Advertisement

New Brunswickers lost $1.4 million to financial scams in 2017

Click to play video: 'New Brunswickers lost $1.4 million to financial scams in 2017'
New Brunswickers lost $1.4 million to financial scams in 2017
Tue, Jan 9: Last year, New Brunswickers reported losing $1.4 million to frauds and scams. Morganne Campbell introduces us to one woman who deals with frequent callers and has tips on how to avoid being bilked out of your hard-earned cash – Jan 9, 2018

Data released by the Canadian Anti-Fraud Centre indicates that citizens in the province lost at least $1.4 million to financial scams in 2017.

Financial crimes include phishing, extortion and identity fraud.

READ MORE: Does the CRA owe you money? Beware of this tax refund scam

But the province says that the figure isn’t a realistic representation of financial crimes in the province.

“Because financial fraud is highly under-reported, the actual amount lost is likely higher,” New Brunswick’s financial consumer services commission wrote in a release on Monday.

According to the 2017 Canadian Securities Administrators Investor Index for New Brunswick, seven-in-10 New Brunswickers who were approached over investment fraud did not report it.

“Unfortunately, victims are often too ashamed to report when they have lost money in a fraud,” said Marissa Sollows, acting director of education and communications for the Financial and Consumer Services Commission.

Story continues below advertisement

“Retirement savings, homes and sometimes businesses have been lost. The impact of fraud can be far reaching and devastating.”

WATCH: New bitcoin fraud sends real police officers to your door

Click to play video: 'New bitcoin fraud sends real police officers to your door'
New bitcoin fraud sends real police officers to your door

Data shows that the Canadian Anti-Fraud Centre received 185 complaints of phishing last year in New Brunswick, followed by extortion (163 victims) and identity fraud (118).

The provincial government is urging New Brunswickers to visit their financial and consumer services commission website in order to learn how to detect and counter fraud attempts.

Sponsored content