Bernard Généreux at the Industry, Science and Technology Committee

On September 29th, 2022. See this statement in context.

September 29th, 2022 / 4:40 p.m.

Conservative

Bernard Généreux Conservative Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC

Thank you, Mr. Chair.

The Canadian Anti-Fraud Centre has reported that it has received over 50,000 fraud reports since the beginning of the year, amounting to estimated losses of $285 million.

But Statistics Canada believes that fraud is consistently underestimated because only 13% of offences are reported to the police.

I don't know how Statistics Canada determines that only 13% of fraud is reported, but if this percentage is accurate and represents 50,000 fraud reports and $285 million, then we're potentially talking about $1 billion extorted by fraud. Are my calculations correct? Is my estimate right?

See context to find out what was said next.