Investment and cryptocurrency fraud ranks first on the list of the top five frauds of 2024, according to the Ontario Provincial Police.

Acting Investigator Sergeant John Armit said in a video shared on X, "The losses associated with investment fraud are significant; you might see an online advertisement to start investing in cryptocurrencies, and you often communicate directly with the scammers."

Armit added that phishing fraud ranks second.

He said, "Phishing scams are also known as business email compromise, where a company might click on malware, or there may be an email allegedly from a company executive requesting a quick payment of an invoice or a change in banking information."

In third place is the romance fraud, Armit said this type of fraud is witnessing a new development.

He added, "Scammers are turning victims of romance fraud into victims of investment crimes by transferring money through cryptocurrencies."

Armit explained that the fourth is job fraud, where scammers use victims to launder money.

He said, "With the slowing economy and economic challenges facing the residents of Ontario and Canada, we are witnessing a huge increase in job frauds."

Finally, there are service-related frauds, which come in multiple forms, including targeting seniors or pop-up windows indicating the need to update software."

He said, "People may come to seniors' homes to sign documents for a new air conditioner or what you later attached to them as a mortgage or home lien, or pop-up scams."

The Canadian Anti-Fraud Centre confirmed that more than 41,000 fraud cases were reported to the agency last year, representing a loss of more than $554 million nationwide.