The final chapter of CBC Toronto's series, The Cost of Fraud, explores some of the most prominent and emerging frauds reported in Ontario last year and provides tips to help protect yourself from falling victim to them.
Vanessa Iafolla, a financial crime expert and fraud consultant, says she believes anyone can become a victim of fraud if they're targeted by the right scam. She's pictured during an interview at CBC in Toronto in December.
"They know what's happening. They know what the fraud landscape looks like. They know what kinds of current events or social events they can capitalize on." "We can't arrest our way out of this," said Det. Const. John Armit, from the Ontario Provincial Police . "We see success with that," he said. "Don't share any information over the phone or text message or email to people that you don't know.""If you're the person who's holding the purse strings, the power is with you," she said. "The second someone says don't tell someone, or this has to happen now, that's a good sign that you should tell everyone and that you should not do it immediately."Ontario has a fraud problem.
"They'll have a sales manager that will encourage you to invest more, and they'll show you how much your investment has jumped. But these are all fake stats that they're giving the victims," said Armit.The grandparent scam is another emerging fraud concerning to Armit. It falls within the emergency scam category, which was within the highest reported losses in Ontario last year.
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