The Canadian Securities Administrators (CSA), the Canadian Anti-Fraud Centre (CAFC) and the Royal Canadian Mounted Police (RCMP) issued a joint Fraud Prevention Month alert warning that online investment scams are becoming more prevalent and sophisticated, and urging Canadians to increase vigilance and report suspected fraud. CAFC reported that more than CAD 310 million in investment fraud losses were reported in 2024 across over 4,000 cases, while estimating that 90 to 95 per cent of fraud goes unreported. The agencies highlighted survey and intelligence findings pointing to rising incidence among Canadians aged 55 and under, increased targeting of people with little to no savings and those new to investing, and the role of social media in promotion of investment opportunities, with 46 per cent of Canadians reporting they have seen such promotions. They also flagged spear phishing and romance scams as common tactics used in online investment fraud and among the top ten frauds reported in 2024. The alert encourages reporting suspected investment fraud to local securities regulators or police, noting that reports support enforcement, trend analysis and prevention messaging.

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