Mar 21, 2026
Nearly two-thirds of Canadian seniors say they feel at risk of becoming victims of financial fraud in the coming year, highlighting growing anxiety about scams targeting older adults.
A new survey from Bloom Finance found 66% of Canadians aged 55 and older believe they are at least moderately at risk of financial fraud within the next 12 months, as increasingly sophisticated scams raise concerns among those approaching or living in retirement.
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“Financial fraud is becoming increasingly common, and seniors are unfortunately among those most at risk,” said Ben McCabe, founder and CEO of Bloom Finance, in a statement. Bloom Finance is a Canadian company that helps homeowners access home equity in retirement.
“We’ve received many calls from seniors who are unsure if requests for money are legitimate, and in several cases we’ve been able to intervene before funds are lost.”
Fraud attempts widespread among older Canadians
The survey suggests many older Canadians have already encountered scam attempts.
According to the findings from Bloom, 87% of Canadians aged 55 and older say they have received suspicious calls, emails, texts or letters in the past five years.
Impersonation scams appear particularly common. About one in three respondents reported encountering scammers posing as trusted organizations, such as banks, government agencies or service providers.
The survey also found 22% of seniors say they have received direct requests for money or personal information from strangers, while 20% report unauthorized charges or withdrawals from financial accounts.
For Canadians nearing or living in retirement, the potential financial impact can be significant. Nearly 31% of respondents said losing $10,000 or less would significantly affect their retirement plans, underscoring the risks of fraud later in life when there may be less time to recover financially.
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Women reported slightly higher levels of concern about fraud than men. About 18% of women surveyed said they feel “very at risk,” compared with 11% of men.
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Scams evolving alongside technology and the news cycle
Separately, new research from Interac suggests that fraud tactics are also evolving rapidly, making scams harder to recognize.
According to a recent survey, 79% of Canadians believe artificial intelligence is enabling fraudsters to create more convincing scams, including phishing messages, voice impersonation and deepfake content.
The survey also suggests scammers are increasingly tying fraud attempts to current events and economic pressures. In the past six months, 58% of Canadians reported encountering scams linked to tariffs or cross-border trade disruptions, such as messages about delayed packages or customs fees.
Fraudsters are also exploiting cost-of-living concerns. About 24% of Canadians say they have seen scams referencing rising expenses, including overdue bill notices, threats of utility shutoffs or offers of government financial assistance.
As these tactics become more sophisticated, traditional warning signs may become less reliable. The Interac survey found 66% of Canadians believe common indicators such as spelling mistakes or poor formatting are no longer dependable signals of fraud.
Despite growing awareness, many Canadians remain unsure about their ability to fully protect themselves. According to Interact, only 31% of respondents said they believe their current fraud prevention practices are sufficient, suggesting concerns about financial scams are likely to remain high as fraud tactics continue to evolve.
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Steven Brennan is a freelance finance writer based in Vancouver, BC. He holds a BA and an MA from Maynooth University, Ireland. His work regularly appears at Canadian Mortgage Trends, Lowest Rates, Loans Canada and other Canadian and US brands, while also working as a ghostwriter for financial influencers.
