Thank you, Mr. Chair.
Thanks again to my colleague for introducing another important study to the industry and technology committee.
This is a critical study on the growing threat of financial fraud and scams in Canada. As we know, these crimes are not just financial. They devastate lives. They erode trust. They undermine our economy. This study is necessary to protect Canadians and strengthen our response. Financial scams are surging in this country. In 2024, victims lost more than $638 million—a 10% increase from the $578 million in 2023—with the Canadian Anti-Fraud Centre processing a record 108,878 reports in 2024.
That's just the tip of the iceberg. Experts estimate that only 5% to 10% of frauds are actually reported, meaning that the real cost is likely in the billions. Reported losses since 2021 have now surpassed $2 billion. This year, as of June 30, 2025, we've already seen 24,411 reports processed, with 17,094 victims and $342 million in losses, trends that show there's no sign of slowing from 2024.
These scams come from phishing texts, text romance scams and AI-driven deepfakes. Criminals are finding new and increasingly creative ways to exploit people. I'll highlight for the committee one example from somebody I know personally, a man in his 70s. What ended up happening to him was that he got a virus on his computer. It told him to contact a number. The people he was in contact with spent the next seven to eight months convincing him that they worked for the FBI and that he should drain all his life savings and transfer them over to them.
In this case, they targeted an elderly individual who's by himself. Of course, people have been targeting the elderly, but we've also been seeing a rise in investment scams for 55 years and under, as reported.
To echo what's already been said here, it's a very important issue and one on which I think we can find bipartisan co-operation. It's very serious that we undertake it.
Thank you.