June is Seniors Month in Ontario; a time to honour and celebrate older adults both in Ontario and across Canada. However, it’s also a time to be aware of the experiences and issues that seniors face and provide support when possible.

One experience that sadly has been showcased more and more, is that of Senior Fraud, where Seniors are targeted and fall victims to scams.

In February, TD Bank conducted a survey** and found 80% of those aged 55+ feel there are more scams than ever before. This isn’t a surprising sentiment, given the Canadian Anti-Fraud Centre saw over 62,000 reports of fraud committed against more than 41,000 Canadians in 2023. That accounts for more than $554 million in losses for Canadians, but is likely just the tip of the iceberg, as many financial scams and frauds go unreported.

In a time where scammers are getting more creative – and more sinister – it’s more important than ever to be educated on scam identification and knowing what to do if you’ve fallen victim to this type of crime. Here are five common scams to keep an eye out for. 

 

The Grandparent Scam
Grandparent scams are when a scammer calls a victim, claiming to be the grandchild of the person who answers, either using Artificial Intelligence (AI) to disguise their voice or by sounding so distressed the voice becomes unrecognizable. They’ll claim to be in some sort of emergency and ask for money in a funds transfer, which could include wire transfers, e-transfers, gift cards or sending cash by mail, pleading that the victim helps them without telling anyone.

If you get a message like this, it’s important to ask questions that only the real person would know, such as when they saw you last or what nickname you call them by. You can also let them know you are going to call them back at a known-to-you phone number. If the person is truly your loved one, they will be able to answer your questions or will not have an issue with you calling them right back. Don’t answer any questions this person poses, as they may use your answers to defraud someone else.

The Bank Investigator Scam
In the bank investigator scam, a fraudster will impersonate a bank official or law enforcement officer and ask the victim for assistance in investigating a fraud case, encouraging them to keep the interaction confidential from branch staff, family, or friends. They may ask for banking information, which they’ll use to access the victim’s account remotely, or might have the victim wire them money, claiming it will be inspected and used as evidence in the investigation.

No bank or law enforcement will ever ask you to withdraw money or perform any financial transaction to help an investigation of any kind, no matter how legitimate it may seem, and they will also never ask you for your banking credentials. Even if the call looks like it’s coming from your bank, many scammers use “spoofing” technology, which changes their call display name, to make you believe the request is real.

 

Investment Scams
Investment scams can take many different forms. A common version involves scammers sending phony offers to people claiming that they can become an investor in a new company that will get them high returns quickly, with low risk. These fraudsters often research potential victims online to build a relationship on common interests, even going as far as to take over the account of a friend to make the scam seem like it’s coming from someone you know.
If an investment opportunity seems too good to be true, it probably is. If someone is putting pressure on you to take immediate action, asking you to allow them remote access to your computer, or requesting a payment through social media, they’re likely trying to scam you. 

 

Romance Scams
Romance scammers pretend to fall in love with someone over the internet and exploit their victim’s trust and feelings to scam them out of money. Romance scammers may spend weeks, months, or even years building relationships with their target, through online messages, phone calls, and by sending gifts and photos. Eventually, the scammer may ask the victim for money to deal with an “emergency” or have them join a business venture or invest in a cryptocurrency. 

Romance scams can target anyone, but those who are older, lonely or vulnerable are at an increased risk. Some red flags to look out for are someone professing their love very quickly (“love bombing”), refusing to meet in person or through video call, asking for personal information or money, having a backstory that involves being deployed overseas or losing a spouse or young child. 

Phishing or Email Scams
You’re probably already familiar with phishing and email scams. Imagine an email saying you’ve won a foreign lottery and need to pay a fee to claim or prize, or a “prince” from another country phones you for help to get him and his money out of his country. Phishing and email scams use an urgent call-to-action to convince victims that they’ll get a reward if they take immediate action by sending funds.

Fishy emails come with tell-tale signs, such as an overly formal greeting or urgent subject line. You can further investigate by checking the email address and hovering over any links to see where they’re really trying to take you. If you receive an unsolicited email from a service provider you normally deal with, your safest bet is to call them back on the publicly available phone number to confirm the request.

Scams and fraud often go unreported due to the shame or embarrassment felt by the victim. It’s important to know that if you or a family member have fallen victim to a scam, you are not alone, and help is available. Report it to your financial institution, local police, and the Canadian Anti-Fraud Centre. 

Remember: TD will never ask you for personal information over the phone, request access to your personal computer, ask you to transfer money, purchase gift cards, be dishonest, or rush you into doing something. Trust your instincts – if something seems fishy, it probably is, so don’t be afraid to ask questions. 

Learn more about identifying and preventing fraud by visiting the TD Fraud Prevention Hub. 

**The TD Fraud Prevention Month Survey was conducted by Maru Public Opinion on behalf of the TD Bank Group and undertaken between January 30 – February 4, 2024, by the sample and data management experts at Maru/Blue. The survey ran among 1,085 randomly selected Canadians aged 18+, all who are Maru Voice Canada online panelists. For comparison purposes, a probability sample of 1,085 has an estimated margin of error (which measures sampling variability) of ± 3.1%, 19 times out of 20.