Seniors continue to be targeted by scammers

Lee Griffi, Editor

A recent report from the non-profit Angus Reid Institute has raised concerns about the growing number of fraud incidents targeting Canadian seniors.

According to the Canadian Anti-Fraud Centre, Canadians reported losing a record of more than $704 million to scams last year, following losses of $645 million in 2024. Reported fraud losses have exceeded $2.4 billion since 2022, with seniors twice as likely to fall victim to fraud as Canadians aged 18 to 29.

Much of the increase comes with advances in artificial intelligence, but many fraudsters are believed to be family members.

The Canadian Securities Administrators (CSA) is asking registered financial advisors to request clients provide a Trusted Contact Person (TCP) to contact if they have concerns about a client’s ability to make financial decisions or if they suspect a client is being exploited. The CSA has also given advisors the power to place temporary holds on transactions if they suspect a client is suffering from dementia.

There is no minimum age requirement, but it should be someone mature and able to engage in potentially difficult conversations about the client’s personal situation. The CSA advises selecting a trusted contact who is not a beneficiary.

“As part of Oxford OPP’s Fight Fraud Presentations, we encourage community members to always seek out someone they can trust when dealing with suspected scams/frauds,” said media relations Constable Randi Crawford.

“It is encouraged that if you receive unsolicited contact via text, call, email or social media, that you pause before responding and phone a friend. Having someone you trust to talk situations out with is always a positive at any age, provided they can be trusted,” she added.

There are many legitimate financial planners in Oxford County, through banks or private institutes, that are extremely knowledgeable and could be a great asset in assisting with safe, unbiased help with finances.

“People like this are often encouraged as trusted contact people due to their education. If your financial institution does not act as a Trusted Contact Person, they may be able to assist in finding you one,” explained Crawford, who added when choosing a TCP, take your time making the decision and choose someone who would notice a change in your physical or mental well-being and who understands your current and future financial goals.

“It is discouraged to have anyone as a trusted contact person who contacts you, unsolicited, offering to be your trusted contact person. Any phone calls, emails or texts offering this service should be flagged as a potential scam.”

The number of different scams and frauds occurring worldwide is on the rise. Some criminals send out mass emails, texts, and phone calls to as many people as they can, hoping those uneducated in scams or at a vulnerable point in their lives would be easy to fool.

“Some red flags to remember are that anyone contacting you who is being relentless and pressuring you for a decision is likely a scammer. Anyone who wants you to send them money, for any reason, through gift cards, cash or bitcoin, is probably a scammer, or anyone who asks you to keep your conversations a secret is likely a scammer,” Crawford said.

Police encourage everyone to find a trusted person they can talk to about these topics. The focus should be on having a trusted person in your life who truly has your best interests at heart.

“Whether you choose to have a legitimate trusted contact person through your financial institution or someone you trust to talk to, these are all steps in the right direction to protecting yourself and your hard-earned money against fraud,” she added.

Crawford said one great resource the OPP promotes is the Little Black Book of Scams. It can be viewed online or downloaded and printed as a PDF and can be found at https://competition-bureau.canada.ca/en/little-black-book-scams-2nd-edition.