Key takeaways:
- Fraud is the number one crime that impacts older Canadians, says the Government of Canada
- Talk about fraud: Speaking with older friends and loved ones about common scams is an essential part of fraud prevention. Remind them to seek out a trusted friend or loved one if something ever feels off
- Pause before sharing any personal or financial information: If someone calls, texts, or emails asking for money or personal information, hang up, and use a trusted phone number or website to verify if the ask is legitimate or not
- Make monitoring routine: Encourage seniors to regularly check their bank accounts and credit card activity to help catch problems early
Financial fraud affects millions of Canadians every year, and older Canadians in particular. Fraud, according to the Government of Canada, is the number one crime against seniors.
Many scams – including the so-called Grandparent Scam – are designed specifically to target seniors.
Bad actors 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.
As fraudsters increasingly leverage new technologies and tactics to engage in sophisticated scams, it is 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, Associate Vice President, Canadian Fraud Management, 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.”
Speaking about fraud and scams with friends and loved ones might be one of the simplest fraud prevention tactics.
According to a recent TD survey, more than 60% of Canadian respondents said they would feel less vulnerable to financial fraud if family members were to discuss and share knowledge about fraud and scams. Yet, only about a quarter of those surveyed claim they regularly talk about these topics.
There's a lot of stigma around falling for a scam. Sharing experiences and details with those you trust — and regularly discussing common scams and prevention tips — might help protect you and your loved ones 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 scams – including romance scams, investment scams, and grandparent scams. The Canadian Anti-Fraud Centre is an up-to-date resource for learning about current fraud trends.
Protect your personal information
Remind seniors not to share personal or financial information over the phone or online.
Stress that if they receive an unsolicited call from their financial institution to hang up and call back using the number at the back of their debit or credit card.
Monitor your finances
Inform seniors that they have an obligation to regularly review their account activity. If they have a mobile phone, suggest that they sign up for text message fraud alerts from their bank.
Ask for help
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.
Most of all, it is 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. As of March 31, 2025, the CAFC has processed 12,815 reports of fraud with losses totaling more than $165 million.