Canadians Lost $638 Million to Fraud in 2024: How You Can Protect Yourself
Financial fraud is a growing threat in Canada, and the numbers are staggering. According to a recent CTV News report (Amador, 2025), Canadians lost more than $638 million to scams in 2024, with reported cases nearly doubling over the past decade. Experts warn that these trends are only likely to worsen as scammers continue to adopt advanced technology, including artificial intelligence, to make their schemes more convincing.
At The Smith Investigation Agency Inc., we are committed to helping Canadians navigate these challenges. From investigating financial fraud to providing practical education about scams, we work to protect individuals and businesses from becoming victims.
Understanding the Scale of the Problem
Fraud affects all segments of society. While many people believe they are too careful to fall victim, the reality is that scammers are becoming increasingly sophisticated. The Canadian Anti-Fraud Centre (CAFC) reports that only five to ten percent of fraud cases are actually reported, suggesting the real financial impact may be much higher than the official numbers indicate. Since 2021, reported losses in Canada have surpassed $2 billion, demonstrating the significant financial risks that citizens face (CTV News, 2025).
Impersonation fraud, where scammers pose as banks, government officials, or other trusted organizations, has emerged as one of the fastest-growing types of fraud. Victims are often pressured to act quickly, handing over money or sensitive information under the impression that they are preventing a financial loss.
A Real-Life Example: When Fraud Feels Personal
CTV News highlighted the case of Claudine Jeanson, a resident of Granby, Quebec, who fell victim to a sophisticated impersonation scam (Amador, 2025). While selling an item on Facebook Marketplace, she was contacted by a supposed buyer. When a digital payment didn’t work, the buyer asked to meet in person. Shortly afterward, Jeanson received a phone call from someone claiming to be a Royal Bank of Canada (RBC) fraud representative.
The caller warned her that $10,000 was being withdrawn from her account and directed her to send money to a “secure account” while the bank safeguarded her funds. The scam was convincing: the caller ID displayed RBC’s number, and Jeanson believed she was protecting her money. Tragically, she was scammed, and when she contacted the bank afterward, she was told under their Electronic Access Agreement that she was responsible for the transaction and would not be reimbursed.
This case illustrates the emotional and financial toll fraud can take, leaving victims feeling guilty, anxious, and abandoned. It also highlights the limitations of relying solely on banks to prevent these crimes.
Why Banks Alone Are Not Enough
Banks implement advanced protective measures to detect and prevent fraud, but these systems are not foolproof. Carmi Levy, a technology expert interviewed in the CTV News article, points out that financial institutions do not publicly disclose their exact fraud-prevention processes because revealing them would provide a roadmap for scammers.
While these systems can stop many fraudulent transactions, they still depend heavily on clients exercising caution and recognizing red flags. This is where education, awareness, and professional investigative services become critical. Banks can provide warnings and monitoring, but ultimately, individuals and businesses must be proactive in protecting their financial information.
How The Smith Investigation Agency Inc. Can Help
At The Smith Investigation Agency Inc., we specialize in investigating financial fraud and assisting victims in navigating the aftermath of scams. Our services are designed to complement the protections offered by financial institutions, providing individuals and businesses with an added layer of security.
Here are some ways we can assist:
1. Financial Investigations
Our investigators are trained to conduct comprehensive financial investigations. We review transaction histories, trace digital transfers, and analyze bank records to uncover fraudulent activity. By examining patterns and identifying irregularities, we help clients understand exactly what happened and identify potential culprits.
2. Asset Searches and Recovery
In cases of financial fraud, recovering stolen funds can be complicated. Our team conducts asset searches to locate bank accounts, property, and other resources linked to fraudulent activity. This information is crucial for pursuing legal action and recovering losses.
3. Skip Tracing and Background Checks
Scammers often attempt to hide their identities or relocate to avoid accountability. We use advanced skip tracing techniques and thorough background checks to locate individuals involved in fraud, uncover their connections, and assess their risk to future victims.
4. Surveillance and Evidence Collection
For complex cases, our investigators can gather real-time evidence through surveillance, document interactions, and capture fraudulent behaviour. This evidence can be critical for legal proceedings or insurance claims.
5. Court-Ready Documentation
We ensure that all evidence collected is documented in a legally admissible format, allowing victims to present strong cases in court or with financial institutions. Clear and organized reports strengthen claims and support accountability.
By combining these services, we provide a holistic approach to combating fraud, ensuring that victims have the support they need to recover and protect themselves moving forward.
Educating the Public: Our “Scam of the Week” Series
Prevention is always the best strategy. At The Smith Investigation Agency Inc., we regularly publish a “Scam of the Week” blog series to educate Canadians about current fraud trends. These articles highlight real-world examples of scams, including impersonation schemes, online marketplace fraud, phishing attempts, and investment scams.
By analyzing these cases, we provide actionable advice, including:
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How to spot red flags before money is lost
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Steps to verify communications from financial institutions
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Tips for securing accounts and personal information
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Insights on what to do if you suspect a scam
Our goal is to empower Canadians with knowledge so that they can act confidently and protect their assets. These blogs not only help individuals identify scams but also raise awareness of new tactics used by fraudsters, keeping our readers one step ahead.
Practical Steps to Protect Yourself
While professional investigative support is invaluable in the aftermath of fraud, there are proactive steps everyone can take to minimize risk:
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Verify Any Unsolicited Requests
Whether it’s a phone call, email, or message on social media, always confirm the legitimacy of the request by contacting the organization directly using verified contact information. -
Look for Red Flags
Urgency, threats, pressure to act quickly, and requests for unusual payment methods (such as gift cards or e-transfers to unknown accounts) are common indicators of scams. -
Use Strong Security Practices
Enable multi-factor authentication, use strong and unique passwords for each account, and regularly monitor bank statements and credit reports. -
Limit Sharing Personal Information
Be cautious about sharing sensitive information online or with unknown parties. Scammers often use publicly available information to make their approach more convincing. -
Report Suspected Fraud Promptly
If you believe you have been targeted, report it immediately to the Canadian Anti-Fraud Centre (CAFC). Early reporting can prevent further losses and protect others from similar scams. -
Seek Professional Guidance
If the situation involves significant losses or complex fraud schemes, consider consulting with a private investigator. Professional guidance can help recover assets, identify perpetrators, and prevent repeat victimization.
The Importance of Timely Action
Fraud is not just a financial threat—it can also cause emotional distress, anxiety, and a sense of violation. Victims often report feeling blamed or unsupported after reporting scams, as seen in the experience of Claudine Jeanson (CTV News, 2025).
Timely action is critical in these situations. The sooner suspicious activity is identified and investigated, the greater the likelihood of minimizing losses and holding perpetrators accountable. Private investigators play a vital role in this process, using legal, ethical, and investigative expertise to support victims and provide peace of mind.
Why Canadians Need to Stay Informed
The rapid evolution of scams, combined with the increasing use of artificial intelligence by fraudsters, means that Canadians must remain vigilant. Awareness, education, and professional support are all key components of effective fraud prevention.
The Smith Investigation Agency Inc. is dedicated to keeping Canadians informed through both investigative services and educational initiatives. Our “Scam of the Week” blogs are just one example of how we provide ongoing guidance to help people recognize and avoid fraud. By sharing real cases and providing actionable tips, we aim to reduce the number of victims and strengthen public resilience against financial scams.
Takeaway
Fraud is an unfortunate reality in Canada, with reported losses reaching $638 million in 2024 (CTV News, 2025). The threat continues to evolve, with scammers adopting sophisticated impersonation tactics and exploiting technology to target unsuspecting Canadians.
While banks and financial institutions play an important role in preventing fraud, individuals must also be proactive. Recognizing red flags, securing accounts, reporting suspicious activity, and seeking professional guidance are critical steps in protecting yourself and your finances.
At The Smith Investigation Agency Inc., we provide comprehensive support for victims of financial fraud, from asset searches and investigative reporting to skip tracing and evidence collection. Our team of trained investigators works diligently to help victims recover losses, understand the scope of the fraud, and take action against perpetrators.
Additionally, our educational resources, including the “Scam of the Week” series, help Canadians stay informed about emerging scams, equipping them with the knowledge to avoid becoming victims.
Fraud is a growing challenge, but with vigilance, education, and professional support, Canadians can protect themselves and their financial security. Don’t wait until it’s too late—stay informed, stay cautious, and reach out to experts if you suspect fraudulent activity.
Reference:
Amador, A. (2025, August 19). Canadians lost $638 million to fraud in 2024, report says. CTV News. Retrieved from https://www.ctvnews.ca/canada/canadians-lost-638m-to-fraud-in-2024-report-1.6545658
