How much money B.C. scam victims lose on average, compared to others
British Columbians are among those who lose the most money on average to scams.
A just-published study suggests that victims in B.C. lose an average of about $3,000 – a similar sum to what's seen in Ontario and Alberta.
According to the study from Social Catfish, which used data from the Canadian Anti-Fraud Centre collected over the last five years, B.C. victims lose the third-most amount of money on average.
That average, the group said, is $2,916.67, down slightly from the $3,010.21 Ontarians lose, and from $2,970.30 in Alberta.
The province or territory where victims have lost the least amount of money is Prince Edward Island, where the average is $554.14.
The study did not suggest that means residents of those provinces are more or less tech-savvy, and when it comes to reported complaints, B.C. was sixth.
According to Social Catfish, the rate of CAFC complaints in B.C. is 249 per 100,000 residents. Manitoba actually had the highest rate of reported scam victims, followed by Ontario and Yukon.
(Social Catfish)
DETAILS AND ADVICE
As for how fraudsters are tricking their victims, the most common scam in Canada involves investment. Canadians lost a whopping $165 million between 2017 and 2021 to opportunities billed as once-in-a-lifetime, can't-miss deals.
These scams are often sent by email or social media, and promise a high rate of return for little risk. The would-be investor transfers money, then never sees it again.
Often these scams involve cryptocurrency such as Bitcoin.
As for how to avoid falling for it, experts advise those approached to research the person or company, and consult a third-party financial advisor.
The second most-costly scams prey on a different emotion: love.
Canadians lost $134 million to romance scams in the five-year period involved in the study. Scammers involved in these will use social media or dating apps to approach their victims and earn their trust, then start faking emergencies.
They ask for money, get as much as they can from the target, then disappear.
To protect yourself, experts advise, refuse to give money to anyone not willing to meet in person or use video chat.
Another tip is to save the photo or photos the person is using and run them through a reverse image search, to see if the photos are their own. To do this, go to Google Images in a web browser and upload the image or images by clicking the camera icon in the search bar, then look through the results.
And another $54 million was lost during the same period to extortion scams. These include emails and phone calls from "police" or similar agencies accusing the target of serious criminal offences.
Scammers will tell the victim to respond to a fake email address if they want to avoid jail time, then ask for money and other personal information.
Police and other law enforcement agencies will never demand cash or threaten to make an arrest by phone or email, so potential victims can be confident that these approaches are fake.
(Social Catfish)
WHO ARE THE VICTIMS?
According to the study, the most vulnerable age group is 60 to 69.
In a breakdown of dollars lost by age group to romance scams specifically, this was still true, but people between the ages of 40 and 59, as well as 70 to 79, also lost significant amounts of money, and people in their 30s and 80s were not that far behind.
The average loss by all Canadians to these scams was about $54,000, but some were more likely than others.
Based on CAFC data, victims under 20 lost an average of $2,631.26, and victims over 90 lost $4,348.97.
Victims in their 60s lost the most, at $81,384.76, followed by people in their 40s who were scammed out of nearly $79,000.
According to the CAFC, there had been 29,294 reports of all types of fraud involving 18,609 victims this year, as of the end of April. Those victims lost approximately $163.9 million.
(Social Catfish)
CTVNews.ca Top Stories
NEW From yearning for a change to cost of living, why some Canadians have left or may leave the country
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
NEW Capital gains tax change 'shortsighted' and 'sows division' business groups tell Freeland
Forging ahead with increasing Canada's capital gains inclusion rate 'sows division,' and is a 'shortsighted' way to improve the deficit, business groups are warning Finance Minister Chrystia Freeland.
Ontario man frustrated after $3,500 paving job leaves driveway in shambles
An Ontario man considering having his driveway paved received a quote from a company for $7,000, but then, another paver in the neighbourhood knocked on his door and offered half that rate.
Defence attacks Stormy Daniels' credibility as she returns to the stand in Trump's hush money trial
Stormy Daniels will return to the witness stand Thursday in Donald Trump's hush money trial as the defence tries to undermine the credibility of the porn actor's salacious testimony about their alleged sexual encounter and the money she was paid to keep quiet.
Police handcuff man trying to enter Drake's Toronto mansion
Toronto police say a man was taken into custody outside Drake's Bridle Path mansion Wednesday afternoon after he tried to gain access to the residence.
What is whooping cough and should Canadians be concerned as Europe declares outbreak?
There is currently a whooping cough epidemic in Europe, with 10 times as many cases compared to the previous two years. While an outbreak has not been declared nationwide in Canada, whooping cough is regularly detected in the country.
Florida deputies who fatally shot U.S. airman burst into wrong apartment, attorney says
Deputies responding to a disturbance call at a Florida apartment complex burst into the wrong unit and fatally shot a Black U.S. Air Force airman who was home alone when they saw he was armed with a gun, an attorney for the man's family said Wednesday.
Air Canada ranks near bottom on customer satisfaction: survey
Air Canada ranks below most other major North American airlines on customer satisfaction, with airfares a particular sore point, according to a new survey.