One-third of Albertans more than 55 years old believe they have been approached with a potential fraud through someone they know, according to the Alberta Securities Commission which has launched a month-long senior outreach campaign across Alberta in recognition of Seniors Month (June) and World Elder Abuse Day (June 15, 2020) to highlight the importance of financial knowledge for seniors.
“These findings are concerning considering the impact of the COVID-19 pandemic on Albertans, especially our seniors who are isolated or cut off from support groups,” said Hilary McMeekin, Director, Communications and Investor Education, Alberta Securities Commission, in a news release. “Scam artists exploit the fear, uncertainty and vulnerability that comes from volatility in the markets, the potential for lost retirement savings and social isolation. We are focused on providing seniors, their families and friends with the tools to protect themselves and build their knowledge around investments.”
Phone calls from strangers (22 per cent) or email spam (23 per cent) are other ways that Albertans 55+ believe they have been approached with a fraudulent investment, said the ASC.
The organization said further study data on financial abuse and fraud, as it pertains to Albertans aged 55+, showed that:
- Over 70 per cent feel confident in protecting themselves from investment fraud, however more than one in five acknowledge they have signed investment documents without fully understanding what they mean;
- Many struggle with identifying the red flags of investment fraud:
- Only one in eight (12 per cent) were aware that the introduction to an investment through a personal connection could be a concern.
- Less than one in five (18 per cent) were able to specifically identify that a tax-free investment is a potential red flag; and
- One in eight (12 per cent) do not have any savings or investments set aside for the future.
Resources can be found at the CheckFirst.ca/seniors website
