So you think you’re too smart to fall for a scam – think again. It happens everyday to smart people just like you!
From investment fraud to relationship and romance scams to phishing and identity fraud, scammers are getting increasingly sophisticated and finding new ways and tactics to deceive Canadians of all ages. 43% of Canadians have been scammed, according to Ipsos research.
“These criminals are professional, persuasive and relentless. Fraud can happen to anyone,” says Jeff Horncastle, of the Canadian Anti-Fraud Centre (CAFC).
Unfortunately, fraud against seniors is huge and a growing menace – it exploits technology and targets senior’s trust. Preying on emotional vulnerabilities, isolation, lack of tech savviness and accessible savings, millions are lost annually.
Canadians lost more than $638 million to fraud last year! Romance scams in particular cost victims $58 million in 2024. In the first three months of this year, victims have lost $18.5 million to romance scammers. They create fake profiles on dating sites or social media to build relationships and then ask for money for emergencies or investments.
Global News recently reported on a Calgary woman who was looking for love online and not only ended up heartbroken, but pretty well broke – the 75 year old lost $800,000 in an online romance scam.
Scammers Steal Your Heart And Money
“I have nothing left, except what’s in my (Registered Retirement Income Fund). I’m devastated by it… absolutely devastated,” Barbara Grant, a savvy and successful senior, told globalnews.ca, bravely sharing her story in an effort to warn others.
Romance scammers tell all sorts of lies to steal your heart and your money – it’s the second most popular scam, just behind investment fraud, and it’s a scary virtual reality for many people.
The love scam: A job abroad, a sudden crisis and then requests for money. They’ll profess their deep love to you – but can’t meet up. Ever. Then there’s an emergency requiring an immediate money transfer or investment opportunity.
Shawna Nelson, a Calgary senior, lost hundreds of thousands to a man she never met, reports CBC news. The 63 year old who was scammed out of $380,000 over the course of several years to a man named Gilbert. “When he kept asking for more money and more money, I’m going, ‘What is this all for? Like, I’ve given you enough already. And he always came up with an excuse,” she told CBC.
“It was devastating. People say, well, you shouldn’t be so dumb to let somebody do that to you. But it happens,” Nelson told cbc.ca.
Fraudsters Prey On Loneliness
These scammers are master manipulators who prey on loneliness and isolation. They love bomb with affirmations, compliments and declarations of happy ever afters. Fraud can happen to anyone – and does!
CAFC gets hundreds of fraud reports daily. In the first three months of 2025, close to 13,000 reports have been made to the centre with an estimated $163 million lost. “We estimate that only 5-10% of victims report fraud to the CAFC,” says Horncastle. “Many victims feel embarrassed, ashamed or fear being judged. Others may not even realize they’ve been defrauded, or they assume there’s nothing that can be done.”
Awareness and education are more critical in the fight against fraud than ever, says Horncastle, adding it’s extremely important for victims to report the fraud to their local police and the CAFC.
Stay Safe And Scam-savvy
A recent Scotiabank survey found that nearly 9 in 10 Canadians have been targeted by fraud.
Talking to loved ones about scams is the first step in keeping them safe and scam-savvy. Scotiabank recommends creating a fraud awareness plan including setting up secret codewords, not sharing personal or sensitive information online, and protecting devices with two-factor authentication on your accounts.
If you suspect a loved one is being scammed, approach them with kindness and empathy. Be nonjudgmental. Ask simple questions that will hopefully raise doubts in their mind, like “How come we haven’t met them?” and “How do you know their true identity?” Present similar stories online.
Reassure them that there’s no shame in trusting others and getting scammed can happen to anyone. Seek help together.
- Contact their bank or credit card company immediately.
- Report the scam to the Canadian Anti-Fraud Centre (CAFC) at 1-888-495-8501 or online at antifraudcentre-centreantifraude.ca.
- Contact your local police.
Protect Yourself And Your Money
Unfortunately as we age, our risks of being scammed increase. Protect yourself and your money with these tips from McMaster Optimal Aging Portal:
- Never give out personal information over the phone, email, or online unless you initiate the contact.
- Be suspicious of unsolicited calls, emails, or mail.
- Don’t be pressured to make quick decisions. Take your time and consult with someone you trust.
- Verify the identity of anyone who contacts you claiming to be from a government agency, bank, or other organization.
- Don’t click on links or attachments in emails from unknown senders.
- Keep your computer and software up to date with security patches.
- Shred documents containing personal information before discarding them.
- Monitor your bank accounts and credit card statements regularly.
