CIRO warns seniors of scams

TORONTO  – To help raise awareness for World Elder Abuse Awareness Day, June 15, the Canadian Investment Regulatory Organization (CIRO), issued a warning against scams targetting seniors.

CIRO enforcement data reveals that approximately 30 per cent of all CIRO case assessment files involve seniors.

According to CIRO’s 2024 Investor Survey, approximately one in five Canadians have been approached with a possible investment fraud.

To avoid being fooled by fraud and scams targeting seniors, CIRO’s Office of the Investor offers the following tips.

Fraud prevention tips

When receiving text messages, emails, or direct messages on social platforms from unknown contacts, stop and think before you click.

Keep financial and personal information in a safe place and protect the information, keeping it private.

Get legal advice before signing documents that involve major decisions involving your home or other assets.

Be cautious about opening a joint bank account as the other person / people can withdraw funds without asking.

Keep records of any money you give away – noting whether it is a loan or a gift.

Have a Power of Attorney. Choose someone you trust to look after you, so that if you are ill or unable to look after yourself, your finances will be protected from others who may try to take advantage;

Name a Trusted Contact Person with your financial advisor.