Photo Credit: AARP

⚠️💵 CIRO Issues Warning about Scams Targeting Seniors, Issues Tip Sheet 🧑‍⚖️‍📝

Friday, 13 June 2025 02:26.PM

To help raise awareness of World Elder Abuse Awareness Day, the Canadian Investment Regulatory Organization (CIRO), is issuing a warning—scams are on the rise, including scams that target seniors.

CIRO enforcement data reveals that approximately 30% of all CIRO case assessment files involve seniors. According to CIRO's 2024 Investor Survey, approximately one in five Canadians have been approached with a possible investment fraud. Most of those Canadians were approached through unsolicited, spam emails, texts or calls from strangers, or messages on social media.

To avoid being fooled by fraud and scams targeting seniors, CIRO's Office of the Investor offers the following tips:

• When receiving text messages, emails, or direct messages on social platforms from unknown contacts, STOP and THINK before you CLICK!
• Keep your financial and personal information in a safe place and protect the information, keeping it private;
• Get legal advice before signing documents that involve major decisions involving your home or other assets;
• Be cautious about opening a joint bank account as the other person / people can withdraw funds without asking;
• Keep records of any money you give away- noting whether it is a loan or a gift;
• Have a Power of Attorney. Choose someone you trust to look after you, so that if you are ill or unable to look after yourself, your finances will be protected from others who may try to take advantage;
• Name a Trusted Contact Person with your financial advisor. In specific circumstances, this allows your advisor to contact the individual about concerns related to your mental capacity and financial well-being.

CIRO's Office of the Investor works to build financial literacy and help Canadians avoid scams and fraud.

"People often report feeling shame following a scam, but it is important to communicate quickly with your financial services provider if you believe you have been a victim," said Alex Williams, Senior Vice-President, Strategy, Innovation and Stakeholder Protection at CIRO. "Victims are often retargeted in what is called a recovery scam—whereby perpetrators claim to assist the victim, only to defraud them again. Getting ahead of scams by communicating with the right agents quickly if you suspect you've been scammed can make all the difference in protecting your assets."

Learn more about how to avoid fraud and scams.

Read a cautionary tale, about Elder Financial Exploitation, based on real life events.

SOURCE: Canadian Investment Regulatory Organization (CIRO)

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