According to the Canadian Anti-Fraud Centre1, in 2023 there were over 62,000 reported fraud victims. Seniors in Canada are get bilked out of more than $500 million every year. It is estimated that as many as one in five seniors have lost money to fraudsters and most don’t report it.
Even though seniors today may be mentally sharper than ever, they are still the con artists’ favorite target because they generally have more disposable cash and are often more trusting.
Also, with our population living longer, there are more elders in their 80’s and 90’s who are vulnerable because they live alone, have a certain level of memory loss and can be confused or frightened by slick scammers.
Scam artists try their tricks on all age groups, but some of their cons they focus on seniors.