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Protecting Yourself and Your Family from Financial Scams

Grandparents looking over thigns

As more Canadians age, financial scams and elder abuse have become a pressing concern. Scammers often target older adults because they may have significant assets and are sometimes more trusting or less familiar with new fraud tactics. Here’s how to recognize common scams, protect yourself, and get help if you suspect abuse.


Common Scams Targeting Seniors

Seniors are frequently targeted by several types of scams, including:

  • Grandparent/Emergency Scams: A caller pretends to be a grandchild or loved one in trouble, urgently requesting money and insisting on secrecy. Always verify the story by contacting another family member before sending money.

  • Romance Scams: Fraudsters build relationships online, then ask for money for emergencies or travel. They often avoid video calls and create elaborate stories to gain trust.

  • Sweepstakes and Lottery Scams: Victims are told they’ve won a prize but must pay fees or taxes to claim it. If you never entered a contest, it’s likely a scam.

  • Government Agency Scams: Scammers impersonate officials from agencies like the Canada Revenue Agency, threatening legal action unless immediate payment is made.

  • Tech Support Scams: Pop-ups or calls claim your computer is infected, demanding payment for unnecessary or fake repairs.

  • Gift Card Scams: Anyone asking for payment via gift cards is almost certainly a scammer.

  • Undercover Investigation Scams: Criminals pose as law enforcement or bank staff, convincing victims to withdraw or transfer money under the guise of helping with an investigation.


Practical Steps to Stay Safe

  1. Educate Yourself: Learn about common scams and share this knowledge with friends and family.

  2. Protect Personal Information: Never give out personal or financial details over the phone, email, or text unless you initiated the contact and are sure of the recipient.

  3. Secure Passwords: Use strong, unique passwords and update them regularly.

  4. Check Statements: Review bank and credit card statements for unfamiliar transactions.

  5. Don’t Rush: Scammers create urgency. Take your time, verify stories, and consult someone you trust before acting.

  6. Be Skeptical: If something sounds too good to be true, it probably is. No legitimate organization will ask for payment in gift cards or pressure you to keep secrets.


Where to Report and Get Help

If you suspect you’ve been targeted or victimized by a scam or financial abuse:

  • Canadian Anti-Fraud Centre: 1-888-495-8501

  • Seniors First BC (British Columbia): 1-866-437-1940

  • Local Police: Report suspected fraud or abuse immediately

  • Financial Institution: Notify your bank if you notice suspicious activity


Final Thoughts

Scams and financial abuse can happen to anyone, but awareness and vigilance are your best defences. Stay informed, trust your instincts, and don’t hesitate to reach out for help if something doesn’t feel right. Protecting your finances also protects your independence and peace of mind in retirement.


Disclaimer

This information has been prepared by Devon Ethier who is an Investment Advisor for iA Private Wealth Inc. Opinions expressed in this article are those of the Investment Advisor only and do not necessarily reflect those of iA Private Wealth Inc. iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. iA Private Wealth is a trademark and business name under which iA Private Wealth Inc. operates

 
 
 

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© Copyright 2025 Devon Ethier. All Rights Reserved.

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Important Disclosures

 

iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. iA Private Wealth is a trademark and a business name under which iA Private Wealth Inc. operates.

This is not an official website or publication of iA Private Wealth and the information and opinions contained herein do not necessarily reflect the opinion of iA Private Wealth. The particulars contained on this website were obtained from various sources which are believed to be reliable, but no representation or warranty, express or implied, is made by iA Private Wealth, its affiliates, employees, agents or any other person as to its accuracy, completeness or correctness. Furthermore, this website is provided for information purposes only and is not construed as an offer or solicitation for the sale or purchase of securities. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces where they are registered.

 

Products and services provided by third parties, including by way of referral, are fully independent of those provided by iA Private Wealth Inc.  Products offered directly through iA Private Wealth Inc. are covered by the Canadian Investor Protection Fund, subject to exception. iA Private Wealth Inc. does not warrant the quality, reliability or accuracy of the products or services of third parties. Please speak to your advisor if you have any questions.

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