June is Seniors Month in Ontario and the 2023 theme is “Working for Seniors.” The OPP would like to raise awareness about frauds that target Ontario seniors, who have spent their entire life saving funds for their golden years. The OPP asks that we work collectively at sharing important fraud prevention tips with seniors in your life. In 2022, the Canadian Anti-Fraud Centre (CAFC) received fraud reports totalling a staggering $531 million in victim losses. A devastating $138 million (26%) in losses were reported by senior victims. According to the CAFC, seniors lose on average 33% more than other demographics. It is estimated that only 5-10% of victims report scams and frauds to the CAFC or law enforcement.
According to the CAFC, in 2022, the top frauds affecting seniors were:
Investment frauds represented $79.1 million in reported losses in 2022. Ontario victims reported losing over $36.5 million.
Romance frauds represented $19.5 million in reported losses in 2022. Ontario victims reported losing over $8.8 million.
Service scams represented $8.5 million in reported losses in 2022. Ontario victims reported losing over $6 million.
Extortion frauds represented $7.7 million in reported losses in 2022. Ontario victims reported losing over $542,000.
Emergency-Grandparent scams represented $7.1 million in reported losses in 2022. Ontario victims reported losing over $4.3 million.
written by: C. Soares