Fraud Prevention

Fraud is a growing concern in Ontario, with new scams and tactics emerging every year. Whether you’re an individual or a business owner, understanding how fraud happens and taking proactive steps can make all the difference in protecting your finances and personal information.

Common Types of Fraud

Fraudsters use a variety of schemes to target victims. Some of the most common types in Ontario include:

  • Identity Theft: Stealing personal information to open accounts or make purchases in your name.

  • Online and Investment Scams: Fake investment opportunities, cryptocurrency fraud, and romance scams that convince victims to transfer money online.

  • Account Takeovers: Gaining access to your bank or credit accounts and making unauthorized transactions.

  • Confidence Scams: Building trust through communication, then exploiting that trust for financial gain

How to Protect Yourself

Protecting yourself from fraud starts with being cautious about sharing personal and financial information. Only provide sensitive details to trusted sources, and never respond to unsolicited requests by phone, email, or text-even if they appear to come from government agencies or legitimate businesses. Regularly monitor your bank and credit card statements for unusual activity, set up account alerts, and use strong, unique passwords for each account. When shopping online or making investments, verify the legitimacy of businesses and individuals through official registries or licensing bodies. Keep your devices secure with updated antivirus software, and avoid using public Wi-Fi for financial transactions.

What to Do If You Suspect Fraud

If you suspect you’ve been targeted by fraud, immediately stop all communication with the suspected scammer. Secure your accounts by changing passwords and notifying your bank or credit card provider of any suspicious activity. Collect and save any evidence, such as emails, messages, or transaction records, that could help authorities investigate. Report the incident to your local police and the Canadian Anti-Fraud Centre, and, if applicable, inform Consumer Protection Ontario or other relevant regulatory agencies. Acting quickly can help minimize potential losses and assist in preventing further fraudulent activity.