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Cybersecurity in Canada: CAFC’s 2023 Fraud Loss Statistics

The Canadian Anti-Fraud Centre has just released the fresh new cyberfraud loss statistics (traditionally reported as Mass Marketing Fraud*) for the year 2023! Here are 3 things worth noting:

  1. The CAFC indicates that due to underreporting, the numbers represent “less than 5%” of the actual figures. So be sure to sit down before you mentally double these numbers and add a zero.
  2. Reports are reflected not only from Canadian victims but also from other countries, which hints at the significant jurisdictional challenges faced by law enforcement.
  3. Not reflected in my screenshot is the fact that the past 2 years saw reported dollar losses of $283M and $420M (for 2021 and 2022 respectively).

December’s reported fraud losses jumped by a considerable 25% from $28M in 2022 to the figure you see here: $35M. Adjusted for underreporting, that is a single month loss of $700 million by Canadian victims during the Christmas holidays.

I should mention that these figures do not factor in the entirety of holiday scam losses that are computed in the early months of each subsequent year.

*The term “mass-marketing fraud” generally refers to any fraud scheme that uses one or more mass-communication methods – such as the Internet, telephones, the mail, or in-person meetings.

2023 Fraud Loss Statistics in Cybersecurity

This article originally appeared on claudiu.ca. This is also available as a presentation/speech/talk.