If you read one thing about fraud in Canada this year, make it this: the numbers you see in the news are almost certainly too low. The Canadian Anti-Fraud Centre (CAFC) received about 41,000 fraud reports in 2024, with nearly $492 million CAD in reported losses. Canadians aged 60 and over accounted for $137.9 million of that total, roughly 40% of all dollars lost, even though they are not the majority of people reporting.
The CAFC estimates that fewer than 5% of fraud victims report to them. Statistics Canada finds only about 11% of fraud victims report to police overall, rising to 14% among those aged 65–74 and 21% among those 75 and older. That means the figures below are a floor, not a ceiling.
How fast reported losses have grown
Total reported fraud losses reported to the CAFC more than doubled between 2020 and 2021, a 130% jump that remains the steepest single-year increase on record, driven in part by pandemic-era isolation and a sudden shift to phones and computers for everyday life.
| Year | Reported losses | Change vs prior year |
|---|---|---|
| 2019 | ~$98M CAD | n/a |
| 2020 | ~$165M CAD | +68% |
| 2021 | ~$380M CAD | +130% |
| 2022 | ~$530M CAD | +39% |
| 2023 | ~$570M CAD (est.) | +7% |
| 2024 | ~$492M CAD | reported |
Who loses the most, and how
In 2024, about 17,000 fraud reports involved victims aged 60 or older. The average loss per victim across all ages was $15,028 CAD, but Canadians aged 50 and over consistently lose more per incident than younger victims. Investment scams alone accounted for $310 million in reported losses across all age groups in 2024, with seniors aged 60+ representing 36% of those dollar losses.
The scams hitting seniors hardest
Not every scam costs the same. Investment and romance scams tend to produce the largest individual losses, while grandparent and government-impersonation scams are among the most frequently reported.
| Rank | Scam type | Typical channel | Notes |
|---|---|---|---|
| 1 | Investment / cryptocurrency fraud | Online, phone | Largest per-victim losses; seniors 60+ = 36% of investment fraud dollars |
| 2 | Romance / companionship scams | Social media, apps | Massive underreporting; trust built over weeks or months |
| 3 | Grandparent / emergency scams | Phone | ~$3M reported in 2024; AI voice cloning now active |
| 4 | CRA / government impersonation | Phone, email, text | High volume nationally across all ages |
| 5 | Service fraud (utilities, contracts) | Phone, in-person | Top category by report volume; seniors most targeted |
Why so few people report
Research consistently points to three barriers for older victims: shame and self-blame, fear that family will take over their finances, and cognitive decline that makes it hard to recognise or remember what happened. That silence makes the problem look smaller than it is, and it leaves the next person without a warning.
Reporting helps. Call the CAFC at 1-888-495-8501 or your local police. You are not bothering anyone. You are adding a name to a pattern criminals rely on staying hidden.
Sources: Canadian Anti-Fraud Centre 2024 Annual Statistical Report; Statistics Canada General Social Survey 2023; Safeguard Senior analysis of elder-fraud-canada-report (May 2026).