Scammers want your retirement—here’s how to protect yourself

Don’t let fraudsters steal your retirement. Learn how to spot red flags early, and what to do if you think you’ve been had.

Fraud in Canada is rising

Scamming is big business in Canada. The Canadian Anti-Fraud Centre (CAC) received 112,000 reports in 2025 alone, representing more than $704 million in losses. This is up significantly from the $638 million lost in 2024, which in turn was an increase from the previous year’s loss of $578 million.

Of course, financial loss is only one way to measure impact. When people are scammed, they may experience worsened mental health or emotional damage. According to Psychology Today, feelings of humiliation, shame, frustration and worry are common, and some might feel that the experience is evidence of their cognitive decline. 

Some types of fraud, such as so-called “romance scams”, work by manipulating the target’s emotions and can deteriorate a person’s self-worth or confidence in their judgement.

Fraud is nothing new, and scammers are known for leveraging new media and technologies quickly. Artificial intelligence (AI) is a giant leap forward for cyber criminals because of its ability to produce likenesses, voices, or written content that’s extremely difficult to distinguish from the real thing. 

Canadian seniors are at risk of financial fraud

Seniors aren’t the only ones being scammed, but according to new research, those 55 years and older experience high levels of vulnerability. In fact, two-thirds of Canadians in this age bracket reported feeling at least moderately at risk of financial fraud.

The data backs up their fears. A third have experienced an impersonation scam, where someone poses as a trusted contact like a bank or service provider. One in five (20%) reported unauthorized withdrawals or charges on accounts.

“Financial fraud is becoming increasingly common, and seniors are unfortunately among those most at risk,” Ben McCabe, Founder and CEO of Bloom Finance, said in a press release.

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Financial loss is difficult at any age, but for those nearing retirement, the consequences can be severe. In fact, 31% said that a loss of just $10,000 “would significantly impact their retirement plans.”

Protecting yourself from fraud

Scammers are only after two things—your personal information and your assets—and they use the same tactics over and over again, no matter the medium. Here are top red flags to watch out for:

• High-pressure tactics or an inflated sense of urgency. Beware “one-day-only” deals or requests for an immediate action, especially when it comes to money. 
• Too-good-to-be-true offers. If you’re offered a large reward or prize in exchange for your information, walk away.
• Unsolicited requests for your personal information or for money. Treat any such requests with extreme caution, even if it appears to come from family or a friend.

Make fraud prevention part of your routine

Follow these best practices to keep scammers at bay.

• Slow down. If something feels rushed or “off,” verify it independently. Make a point of asking verification questions.
• Keep your personal information private, especially online. Use a password manager and enable two-factor authentication on your accounts. Update your privacy settings in apps and online.
• Add your phone numbers to the National Do Not Call List.
• Stay up to date on new scams by reviewing the Competition Bureau’s database. 
• Get a second opinion from a family member or confidante. 

What to do if you’re scammed

It’s important to remember that scams can happen to anyone—and probably will happen to everyone at one point or another. Taking action after being defrauded is hard enough without beating yourself up.  

The only way to try and recover losses is to report the fraud. Reporting also helps the authorities track and apprehend scammers. Take these steps:

1. Gather your documentation. This could include messages, receipts, voicemails, or any other materials that can help investigators prove what happened. 
2. Call your bank, investment broker, and the CRA. Let every financial institution know about the breach so they can secure your accounts. 
3. Call the police so they can write a report. You’ll get a case number that you can use to follow up.
4. Report to the Canadian Anti-Fraud Center. You can file a CAFC report online or by calling 1-888-495-8501.

You spent decades building your retirement, so don’t let a scammer take it in minutes. Talk to the people you trust, walk away from red flags, and don’t be embarrassed to ask questions before handing over money or personal information. 

Read more about fraud and scams:

• How to protect yourself from identity fraud in Canada
• AI-driven scams target borrowers: How to spot fraudulent lenders
• How to protect your passwords from fraud and identity theft

About Keph Senett

Keph Senett writes about personal finance through a community-building lens. She seeks to make clear and actionable knowledge available to everyone.