The Better Business Bureau of Canada has released its list of the top 10 riskiest scams of 2022.
Their Canadian Risk Report includes information on the scams reported to them including median dollar loss, scam susceptibility.
When it comes to their top 10 riskiest scams, factors like susceptibility, exposure (volume of reports), and the average amount of money lost are all factored in.
- Home improvement
- Advance fee loan
- Online purchase
- Credit card
- Phishing/social engineering
Home improvement scams are in the number one spot. Though they don't have the highest exposure of average dollars lost, the list shows that 78.8 per cent of those who reported being exposed to the scam lost some amount of money.
Last year, home improvement scams held the number four spot, and the median dollar loss rose from $661 in 2021 to $1,900 in 2022.
The scams with the highest median money loss are investment scams, averaging $5,500, and taking the number four spot.
By far the most commonly reported are online shopping scams, taking up 76.7 per cent of total scams reported, though only averaging a $102 loss.