There were 3,866 investment fraud victims reported in 2024, who collectively suffered a financial loss of $310.6 million, according to the Canadian Anti-Fraud Centre (CAFC). These numbers include all types of investment fraud, not just online scams.
So far in 2025, Maude Blanchette, chair of the Canadian Securities Administrators (CSA) Investment Fraud Task Force, estimated that there have already been about 3,000 cases reported. The official tally will be released by the CAFC in 2026.
Blanchette said the number of reported cases has levelled off since 2022, but added that scams tend to be severely underreported to begin with. According to the CAFC, just five to 10 per cent of fraud incidents are reported.
“It’s very scary because it means that it is only the tip of the iceberg,” Blanchette said.
I found this news report upsetting for a number of reasons. Assuming only 10 per cent of fraud incidents are being reported, the total annual losses would be over $3 billion. And perhaps double that if 10 per cent is too high. That’s a lot of money, and victims, for one country without a large population.
The thing is, as much as we can shake our heads at the foolishness of people who fall for some of the more obvious scams, I think we are all vulnerable. I even got scammed by one online retailer about fifteen years ago, but it was only for $10 so I didn’t feel too bad. And while most frauds are pretty transparent, I’ve known a couple of people who were fooled by operations that were really quite sophisticated. And with AI these scams are apparently getting even better. The bottom line is: even if you think you’re much too smart to fall for an online fraud, you probably aren’t. You just haven’t been caught yet.
What also bothers me is the inability, or unwillingness, of law enforcement to do much of anything about the problem (I won’t even mention the platforms who are basically accomplices in all this). It’s just too much work for authorities, or too difficult. I knew a lawyer who worked in the field twenty years ago and back then he told me that the police wouldn’t even investigate a complaint that was under $75,000.
I think we should take this kind of thing a lot more seriously, and while there may be jurisdictional issues I don’t see why it should be so hard to crack down on these people. As it is, they all know they can get away with it so it’s a problem that keeps getting worse. And as the numbers indicate, it’s a big problem now.