Albertans have lost at least $156M to fraud this decade. Many others don't report the crime

Albertans have reported losing more than $156 million to fraudsters since the start of this decade, with tens of millions more being taken each year. But there hasn't been a coinciding rise in victims — in part, experts say, because people are reluctant to come forward.

In 2023, roughly 2,900 Albertans lost more than $62.5 million to various fraud schemes — up more than fivefold from the $11.3 million taken from about 2,600 people in 2020, data shows.

More than half the reported losses in the province last year were from investment scams, particularly cryptocurrency frauds. Spear-phishing — when scammers pretend to be legitimate sources to con businesses and people into sending money — was the second-most lucrative type of fraud, taking more than $8.5 million from 72 people.

Experts and stakeholders say technological advancements are the driving factor, giving fraudsters the tools to reach more people, be more convincing — and, ultimately, steal more money.

"Fraud is getting more sophisticated," said Jeff Horncastle, acting client and communications outreach officer for the Canadian Anti-Fraud Centre, which tracks fraud and identity theft.

CBC News obtained fraud data from the agency — which is jointly managed by the RCMP, Ontario Provincial Police and Competition Bureau of Canada — that tracks the number of fraud reports, victims and money lost each year since 2020.

The dataset tracks investment schemes, phishing and romance scams, and several dozen other types of fraud.

The figures likely understate the true impact, Horncastle and others said. The Canadian Anti-Fraud Centre estimates only five to 10 per cent of incidents are reported.

Some people may be apprehensive to report because they're embarrassed, for instance, Horncastle said. But he and others encouraged people to report fraud.

In Alberta last year, there were nearly 400 fewer reported victims of fraud than in 2022, when 3,300 victims reported losing $52.1 million.

Most provinces and territories, and Canada as a whole, are experiencing a similar trend: mounting fraud losses every year, fewer incident reports, and a fairly steady number of victims.

Investment scams, including frauds such as pyramid schemes, have proven the most lucrative in Alberta each year — and the amount the scammers rake in has grown at a dizzying rate.

Of all the money Albertans reported losing to fraud last year, more than 57 per cent — about $35.9 million — was through investment scams, a sharp spike from the $2.4 million in losses reported in 2020.

According to Horncastle, the rise is largely due to cryptocurrency investment fraud.