How many Seniors know who they are giving their Money To?

Seniors lose more money to fraud than any other group

Saskatchewan has seen a rise in fraudulent activities directed towards seniors, which has prompted the The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) to launch an seniors educational awareness campaign on how they can best protect themselves from financial scams and frauds.

“As financial abuse affects many seniors in Canada, we want to protect seniors by providing information and resources that will help them identify and avoid exploitation,” FCAA Securities Division Director Dean Murrison said.  “Seniors can protect their money by understanding the warning signs of financial fraud and by being cautious when speaking to people on the phone they do not know.”

In some cases, seniors end up losing money by giving out their credit card or banking information to fraudsters or occasionally dishonest family members.

Here are some red flags and preventative tips to help avoid exploitation:

• If you receive “prize offers” without engaging or enrolling with the business offering the prize, do not reply to them.
• If someone emails, texts, or calls asking for personal or banking information, do not provide the information.
• If a stranger sends you a cheque, do not accept it as the cheque may bounce after you deposit it.
• If you receive an email with an attachment from people you do not know, do not open or download the attachments.

Seniors are encouraged to contact the Office of Consumers if they feel they are the victims of scam. Financial and Consumer Affairs Authority of Saskatchewan Phone: 306-787-5567 Email: stephanie.wilkinson@gov.sk.ca

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