Fraud is now the leading crime committed against seniors

Fraud is now the leading crime committed against seniors in Canada.
Think fraud won’t happen to you or your parents or older adults in your life? It may have already happened and they didn’t say anything because they are embarrassed or don’t want you to think they are not capable. Canadian Anti-Fraud Centre estimates that only 5 to 10% of people report fraud. Remember anyone at any age can fall victim to a scam, they are so professional. Fraud targeting older adults is on the rise. And that’s a concern. Seniors are increasingly targeted by fraudsters because they often have substantial savings, are perceived as more trusting, answer the phone and door and may be less tech-savvy, making them vulnerable to scams like phishing emails, phone calls, and fake investment schemes, and or door to door canvassing, pretending to be service companies. The impact on victims, particularly older adults can be devastating emotionally and financially, wiping out savings in a blink of an eye! Even when Canadians realize they’ve been a victim of fraud, the scam may not be over. Fraudsters are now contacting their victims days after being confronted. They impersonate law enforcement, a lawyer or a government agency and offer to help get their money back for a fee. Fortunately, there are many simple steps you can take to help you and the older adults in your life safe. 

1. Be aware that fraudsters may pose as government or bank staff, family members, law enforcement or other trusted people. The phone number on the call display may even say the bank’s name!  Never give out money or sensitive information to a caller, by text or by email. If you’re not sure about something, call a family member, your financial advisor or your bank. Don’t panic. Simply hang up. Consider having call control added to your line. Let your phone go to voice mail. You can always call your friends and family back.

2. Never click on a link or download an attachment from an unknown source. Even if it looks to be legitimate, verify the sender before taking any action.

3. Never give personal information over the phone or at the door. 

4. Keep your information secure by using strong, unique passwords. 

5. When online, don’t enter login information or credit card details unless you are sure the site is legitimate. Red flags include poor grammar or spelling errors, a URL that doesn’t match the company’s main site or a lack of a security lock symbol in the address bar.

6. Social media provides fraudsters with a large pool of potential victims. Be mindful of the personal information you post online and take advantage of privacy settings.

7. Monitor financial activity: A financial institution will never send a courier to your door to collect an alleged fraudulent card. If you get a phone call like this, hang up, and follow up with your bank if you are still feeling unsure. Keep track of bank statements and credit reports for suspicious activity. 
   Stay connected to your finances and set up alerts for suspicious activity on your bank account and credit cards.

8. If you will be selling your property, soon, now’s a good time to get ready, and to make a plan for what to do with the money. Don’t leave large amount of money easily accessible. 

9. Never give a deposit for work that hasn’t started yet- unless you are absolutely sure they are a legitimate company. 

10. Don’t buy into anyone’s sense of urgency, “limited time offer” “in your neighbourhood only this week” are common trick sayings. 

11. If it sounds too good to be true (online deals including sporting event tickets, handy person jobs around the house, items for sale) it probably is! Trust your instincts, ask questions, do your research and be extra cautious.

12. Fraudsters are now contacting their victims days after being confronted. They impersonate law enforcement, a lawyer or a government agency and offer to help get their money back for a fee.

    All fraud and scams should be reported, even if you are embarrassed or feel the amount of money is too small to worry about. While you might not be able to get your money back, you can help stop the con artist from scamming other people. Regularly discuss potential scams and how to identify them with older family members. Adult children of parents, if your parents share they’ve been scammed, keep in mind, everyone makes mistakes. The scams are so professional these days. Stay calm and focus on fixing the damage.  Report all fraud and scams to your local police.  Share the fraud scams you hear about with friends when out in social gatherings. Talking about it will help bring awareness to the growing concern.

Common scams targeting seniors:

• Fraudsters have been calling victims from a phone number that appears to be a legitimate financial institution and claiming there has been irregular activity on their bank accounts. 

• Grandparent scams: Scammers posing as a grandchild in distress, requesting money urgently. 

• Medical fraud: Fake calls or letters claiming to be from medical companies, requesting personal information or payments. 

• Investment scams: High-pressure sales tactics promising large returns on dubious investments. 

• Romance scams: Online profiles used to build relationships with seniors, then asking for money. 

• Tech support scams: Scammers posing as tech support, offering to fix computer issues for a fee.

• Door to door canvasing or handy fix it companies. 

• Services offering senior discounts 

A list of scams can be found on the Canada government’s anti fraud web page  https://antifraudcentre-centreantifraude.ca/index-eng.htm The RCMP website shares new scams to be aware of. 

Please note, if you or your parents or older adults in your family need resources, reliable people including estate planners, lawyers, to roofers, furnace, appliance, to electrical and gardeners fence fixes, please ask me- I’m happy to share my likeminded professional resources.