Nearly $370 million lost to fraud in city last year: Toronto Police
Cops reveal top-five scams during news conference
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Toronto Police have kicked off fraud prevention month by revealing the top-five frauds in the city from last year.
In 2024, police said they received 16,743 fraud reports — an average of 45 daily — and investigated over $368.6 million in reported fraud and scam losses.
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“Fraud impacts thousands of individuals and businesses here in Toronto every year leading to significant financial losses, eroding trust and impacting lives,” Det. Dave Coffey said at a Wednesday news conference.
“Withs scams becoming more sophisticated and the digital landscape constantly evolving, knowledge is our best defence. Due to shame and embarrassment and other reasons, fraud is vastly under reported. We believe the actual numbers to be 10 to 20 times higher.”
Based on dollar value, the top reported frauds in Toronto were online investment scams ($71.2 million); account takeovers ($36.1 million); confidence scams ($34.5 million); cryptocurrency scams ($32.8 million) and identity theft ($16.4 million).
Coffey spoke in length on the top con — the online investment scam.
“Scammers are posing as legitimate investment firms, promising high returns with little to no risk,” he said.
“The online investment scam often begins as a romance scam. Initiating contact through text and emails, creating fake profiles on dating sites or social media and then building trust and fostering relationships over weeks or even months,” he said. “Once trust is established, the scammer subtly introduces an investment opportunity. Victims enticed by the lure of financial gains end up transferring funds to the scammers. Once a victim invests they may show fake profits to encourage more deposits. But when you try to withdraw your money, they disappear along with your money.”
This year also marks the 25th anniversary of the Toronto Strategic Partnership, which brings the Toronto Police Service-Mass Marketing Section together with partners from across Canada and the United States in ongoing efforts to fight fraud.
“Fraudsters don’t discriminate, they will target anyone,” said Josephine Palumbo, deputy commissioner of Competition, Cartels and Deceptive Marketing Practices Branch, Competition Bureau Canada, at the news conference.
“From teens to seniors, from consumers to big corporations. And this can have a long term devastating impact on individuals and the economy. And so during March we invite Canadians to learn how to recognize the tell tale signs of fraud and how report it to the Competition Bureau, the Canadian Anti-Fraud Centre or their local police.”
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