The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) wants to educate family members and caregivers on how to protect seniors from financial scams and frauds.
“As financial abuse affects many seniors in Canada, we want to provide information and resources that will help family members and caregivers identify and avoid exploitation of their loved ones,” the FCAA Securities Division Director Dean Murrison said.“Senior financial abuse is not always easy to recognize. It’s important that family members and caregivers stay actively involved in a senior’s day-to-day life and tell them to call someone they trust before making any financial decisions.”
Here are some red flags that may indicate a senior is being targeted by a fraudster:
- A senior starts talking about a new “friend” and their helpful financial advice.
- A new friend, relative, or caregiver starts conducting financial transactions on behalf of the senior without proper authorization or through an unexpected power of attorney.
- The senior expresses excitement over a financial windfall or prize cheque.
- Noticeable changes in banking habits, such as NSF (non-sufficient funds) activity or inconsistent transactions.
- They withdraw large sums of money from their bank accounts.
- Suspicious signatures on cheques.
- Behavioral changes such as depression, fear and/or memory loss.
Here are some steps you can take to protect a loved one from financial scams and frauds:
- Tell them not to give out personal or banking information if someone emails, texts or calls asking for it.
- Make sure antivirus software is installed and up-to-date on their computer.
- Tell them not to reply to sweepstake offers and unsolicited mail.
- Stay actively involved in their day-to-day life and ask what happened during their day.
- Tell them to call you or someone they trust before they make a financial decision.
For more information about senior financial abuse visit the FCAA's website.
