Don’t get scammed: Protecting yourself from financial fraud

Unfortunately, as we age, we can become targets for financial fraudsters. However, the good news is that you can significantly reduce your risk by being aware and taking a few precautions. This blog post will arm you with the knowledge you need to stay safe and protect your hard-earned money.

Common scams targeting older adults:

• The grandparent scam: A scammer poses as a distressed grandchild urgently needing money for bail, hospital bills, or car repairs. They’ll plead with you not to tell their parents.
• The romance scam: Scammers create fake profiles on dating sites or social media to build relationships and then ask for money for emergencies or investments.
• The lottery scam: You receive a notification that you’ve won a lottery or prize but must pay a fee upfront to claim it.
• The government imposter scam: Someone claiming to be from the CRA, Service Canada, or another government agency demands immediate payment for taxes or fines.
• The tech support scam: You receive a call or pop-up message claiming your computer has a virus and must pay for remote tech support.

Ways to protect yourself:

• Never give out personal information over the phone, email, or online unless you initiate the contact.
• Be suspicious of unsolicited calls, emails, or mail.
• Don’t be pressured to make quick decisions. Take your time and consult with someone you trust.
• Verify the identity of anyone who contacts you claiming to be from a government agency, bank, or other organization.
• Don’t click on links or attachments in emails from unknown senders.
• Keep your computer and software up to date with security patches.
• Shred documents containing personal information before discarding them.
• Monitor your bank accounts and credit card statements regularly.

What to do if you think you have been scammed:

• Contact your bank or credit card company immediately.
• Report the scam to the Canadian Anti-Fraud Centre (CAFC) at 1-888-495-8501 or online at antifraudcentre-centreantifraude.ca.
• Contact your local police.

Key things to remember:

• You are not alone. Many people fall victim to scams.
• Reporting scams is important, even if you don’t lose money. This helps authorities track down scammers and prevent others from being victimized.
• If it sounds too good to be true, it probably is.

McMaster Optimal Aging Blog Posts are written by faculty, staff, PhD students, and external collaborators, and are assessed for accuracy by members of the Portal scientific leadership team.

DISCLAIMER: These summaries are provided for informational purposes only. They are not a substitute for advice from your own health care professional. The summaries may be reproduced for not-for-profit educational purposes only. Any other uses must be approved by the McMaster Optimal Aging Portal (info@mcmasteroptimalaging.org)