(NC) Financial fraud is a problem that affects millions of Canadians every year, with seniors increasingly becoming the target of potential fraudsters. The Canadian Anti-Fraud Centre (CAFC) received nearly 110,000 fraud reports in 2024, totaling $638 million in losses.

Many of the most common scams law enforcement officials are seeing today—including the so-called “grandparent scam”—are designed specifically to target seniors.

Scammers are also leveraging scams like “the bank investigator scam,” convincing their targets to participate in fake fraud investigations and provide their physical debit or credit card, along with their PIN. The fraudsters may even send someone posing as a bank to their victims’ homes to do this.

Fraudsters are using new technologies and tactics to take their scams to the next level. It’s important to have conversations with older friends and family members to help them better understand how to identify and avoid fraud.

“Seniors are often targeted by scammers because they are perceived to have more wealth and presumed to be less knowledgeable about navigating online,” said Adrienne Vickery, an associate VP in fraud management at TD.

“It’s increasingly important to stay aware of the latest fraud and scam trends and share your knowledge with the seniors in your life to help protect one another from falling victim to fraud.”

Here are some tips to help guide a conversation about how fraud can impact seniors:

Learn to recognize common scams

Talk to the seniors in your life about how to spot some of the more common types of fraud, including romance scams, investment scams and grandparent scams.?The CAFC is an up-to-date resource for learning about current fraud trends.

Keep personal information protected

Remind seniors not to share personal or financial information over the phone or online. Many fraudsters rely on their victims to supply that information, and will apply pressure tactics to anyone they feel is vulnerable.

Make sure they’re monitoring their finances

Let seniors know that part of staying safe from fraud is reviewing their account activity regularly to check for suspicious transactions. If they have a mobile phone, help them get set up for online banking if they need it and suggest that they sign up for text message fraud alerts from their bank.

Nobody should be afraid of asking for help

It’s important for seniors, and all Canadians, to shake off the stigma that comes with being defrauded. Fraud doesn’t discriminate—Canadians of all ages are vulnerable, and everyone should feel like they can open up about it.

Remind seniors that if something seems strange or too good to be true, they should ask a trusted friend or family member for a second opinion. By staying alert, and relying on each other, we can all stay safer from fraud. You can learn more about spotting fraud at td.com/protectyourself.

Source: www.newscanada.com