A report from the Canadian Anti-Fraud Centre says New Brunswickers lost $1.1 million to fraud and scams in 2018. The scams with the greatest financial impact were identity fraud, romance scams, and job scams.
The losses in 2018 are an improvement over 2017 when New Brunswickers reported losing $1.4 million to fraud and scams. However, Rick Hancox, CEO, Financial Commission of New Brunswick (FCNB) says, “While this year’s report seems like an encouraging decrease in money lost to fraud, we know that many aren’t reporting being victimized so the actual amount lost is likely higher. Every dollar lost to a fraud or scam is one dollar too high.”
70% of victims do not report fraud
Seventy per cent of those in New Brunswick who were approached by investment fraud did not report it, according to the 2017 Canadian Securities Administrators (CSA) Investor Index for the province.
“One reason people don’t report is that they were too embarrassed to report the crime when it happened,” says the FCNB in a Jan. 24 press release. “However, reporting the fraud to the appropriate authorities can help raise awareness and prevent others in the community from being victimized.”