The Better Business Bureau has identified the most dangerous scams that Canadians encountered in 2022. The organization received 1,297 reports of fraudulent activities throughout the year and created a list of the 10 riskiest types of scams. It was made public on Monday (March 6).
At the top of the list is now home improvement scams. Last year, it was in the fourth place. This kind of fraud only represented 6.2% of all the reports in 2022, but the BBB rated it as the most dangerous because of how likely people are to fall for it and the amount of money it can cost them.
According to the BBB, 78% of victims were duped by these scams and lost an average of $1,900 each. To prevent falling for them, the BBB advises people to avoid cash deals, high pressure sales, upfront payments and a lack a written contract. The BBB also recommends people to always verify company references and check their local building laws.
The most common scams that were reported in 2022 were online shopping. The BBB claims that such scams made up 30% of the complaints received. However, they were rated 6th-most risky because of the low loss rate (102%).
On the other hand, investment scams accounted for the highest average loss. Although they only represented 2.9% of the 2022 reports, the average loss per victim was $14,000.
The Better Business Bureau (BBB) recently released a list of the top ten riskiest scams in Canada for 2022. The report revealed that scams were four percent more common this year than in 2021, with victims losing an average of $300 per scam. The average loss for those who were tricked was $5,000. The BBB rates investment scams 4th.
Susceptibility towards scams was consistent across all age groups, with 57.2% reported for those aged between 35 and 44. However, the average loss for this age group was $500, higher than the range of $190 to $374.
The BBB recommends that people remain vigilant against scams, only using secure and traceable transactions and never sharing personal information with unrequested contacts. Anyone who believes they have been a victim of a scam should report it to BBB.org/ScamTracker.
The list of the top ten riskiest scams in Canada for 2022 is as follows:
