Canadian Anti-Fraud Centre (CAFC) 2024 Annual Statistical Report

Canada’s CAFC 2024 Annual Statistical Report summarizes fraud trends, total losses, top scam types, and the growing impact of cyber-enabled fraud across Canada.

The Canadian Anti-Fraud Centre 2024 Annual Statistical Report provides a national snapshot of fraud activity affecting Canadians, based on reports received and processed during the year. It reflects both domestic and international fraud operations that target individuals and businesses connected to Canada.

The report explains that fraud reporting data represents a snapshot in time, shaped by reporting volumes, processing capacity, and validation processes. In 2024, over one hundred thousand fraud reports were logged, though only a portion had been fully processed at the time of analysis. This distinction is important for understanding how trends evolve as more data is reviewed. The report emphasizes that figures may change as additional reports are processed.

Overall trends show that fraud continues to increase in financial impact even as the number of reports has declined since pandemic peaks. High-value and high-impact fraud types now account for a growing share of total losses. Cyber-enabled fraud remains the dominant driver of financial harm. This shift highlights how fraud tactics are becoming more targeted and financially damaging.

Investment scams represent the largest source of financial loss, accounting for nearly half of all reported dollar losses. These scams affect all age groups but generate the highest losses among older adults. Romance scams and job scams also contribute significantly to total losses, with job scams showing the largest year-over-year growth. Many job scams involve task-based schemes that require victims to deposit funds before accessing supposed earnings. Together, these fraud types illustrate how trust, urgency, and perceived opportunity are exploited.

The report identifies cryptocurrency as the payment method associated with the highest total losses and average transaction values. Victims increasingly use digital currencies in investment, job, and romance scams. While some traditional payment methods show fewer transactions, their associated dollar losses have increased. Changes to financial transfer limits have also influenced scam outcomes. These trends demonstrate how payment systems shape fraud risk.

Age-based analysis shows that individuals under fifty are more likely to report fraud incidents, while those over fifty tend to experience higher average financial losses. Seniors account for more than a quarter of total reported losses despite lower reporting volumes. Certain scam types disproportionately affect specific age groups. This pattern underscores how vulnerability varies by life stage.

Geographic data indicates that fraud victimization is relatively consistent across provinces and territories. Ontario, Quebec, and British Columbia account for the highest number of reports, reflecting population distribution. Across Canada, service scams and identity fraud appear frequently in reporting. Investment scams dominate when measured by dollar loss rather than report volume.

The report highlights that cyber-enabled fraud accounts for the majority of total losses. Digital communication channels allow fraud to scale rapidly and cross borders with ease. Only a subset of solicitation methods generate most of the financial harm. This concentration illustrates how technology amplifies the reach and efficiency of fraud operations. The findings reinforce the central role of the internet in modern fraud.

Business reporting reveals a different risk profile than individual reporting. Although businesses file fewer reports, their average losses per incident are significantly higher. Spear phishing and business-targeted scams drive these losses. This contrast shows how organizational payment authority and operational urgency increase exposure.

Historical comparisons from 2020 to 2024 show declining report volumes alongside rising total losses. Pandemic-related reporting inflated earlier figures, but fraud severity has continued to grow. Processing constraints also affect year-over-year comparisons. The trend suggests that fewer scams are generating larger financial harm. This reflects a shift toward more efficient and higher-impact fraud techniques.

Concluding analysis emphasizes that fraud remains a persistent and evolving threat to Canadians. Advances in communication technologies and payment systems continue to shape criminal tactics. Despite fewer reports, financial losses continue to rise. This imbalance signals increasing sophistication and targeting by fraud actors. The report frames fraud as an ongoing economic and social risk.

Readers often seek clarity on which fraud types cause the greatest harm, how payment methods influence risk, and which groups are most affected. This report is designed to answer those questions through structured data and clear trend analysis. It supports informed understanding of fraud patterns and impacts without requiring specialized expertise. The statistical approach helps contextualize risk and change over time.

This is a public document intended for broad distribution and citation. Document status: UNCLASSIFIED (TLP:WHITE). Publisher: Canadian Anti-Fraud Centre, operated by the Royal Canadian Mounted Police in partnership with federal and provincial agencies. Intended audience: individuals, organizations, policymakers, and researchers seeking authoritative insight into fraud trends affecting Canada.

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