Between January 1 and June 30, the Canadian Anti-Fraud Centre said victims of the grandparent and emergency scams reported a staggering loss of $9.2-million.
That's just the scams reported to the police.
The agency estimates only five to 10 per cent of victims report their experience to the police, and a third are seniors.
"The numbers don't lie," said York Regional Police Chief Jim MacSween. "Losses associated with emergency-grandparent scams are devastating to some of the most vulnerable people in our society."
Total losses in 2022 were $9.4-million, and the centre expects losses by the end of this year will far exceed that amount.
Typically, the victim receives a phone call from someone claiming to be a loved one, like a grandchild. The caller urges the victim to keep it a secret, but they need money after a car crash or arrest. The scammer might even put a second person on the phone who impersonates a police officer, lawyer, or bail bondsman. A suspect may pick up the money at the victim's home or insist on sending it through a transfer service.
"One of the ways to combat fraud is to arm ourselves with knowledge, information, and awareness," said Detective Superintendent Mike Bickerton with Ontario Provincial Police Financial Crime Services.
The OPP, Ontario Association of Chiefs of Police, and the Canadian Bankers Association collaborated to share that knowledge with a 20-minute presentation with tips to avoid becoming a victim.
"Canada's banks are fundamentally committed to safeguarding the money and personal information of their customers. That's why, together with our partners in law enforcement, the CBA and its members empower Canadians -- with accessible information and practical tips," added Director of Financial Crimes with the CBA, Adrian White.
If you or someone you know falls victim to a scam, the Canadian Anti-Fraud Centre encourages you to report it. The number is 1-888-495-8501, or go online.
