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FCAA provides tips to protect seniors on World Elder Abuse Awareness Day

Seniors may be vulnerable to financial exploitation by fraudsters
senior upset or confused stock image
A senior looking upset

June 15 is World Elder Abuse Awareness Day and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) wants people to be aware of potential financial scams and frauds targeting seniors.

The FCAA notes that, while every demographic is susceptible to fraud, seniors may be particularly vulnerable to financial exploitation by fraudsters and even unethical family members. This may be due, in part, to social isolation and seniors trusting others.

"Senior financial abuse is one of the most common forms of senior abuse in Canada," FCAA securities division executive director Dean Murrison said. "Seniors need to be aware of common red flags, and who to trust and involve in financial decisions. It is often difficult for family, friends, and caretakers to recognize when a senior is being financially abused."

The FCAA has provided the following red flags and tips to protect seniors from exploitation:

  • be wary if you are informed you have received a prize offer without engaging or enrolling with the business offering the prize;
  • do not provide personal or banking information to someone over the phone or through email or text messages;
  • if someone sends you a cheque and asks you to deposit and wire a specific amount of money, do not cash the cheque;
  • do not open or download attachments if you receive an email from someone you do not know; and
  • be cautious of someone offering to help you with your financial decisions, especially if they contacted you unexpectedly. 

If a senior has faced financial exploitation or if fraud has occurred, contact your local police, the Canadian Anti-Fraud Centre, and the Securities Division of the FCAA at 306-787-5936 or enforcementfcaasd@gov.sk.ca.

More information about senior financial abuse and tips for family members and caregivers is available online.  

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