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CANADA
Low source / High target
FRAUD TYPES
Romance scam victim, card fraud victim, money muling
KEY FACTS
C$638M in reported fraud losses in 2024 (Canadian Anti-Fraud Centre). A major victim country.
REPORT FRAUD IN CANADA5▸
5 agencies you can contact. Tap one for how to reach it and what to have ready.
CAFCanadian Anti-Fraud Centre▸
NATIONAL · FRAUD REPORTING
RCMRoyal Canadian Mounted Police▸
NATIONAL · POLICE
FINFINTRAC Financial Transactions Analysis▸
NATIONAL · FINANCIAL / AML
OSCOntario Securities Commission▸
PROVINCIAL · SECURITIES
ASCAlberta Securities Commission▸
PROVINCIAL · SECURITIES
BORN HERE4▸
4 people in our case files were born in Canada. Tap to open the report.
GROUPS ESTABLISHED HERE1▸
1 group in our case files was established in Canada. Tap to open the report.
OPERATED HERE5▸
Physically based or working in Canada — lived, ran an office, met victims or was stationed here, per the record. Hacking a target here does not count.
Calgary, Alberta, Canada · Toronto, Ontario, Canada
WHAT THEY DID HERE, AND WHEN
1989–1997Bre-X Minerals, founded by David Walsh; shares run to about C$6B by May 1996.SOURCE: Globe and Mail
9 May 1997Files for bankruptcy protection.SOURCE: Mining.com
Trois-Rivières, Quebec, Canada
WHAT THEY DID HERE, AND WHEN
2014Creates AlphaBay in July 2014, while still based in Quebec, according to the DOJ.SOURCE: DOJ indictment
Hamilton and Waterloo, Ontario, Canada
WHAT THEY DID HERE, AND WHEN
Oct 2021Indexed Finance exploit, ~$16.5M, from Canada (alleged; he has said he did it and that it was legal).SOURCE: DOJ; Wikipedia
Dec 2021Ignores an Ontario court and leaves the country.SOURCE: Wikipedia
Mississauga, Ontario, Canada
WHAT THEY DID HERE, AND WHEN
2017–2019Runs the laundering: recruits mules, opens accounts, converts to crypto for BEC rings, an ATM cash-out crew and North Korean bank heists (DOJ).SOURCE: DOJ; US Secret Service
Montreal, Canada
WHAT THEY DID HERE, AND WHEN
1907–1911Works at Banco Zarossi, which paid depositors out of new deposits; jailed three years for forging a cheque.SOURCE: case brief
OUR CASES BY CATEGORY▸
Share of the 6 cases tied to Canada (born or operated here)
FRAUD METHODS TIED HERE8▸
From the Global Fraud Encyclopedia and the cases above. Tap a method for its page.
#4 Ponzi Schemeused in our cases ▸#5 Business Email Compromise (BEC)used in our cases ▸#6 Card-Not-Present (CNP) Fraudused in our cases ▸#7 Money Launderingused in our cases ▸#8 Securities Fraud / Insider Tradingused in our cases ▸#25 DeFi Protocol Exploitused in our cases ▸#33 Money Mule Recruitmentused in our cases ▸#85 Pump and Dumpused in our cases ▸KNOWN FOR▸
THE PICTURE▸
Canadians reported a record $704 million in fraud losses to the Canadian Anti-Fraud Centre in 2025 from more than 112,000 reports, and investment fraud alone accounted for about half of that ($351 million) (CAFC, Feb 2026). The CAFC estimates only 5–10% of fraud is reported. Canada has also seen large domestic frauds, from the Norbourg fund scandal in Quebec to the collapse of crypto exchange QuadrigaCX (Ontario Securities Commission, 2020), and Canadian call centres have been used in 'grandparent' scams against US seniors (US DOJ, 2023). Enforcement involves the RCMP, provincial police, the CAFC and provincial securities regulators.
TOP FRAUDSTERS FROM HERE3▸
Gerald Cotten DECEASEDREPORT PENDING
About C$169M (client losses, OSC) · 2015–2018
Founder of QuadrigaCX, which the Ontario Securities Commission found he ran as a fraud using client assets; he died in 2018 before any charges.
SOURCE: Ontario Securities Commission, Jun 2020
Vincent Lacroix CONVICTEDREPORT PENDING
C$130M (missing from funds) · 2002–2005
Founder of Norbourg Financial Group who diverted client money from its funds, hurting about 9,200 Quebec investors.
SOURCE: Quebec courts, Dec 2007 and Oct 2009
Earl Jones PLEADED GUILTYREPORT PENDING
About C$50M (investor losses) · 1982–2009
Montreal financial adviser who ran a Ponzi scheme for decades, defrauding about 150 clients.
SOURCE: Quebec Superior Court, Feb 2010 (11 years)
FRAUD BY CATEGORY▸
share of reported fraud losses (computed from CAFC dollar losses; total $704M) · 2025
SOURCE: Canadian Anti-Fraud Centre, 'Top 10 frauds in 2025', 25 Feb 2026
KEY NUMBERS▸
C$704M Fraud losses reported to the CAFC in 2025 (record) (CAFC, Feb 2026)
112,000+ Fraud reports received by the CAFC in 2025 (CAFC, Feb 2026)
C$351M Investment fraud losses in 2025 (~50% of total) (CAFC, Feb 2026)
5–10% Estimated share of fraud actually reported to the CAFC (CAFC)
WHO FIGHTS IT▸
RCMP, Ontario Provincial Police, Sûreté du Québec and the Canadian Anti-Fraud Centre (CAFC).
Provincial securities regulators (OSC, AMF) and the Canadian Investment Regulatory Organization.
Criminal Code s.380 fraud offences; FINTRAC anti-money-laundering supervision.
SOURCES▸
Canadian Anti-Fraud Centre, 'Top 10 frauds in 2025', 25 Feb 2026
Canadian Anti-Fraud Centre, 'The rise of fraud', Feb 2026
Ontario Securities Commission, QuadrigaCX report, Jun 2020
Wikipedia, Norbourg / Vincent Lacroix court record
Case lists and figures compiled September 2026 from court records, regulators and major press; statuses change. Series reports above are fact-checked case files.