |
|
Loan |
105 |
87 |
$590,469.73 |
|
Foreign Money Offer |
77 |
15 |
$2,334,976.86 |
|
Incomplete |
73 |
9 |
$9,480.92 |
|
Recovery Pitch |
67 |
42 |
$519,454.70 |
|
Charity / Donation |
34 |
12 |
$4,189.81 |
|
Vacation |
15 |
8 |
$40,351.85 |
|
Pyramid |
15 |
14 |
$35,153.00 |
|
Timeshare |
9 |
7 |
$103,824.70 |
|
Psychics |
6 |
6 |
$100,025.25 |
