Spear Phishing Costs Business $21million annually

ORILLIA – The Ontario Provincial Police are concerned about the growing number of online frauds and scams.

As a part of Fraud Prevention Month, the provincial police are providing updates and insight into some of the scams and frauds.

Police say, $21 million was reported lost due to Spear Phishing in Canada in 2019. But with 95% of Fraud cases going unreported, the actual estimated losses are estimated at over $40 million. What makes Spear Phishing unique is instead of targeting individuals, fraudsters target businesses and other organizations, such as municipal governments.

Like other types of fraud, they create a sense of urgency or secrecy to trick employees into transferring funds or releasing confidential information.

If you have been contacted by a scammer, report it to the Canadian Anti-Fraud Centre at 1-888-495-8501 — even if you didn’t give them any money. If you did lose money or release personal information, contact your local police.