The Lethbridge Police Service is asking the public to be aware of fraud and how to prevent becoming a victim of it. (Photo: Lethbridge News Now)

By David Opinko

Canadians lost $567 million to fraud in 2023

Mar 11, 2024 | 8:35 AM

LETHBRIDGE, AB – The Lethbridge Police Service (LPS) is urging the public to be careful when it comes to fraud.

March is Fraud Awareness Month and this year’s theme is “20 years of fighting fraud: from then to now.”

The Canadian Anti-Fraud Centre reports that Canadians lost a total of $567 million due to fraud last year, an increase of $37 million from 2022 and $187 million since 2021.

Despite the numbers increasing in each of the last few years, the Centre claims that only five-to-10 per cent of fraudulent incidents get reported.

Nation-wide, the LPS said the three most common types of fraud in 2023 were identity fraud, service fraud, and phishing. These are all schemes designed to get people to pay money or give away sensitive information such as their social insurance number, passwords, or banking details.

Nighttime construction on Hwy 3 in Lethbridge starts April 17

Apr 17, 2025

SASHA launches #BuyABed fundraiser to support vulnerable Lethbridge residents

Apr 04, 2025

$20K grants available: TELUS STORYHIVE Pan-Asian Edition opens applications April 1

Mar 18, 2025

The local police service added that there had been an increase in investment fraud in Lethbridge, specifically involving cryptocurrency such as Bitcoin and Eth.

Some red flags to watch out for when it comes to fraud, according to the LPS, include:

• If it sounds too good to be true, it is. All investments have some level of risk. Fraudsters often try to hook people by guaranteeing extremely high returns in a short period of time with little to no risk.
• Pressure to make a quick decision. Individuals who promote fraudulent schemes don’t want to give you time to figure out their game. They may also pressure you to invest a little at first and once you do, they will come back seeking a larger amount.
• Fraudsters may offer to help you with your investment account or ask for remote access to your computer or mobile device. Giving out account information or allowing someone to access your device is extremely risky.
• Exclusive offers. Be wary of investments that are promoted as exclusive offers only you and select people have access to. Fraudsters like to name drop, or say they have access to famous or rich people when promoting an investment.
• “Insider” information. If an investment advisor or individual says they are giving you confidential investment advice, they may be deceiving your or their employer. Both put you at risk. It’s illegal to knowingly trade on inside information.
• Offshore firms and advisors. If a firm or individual from outside Canada is trying to open an account for you, wants to give you trading or investment advice or is offering an investment, be extremely wary. Brokerage firms need to register with your province or territory as dealers or advisors in order to open trading accounts or recommend investments. Visit the Canadian Securities Administrators website at https://www.securities-administrators.ca/ and use the National Registration Search Tool to check if an investment firm is registered in Canada.
• Anti-establishment. Any individual who encourages you to subvert the government or avoid financial institutions is most likely trying to keep their illegal activities from being tracked.
• Cutting out the paper trail. Without documents for investment purchases, statements or a prospectus, a fraudster can easily take your money without being detected.
• Avoiding the question. If the person selling you the investment doesn’t answer your questions or they use diversionary tactics, they’re probably trying to keep you from seeing the truth. A legitimate investment advisor has nothing to hide.

Fraud can be reported to your local law enforcement agency or the Canadian Anti-Fraud Centre.

READ MORE: Lethbridge News Now

—

If you have a news tip, question or concern, please email Lethbridge.newsroom@Pattisonmedia.com.

For local news delivered daily to your email inbox, subscribe for free to the Lethbridge News Now newsletter here. You can also download the Lethbridge News Now mobile app in the Google Play and the Apple App Stores.