Conventional And Cyber-Related Fraud: Prevention Goes A Long Way

Conventional and cyber-related fraud schemes are on the rise. These include fake supplier fraud and CEO fraud, which seek to misappropriate funds, and phishing, which targets confidential information.

The Canadian Anti-Fraud Centre stated in its latest annual report (2022) that it had received over 91,000 reports of conventional and cyber-related fraud that year, representing losses of $530.4 million. By comparison, the Centre observed $380 million in reported losses in 2021 and $165 million in 2020.¹ As of June 30, 2024, it had identified 15,941 fraud victims and $248 million in associated financial losses.²

The misappropriated amounts can be significant, and the confidential information is often highly strategic. Such losses can have serious long-term consequences for the defrauded entity. No organization is immune to scams, as illustrated in a recent case involving Hydro-Québec and one of its suppliers.³