Financial fraud targeting seniors costs Canadians hundreds of millions of dollars every year. Seniors are disproportionately targeted because they are perceived as having more accumulated wealth, are more likely to answer the phone, may be more trusting, and less likely to report fraud due to embarrassment. The good news: most scams are predictable and preventable once you know what to look for.
The most reported fraud in Canada. A caller claims to be from the Canada Revenue Agency (CRA), says you owe tax debt, and threatens immediate arrest, deportation, or licence suspension unless you pay immediately — typically by gift cards or wire transfer.
Reality check: The CRA will never call to demand immediate payment by gift card or cryptocurrency. They always send written notices first. If you receive one of these calls, hang up. If concerned about a genuine tax debt, call the CRA directly at 1-800-959-8281.
A caller pretends to be a grandchild (or a police officer or lawyer calling on behalf of a grandchild) who is in urgent trouble — arrested, in an accident, stranded abroad — and needs money immediately. They beg you to keep it secret so parents don't find out. They may have researched the actual grandchild's name on social media to make it convincing.
Reality check: Before sending any money, call the grandchild directly on their known number. Then call a parent. Real emergencies can always be verified. Never keep family financial requests secret from other family members.
An online relationship develops — often on a dating site or social media, sometimes starting as a wrong-number text. The "romantic partner" is overseas (military, oil rig worker, doctor with Doctors Without Borders are common cover stories). After weeks or months of connection, they have an emergency and need money. Then another. Then another. The losses are often enormous: $100 to $100,000+ in documented cases.
Reality check: If you've never met someone in person, never send them money, no matter how genuine they seem. If a romantic partner online has never been able to video chat convincingly, this is a serious warning sign.
Offers of guaranteed high returns with no risk. Cryptocurrency investments managed by someone you met online. Private stock deals from unregistered "advisors." Affinity fraud (targeting a church, community, or cultural group through someone who appears to be part of the community).
Reality check: There is no such thing as guaranteed high returns with no risk. Before giving anyone money to invest, verify they are registered at the Canadian Securities Administrators' national registry at securities-administrators.ca. If they're not registered, walk away.
"You've won a prize/lottery — just pay the processing fee/taxes to collect." You didn't enter any lottery. A real lottery never requires you to pay to collect winnings. If you didn't enter, you didn't win. Any upfront payment request is a scam.
A pop-up or phone call claims your computer has a virus and you need to call a number immediately. The "tech support" person asks for remote access to your computer and eventually asks for payment. They may steal banking credentials while they have access.
Reality check: Microsoft, Apple, and other legitimate companies do not proactively call you about computer viruses. Don't give anyone remote access to your computer unless you initiated the contact with a known company.
Contractors who arrive unsolicited offering to repair your driveway, roof, or furnace "at a great price today only" — often demanding cash upfront and disappearing before the work is done. Home renovation fraud is among the most common types reported by seniors.
Reality check: Never pay more than a deposit for home repair work. Get at least two written quotes. Verify the contractor's licence through your provincial contractor registry. Use companies referred by trusted friends or family.
If you're an adult child concerned about a parent's vulnerability to fraud, the conversation requires care. Approach it as sharing information rather than questioning their competence. Share specific scam stories from the news. Ask them what they would do in various scenarios. Offer to be a sounding board whenever something doesn't feel right — a "call me first" family policy. This keeps the line of communication open without being infantilizing.
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