More New Brunswick reported being targeted by frauds and scams in 2022, according to a new report.

But the Canadian Anti-Fraud Centre also found the amount of money lost to fraud dropped by 25 per cent.

It is an encouraging trend, according to a spokesperson for the Financial and Consumer Services Commission (FCNB).

“It indicates that New Brunswickers are becoming more confident and knowledgeable about recognizing frauds and scams and knowing where and how to report them,” said Marissa Sollows, director of communications and public affairs at FCNB.

According to the Canadian Anti-Fraud Centre, 468 New Brunswickers reported losing more than $3.15 million to fraud – down from $4.29 million in 2021.

The number of people who reported being targeted by frauds and scams jumped 16 per cent year over year.

But Sollows said it is likely not all of those who reported a fraud or scam experienced financial harm as a result.

Investment fraud continues to be a big problem in New Brunswick and across Canada, according to the report. New Brunswickers reported losing $1.48 million last year, accounting for nearly half of all reported losses.

Sollows said a scammer convinces someone to invest in false or misleading investment opportunities, promising higher-than-normal returns.

Common forms include crypto-asset investment scams, initial coin offerings and pyramid or Ponzi schemes.

“The fraudsters in this arena are very quick at changing tactics as necessary to improve their pitches and make them more and more convincing,” she said.

Other top frauds included spear phishing, emergency scams, prize scams, and romance scams.

When it comes to frauds and scams, Sollows said you should always trust your instincts. If something sounds too good to be true, it probably is.

You can learn more about fraud and how to report it on the FCNB’s website.