Today is World Elder Abuse Awareness Day. The Financial and Consumer Affairs Authority of Saskatchewan is using the opportunity to remind seniors and their family, friends and caregivers about the warning signs of financial scams and frauds. The FCAA says senior financial abuse is one of the most common forms of senior abuse in Canada and the reasons for that can include social isolation, people grow more trusting as they age and seniors often have financial savings.
Red flags and preventative tips for seniors:
• If you receive “prize offers” without engaging or enrolling with the business offering the prize, do not reply to them.
• If someone emails, texts, or calls asking for personal or banking information, do not provide the information.
• If someone randomly sends you a cheque, asks you to deposit it and then wire a specific amount of money to an address, do not cash the cheque.
• If you receive an email with an attachment from people you do not know, do not open or download the attachments.
• Be cautious of someone offering to help you with your financial decisions, especially if they contacted you unexpectedly.
Common Frauds targeting seniors:
• Romance scam: Fraudsters can use social media and online dating websites to befriend seniors online using fake identities. Once the fraudsters have established a relationship, they will start to ask for money, often for an emergency expense like a sick relative.
• Prize scam: A fraudster will contact a senior and claim they have won a large prize, and ask for a payment to cover the taxes or legal fees. Watch out for anyone asking you to pay them to receive a prize.
• Emergency/grandparent scam: A fraudster will contact a senior claiming to be a relative stuck in some sort of emergency, such as an overseas hospital stay.
• Investment opportunities: A fraudster will pitch a too good to be true investment opportunity, often using the lure of increased retirement income. These frauds will use a variety of ways to contact the senior, including websites, promoting seminars, cold calling, or an unethical family member pressuring the senior to invest.
