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The Big Story
These are the scams costing Canadians hundreds of millions
Nov 12, 2024
Zak Vescera, a Vancouver-based journalist focused on white-collar crime, dives into the alarming rise of online fraud in Canada, where losses reached $554 million last year. He discusses the evolution and emotional toll of scams, particularly during the COVID-19 pandemic. The conversation highlights the connection between cryptocurrency and fraudulent activities, as well as the challenges law enforcement faces. Vescera emphasizes that anyone can fall victim to scams and advocates for open dialogue to empower individuals against these threats.
24:18
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Quick takeaways
- Canadians reported over $554 million lost to fraud last year, indicating a worrying rise in fraudulent activities and underreporting.
- Law enforcement faces challenges in addressing the surge of fraud, primarily due to overwhelming case loads and a lack of dedicated resources.
Deep dives
The Escalating Financial Toll of Fraud
Canadians have reported staggering losses due to fraud, with the Canadian Anti-Fraud Centre estimating approximately $554 million lost last year alone. This figure represents just a fraction of the total, as experts believe only 5 to 10 percent of fraud incidents are reported. Over the past few years, the reported data indicates a significant jump in fraudulent activities, doubling from about $164 million in 2020. Victims often hesitate to report fraud due to feelings of shame or practicality, as many fraudsters evade legal repercussions, leaving victims to suffer in silence.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode