May 14, 2026
The call sounds legitimate. The person on the other end seems polished, patient and well-informed. They walk you through what they say is a limited-time investment opportunity tied to your retirement savings. They're promising attractive returns, and everything appears above board. But by the time the red flags appear, your money is already gone.
According to the Canadian Anti-Fraud Centre (CAFC) (1), Canadians 60 and older account for approximately 28% of total fraud dollar losses nationally, while representing almost 25% of victims. The total dollar loss for this age group was over $179 million in 2024, according to the CAFC's Annual Statistics Report (2), with an average per-incident loss of approximately $21,000.
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Here’s what you need to know about elder scams and how to protect yourself, or a loved one from being a bad actor’s next unsuspecting target.
Why retirement savings make Canadians 60+ a major fraud target
Fraudsters don't always choose their targets randomly. They are keen on people with access to wealth, specifically investible assets that can be liquidated.
Many Canadians approaching or in retirement hold large balances in registered accounts, like Registered Retirement Savings Plans (RRSPs), Registered Retirement Income Funds (RRIFs), Tax-Free Savings Accounts (TFSAs), and company pension plans. Unlike younger Canadians who still have decades of earning and saving ahead of them, retirees often have most of their lifetime savings accumulated and often accessible.
Social isolation can make the problem even worse. One of the most effective fraud-prevention tools is simply getting a second opinion from a trusted friend, family member, or adviser. Fraudsters understand this, which is why many scams are designed to create urgency, secrecy, or emotional dependence that gradually isolates the victim from their support network.
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The scams that most commonly target older Canadians
Not every scam targeting older Canadians looks the same, but CAFC data shows that several categories disproportionately affect those over 60.
The investment scam is far and away the most expensive scam category for the 60+ age group, with over $111 million in reported dollar losses for 2024.
They often involve fake investment platforms, crypto schemes, or "exclusive" opportunities promising returns that seem far better than what's available in the current market. In many cases, the initial contact comes through an unsolicited phone call, email, text message, or even a social media message.
Romance scams, which accounted for over $23 million in losses, are also increasingly blending into investment fraud. Someone builds an online relationship over weeks or months before eventually introducing what they claim is a profitable investment opportunity. Canadian securities regulators have warned that these hybrid romance-investment scams are one of the fastest-growing fraud categories in the country.
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Rounding out the top three are service scams, which accounted for nearly $10 million in total losses among those over 60. According to the CAFC, a service scam (3) is a type of fraud in which scammers pretend to offer a legitimate service or impersonate an existing service provider to steal your money or personal information. These scams often involve fake cell phone providers, immigration services, tech support, or home services such as air duct cleaning and furnace repair.
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How to protect a spouse or parent who may be vulnerable
An overlooked investment fraud-protection tool available to Canadian investors is something called a trusted contact person (TCP) (4).
Supported by the Canadian Investment Regulatory Organization (CIRO) (5), the TCP allows your financial adviser or investment firm to contact a trusted individual, such as a spouse, adult child, or close friend if they suspect that financial exploitation, fraud, or cognitive decline may be affecting the decisions you make with your account.
When you name a TCP, you're not giving that person authority over your accounts or investment decisions. It simply creates a communication channel if concerns arise.
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Of course, you should also have regular conversations about finances within your family. You can reduce the time a fraudster has to operate undetected by reviewing your investment account activity regularly, discussing unusual transactions and knowing who to contact if something looks suspicious.
The call is coming from inside the home
Unfortunately, elder financial abuse is not always perpetrated by strangers. The Government of Canada notes that targeted elder fraud often involves family members (6), caregivers, or others in a position of trust.
This can include unauthorized withdrawals, pressure to change wills or beneficiaries, or the gradual takeover of financial decisions in ways the older adult may not fully recognize at first. These situations can be particularly difficult because they're often tied to family dynamics, emotional dependence, or fear of conflict.
If you suspect someone may be experiencing financial abuse, contacting their financial institution directly is often the best first step. Most major Canadian banks now have dedicated protocols for elder financial abuse. If necessary, you could also reach out to local adult protective services.
What to do now
You don't need to become an expert in cybersecurity or investment regulation to protect yourself from fraud. But you should slow things down, verify information independently and put a few safeguards in place before there's a problem.
Here are some practical steps you can take:
- Set up a trusted contact person (TCP) with your bank or investment adviser so they have someone to contact if they suspect fraud or financial exploitation
- Review your RRSP, RRIF and TFSA account activity regularly and immediately question withdrawals or transactions you don't recognize
- Have open conversations with adult children or trusted family members about your financial accounts and investment decisions
- Never rely on phone numbers, links, or contact information provided during an unsolicited call, email, or social media message. Always verify contact info independently through your financial institution's official website
- Report suspected fraud to the Canadian Anti-Fraud Centre at 1-888-495-8501 or through antifraudcentre.ca (7) for guidance and reporting support
The average $21,000 loss suffered by Canadians over 60 isn't just a number. For many people, it's years of retirement savings, investment growth and financial security wiped out in a single scam. The fraud system behind those losses is sophisticated and intentional, which is why Canadians need to protect their money with the same level of intention.
Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
Canadian Anti-Fraud Centre (1, 2, 7); Get Cyber Safe (3); Canadian Securities Administrators (4); Canadian Investment Regulatory Organization (5); Government of Canada (6)
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Colin Graves is a Winnipeg-based financial writer and editor whose work has been featured in publications such as Time, MoneySense, MapleMoney, Retire Happy, The College Investor, and more. Before becoming a full-time writer, Colin was a bank manager for over 15 years.
