The theme of this year’s Fraud Prevention Month is “Fraud: The Hidden Crime”. Let’s be honest; it can be embarrassing when you realize you have been a victim of fraud. I have been… and I tell people about it purposefully. I want people to know that we can all fall prey to scams.

Fraud is under-reported and fraudsters are sophisticated. Fraud is one of the leading crimes affecting older adults. We are going to look closer that the types of scams perpetrated against older adults today. But know that everyone from all parts of society can be targeted by scammers and fraudsters. 

Common scams targeting older adults and how to avoid them

*Thank you to Employment and Social Development Canada for sharing this information with us. 

Grandparent scams

Scammers impersonate a grandchild or relative in urgent trouble, claiming an accident, arrest, or medical emergency. They pressure victims to send money immediately, while insisting they keep it a secret. 

Protect yourself by reaching out directly to the family member using a known phone number, and never send money under pressure.

Investment scams

Scammers promise high returns with little or no risk. They often use fake credentials and high-pressure tactics, presenting themselves with professional-looking materials to appear legitimate. Once money is sent, scammers disappear! Cryptocurrency scams have become more common, where fraudsters boast of successful investments to persuade victims, and use fake online trading platforms to convince individuals to send money or cryptocurrency. 

Always do thorough research, verify registrations with provincial securities regulators, and never rush into an investment decision. 

Romance scams

Scammers create fake online profiles on dating sites or social media to forge emotional connections with victims, ultimately requesting money for reasons such as travel expenses or medical emergencies. They may even offer to “coach” you on fake crypto investments. They typically avoid in-person meetings and provide inconsistent personal details.

Protect yourself by being cautious with relationships that move quickly and never send money to someone you haven’t met in person.

Bank investigator scams

Impersonating bank staff, law enforcement or security investigators, scammers claim that your account has been compromised and instruct you to withdraw or transfer funds to a “safe” account that belongs to the scammer. 

Remember, legitimate banks will never ask you to move your money. Always verify directly with your bank!

Recovery scams

Following a fraud incident, scammers may contact victims, pretending to be from police, government, banks, or recovery services. They claim they can help recover lost funds for a fee, preying on the victim’s hope and urgency. Some victims may search online for help, but this can lead them to fake recovery company websites that exploit their vulnerability. 

Remember that legitimate organizations do not charge for recovery services. Always verify the authenticity of any recovery service and seek assistance from trusted and established sources. 

Keeping it hidden gives the scammers more power to continue what they are doing. Learn about how to protect yourself and talk to someone you care about to help them protect themself! Talking openly and without judgement helps everyone feel more prepared. 

Next week we will look at how fraudsters use CRA and other government departments information in scams.

If You Think You’ve Been a Victim of Fraud

If something suspicious has happened, don’t keep it to yourself. Acting quickly can help limit the damage and may help prevent others from being targeted.

1. Contact your bank or financial institution immediately
If money, credit cards, or banking information were involved, your bank may be able to stop or reverse transactions and protect your accounts.

2. Report it to the Canadian Anti-Fraud Centre (CAFC)
This is Canada’s national reporting centre for scams and fraud.

• Online reporting: Report Cybercrime and Fraud
• Phone: 1-888-495-8501

The CAFC collects reports from across the country and shares information with law enforcement to track fraud trends and support investigations.

3. Report the incident to your local police
Local police can open a file and investigate, especially if money has been lost or identity theft is involved.

4. If your identity may have been compromised
Contact Canada’s credit bureaus (Equifax or TransUnion) and consider placing a fraud alert on your credit file.