The dust has settled from 2015 and BBB now has a better understanding of the scams that affected Canadians. This year, the BBB Top 10 Scams List was released in conjunction with the Competition Bureau’s Fraud Prevention Month:

1. Top Extortion Scam: CRA Income Tax Scam Total Loss = 2.991 Million
2. Top Heartbreak Scam: Catphishing; Total Loss = 15.621 Million
3. Top Prize Scam: Fake Lottery Winnings; Total Loss = 6.597 Million
4. Top Financial Scam: Investment Fraud; Total Loss = 6.072 Million
5. Top Employment Scam: Secret Shopper, Total Loss = 3.952 Million
6. Top Subscription Scam: Free Trial Traps, Total Loss = 2.982 Million
7. Top Imposter Scam: Spear Phishing, Total Loss = 5.826 Million
8. Top Private Sale Scam: Overpayment/Refund, Total Loss = 5.322 Million
9. Top Emergency Scam: Fake Relative Needs Cash, Total Loss = 1.952 Million
10. Top Lending Scam: Advance Fee Loans, Total Loss = 989,634 Thousand

In 2014, Canadians were scammed out of approximately 71 million dollars. In 2015, that number came down by approximately 10 million. It appears that Canadians are becoming savvier and more adept at spotting a scam and letting others know. The news, however, is still tainted by under reporting. The 61 million lost in 2015 is likely just 5 percent of what was actually lost as victims often feel too ashamed to do anything about it.

BBB is doing more to help the public navigate through all the scams targeting them. In 2015, BBB introduced a new micro site called Scam Tracker.This tool allows North Americans to track and report fraudulent activity. In less than one year, Scam Tracker has logged over 16,000 scams in North America, with 200 scams published here at BBB Central Ontario. Sadly those numbers keep going up.

One of the key things people can do to prevent getting scammed is to regularly change their passwords to online accounts. With that in mind, BBB is launching ‘BBB Password Day’ on March 15th. This is a new initiative from BBB and we hope to inspire and remind Canadians about the importance of protecting your online presence.

For more information about the Top 10 Scams and BBB Password Day please visit: http://www.bbb.org/kitchener/programs-services/bbb-national-top-10-scams-of-2015/

BBB would like to thank the following community partners and corporate sponsors for their contributions to the financial education of consumers and businesses:

The Competition Bureau
Bank of Canada
Global Payments Canada
The Royal Canadian Mounted Police
Consumer Debtor Protection of Canada Inc
Option Consommateurs