No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Friday, October 24, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Market Research Money

Canadian seniors, watch out for these scams

by TheAdviserMagazine
7 months ago
in Money
Reading Time: 3 mins read
A A
Canadian seniors, watch out for these scams
Share on FacebookShare on TwitterShare on LInkedIn


“The scheme targets highly vulnerable home-owning seniors and often starts with exploitative, unfair door-to-door sales contracts financed by high-interest loans that are secured with NOSIs or private mortgages.”

These scams often follow a similar pattern: elderly home owners are duped into signing unfair door-to-door home service contracts for products and services they do not need and can’t afford. These are grossly overpriced and provide little or no value. The home owner may be approached by a “groomer,” who makes repeated visits and falsely promises to get them out of these unfair contracts free of charge. They may receive false promises of “rebates” if they sign documents that can pay for “free” renovations. The home owner later discovers a private mortgage has been placed on their home with unfair terms including interest rates as high as 25%. There could also be high brokerage, referral and lenders’ fees, as well as pre-payment of interest for a full one-year term (making the mortgage difficult to discover until it becomes due). Given how unaffordable these are for seniors on modest pensions, they often default on the mortgage payments and are served with legal proceedings to sell or foreclose on their home. 

Which seniors are being targeted for fraud in Canada?

An eye-opening link on the huge extent and variety of fraud is available at the Canadian Anti-Fraud Centre. It reports that almost 64,000 frauds in 2023 affecting almost 40,000 victims, and almost 11,000 more in the first quarter of 2024 with 7,900 victims. The site lists scores of scams alphabetically, ranging from duct cleaning to fake business proposals, foreign lotteries, holiday scams, initial coin offerings for crypto products (ICOs), sextortion and much more. 

The Toronto Police Service (TPS) says these crimes are now so widespread that scams targeted at seniors are now “the crime of the 21st century.” It covers the aforementioned romance and grandparent scams and also warns about home renovation scams, where the “sole intention of the fraudster is to get a signature on a contract, do little, poor or no work and take as much money” as possible.

To avoid being duped, TPS urges seniors to never allow strangers to enter their homes (via internet, phone or door) and take information about them and/or their assets. Read contracts carefully and never sign contracts with any blank lines, as someone may later add clauses that will harm you. Shred bank statements, financial records or receipts with credit-card numbers on them. To report a crime anonymously, call Crime Stoppers at: 1-800-222-8477 (TIPS) or report it online at: www.222tips.com.

Photo by kat wilcox

GetCyberSafe.ca bills itself as a “national public awareness campaign” to help Canadians protect themselves online. It includes a Get Cyber Safe Checkup created by the Government of Canada. The Get Cyber Safe campaign was launched in 2011 by Public Safety Canada as part of Canada’s National Cyber Security Strategy. According to its media relations, the campaign became the responsibility of the Communications Security Establishment Canada (CSE) in 2018 after an update to the National Cyber Security Strategy and the creation of the Canadian Centre for Cyber Security (Cyber Centre) within CSE. It also works closely with Canada’s international Five Eyes partners (U.S., U.K., Australia and New Zealand) on all matters relating to cyber security to help build a global cyber-security culture.

The Cyber Centre says you should have a unique password for every account you have, which can be made easier by using a password manager, an app that stores and manages online credentials as well as generates passwords. It also suggests using sentence-like passphrases, not just passwords. If available, you should use multi-factor authentication app or texts. Check the privacy settings. Usually it’s a feature you can just turn on.

The Cyber Centre also recommends backing up your data at least once a week. It suggests familiarizing yourself with the aforementioned Canadian Anti-Fraud Centre (CAFC), which is a joint project of the Royal Canadian Mounted Police (RCMP), the federal Competition Bureau and the Ontario Provincial Police. The site allows you to browse the major scams in circulation, tips on protecting yourself, what to do if you’re a victim and how to report a fraud.



Source link

Tags: CanadianscamsseniorsWatch
ShareTweetShare
Previous Post

*HOT* GearLight LED Headlamps (2 pack) only $11.99 {Over 32K 5-Star Reviews!}

Next Post

How to find trustworthy finfluencers—plus, 5 to follow right now

Related Posts

edit post
Polyamory’s Secret Money Traps: How Multiple Partners Could Cost You Thousands (And How to Avoid Them)

Polyamory’s Secret Money Traps: How Multiple Partners Could Cost You Thousands (And How to Avoid Them)

by TheAdviserMagazine
October 23, 2025
0

Image source: Shutterstock. Love triangle on a couch, not thinking about money. Reporting on the subject of alternative relationships suggests...

edit post
Retired and Lost: 12 Things Retirees Can Do to Ease Loneliness and Cut Real Health Risks

Retired and Lost: 12 Things Retirees Can Do to Ease Loneliness and Cut Real Health Risks

by TheAdviserMagazine
October 23, 2025
0

Image Source: Shutterstock Retirement promises freedom, but many older adults are surprised by the quiet that follows. Without daily work...

edit post
WEP/GPO Repealed—Now What? 6 Steps for Teachers, Firefighters, and Public Workers to Recheck Benefits in 2025

WEP/GPO Repealed—Now What? 6 Steps for Teachers, Firefighters, and Public Workers to Recheck Benefits in 2025

by TheAdviserMagazine
October 23, 2025
0

Image Source: ShutterstockFor decades, the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) reduced or eliminated Social Security benefits...

edit post
7 Overlooked Pairings of VA + Medicare That Slash Out-of-Pocket Costs

7 Overlooked Pairings of VA + Medicare That Slash Out-of-Pocket Costs

by TheAdviserMagazine
October 23, 2025
0

Image Source: ShutterstockMany veterans assume that having VA health benefits means they don’t need Medicare—but that’s a costly misunderstanding. While...

edit post
Stock news for investors: Iamgold expands, Teck advances merger talks, and Wealthsimple hits 0B milestone

Stock news for investors: Iamgold expands, Teck advances merger talks, and Wealthsimple hits $100B milestone

by TheAdviserMagazine
October 23, 2025
0

Under the transaction, Northern Superior’s shareholders will receive 0.0991 of an Iamgold share and 19 cents in cash for each...

edit post
20 of the Best Job Search Sites for Finding Work

20 of the Best Job Search Sites for Finding Work

by TheAdviserMagazine
October 23, 2025
0

Evgeny Atamanenko / Shutterstock.comSearching for a job online can quickly become overwhelming. With the high number of job boards and...

Next Post
edit post
How to find trustworthy finfluencers—plus, 5 to follow right now

How to find trustworthy finfluencers—plus, 5 to follow right now

edit post
“Can I get scammed through an e-transfer?”—and other questions about protecting yourself from fraud

“Can I get scammed through an e-transfer?”—and other questions about protecting yourself from fraud

  • Trending
  • Comments
  • Latest
edit post
77-year-old popular furniture retailer closes store locations

77-year-old popular furniture retailer closes store locations

October 18, 2025
edit post
Pennsylvania House of Representatives Rejects Update to Child Custody Laws

Pennsylvania House of Representatives Rejects Update to Child Custody Laws

October 7, 2025
edit post
What to Do When a Loved One Dies in North Carolina

What to Do When a Loved One Dies in North Carolina

October 8, 2025
edit post
Probate vs. Non-Probate Assets: What’s the Difference?

Probate vs. Non-Probate Assets: What’s the Difference?

October 17, 2025
edit post
California Attorney Pleads Guilty For Role In 2M Ponzi Scheme

California Attorney Pleads Guilty For Role In $912M Ponzi Scheme

October 15, 2025
edit post
Baby Boomers Are Flocking to This Florida Town — but Not for the Weather

Baby Boomers Are Flocking to This Florida Town — but Not for the Weather

October 9, 2025
edit post
What to know about Ireland’s election as the country votes for a new president

What to know about Ireland’s election as the country votes for a new president

0
edit post
Trump shutting down trade talks with Canada could give Beijing another advantage

Trump shutting down trade talks with Canada could give Beijing another advantage

0
edit post
As Altria (MO) gears up for its Q3 2025 earnings, a few points to note

As Altria (MO) gears up for its Q3 2025 earnings, a few points to note

0
edit post
2025 List Of All 177 Financial Sector Stocks From Big Sector ETFs

2025 List Of All 177 Financial Sector Stocks From Big Sector ETFs

0
edit post
The Myth of the “Robber Barons”: James Hill versus the Crony Competitors

The Myth of the “Robber Barons”: James Hill versus the Crony Competitors

0
edit post
Five airlines to resume Israel flights next week

Five airlines to resume Israel flights next week

0
edit post
The Myth of the “Robber Barons”: James Hill versus the Crony Competitors

The Myth of the “Robber Barons”: James Hill versus the Crony Competitors

October 24, 2025
edit post
If tokenized gold is just a “trust-me-bro” IOU, what’s really on-chain?

If tokenized gold is just a “trust-me-bro” IOU, what’s really on-chain?

October 24, 2025
edit post
Trump shutting down trade talks with Canada could give Beijing another advantage

Trump shutting down trade talks with Canada could give Beijing another advantage

October 24, 2025
edit post
Paytm and Vedanta emerge as top buys amid sectoral rotation and profit booking: CA Rudramurthy BV

Paytm and Vedanta emerge as top buys amid sectoral rotation and profit booking: CA Rudramurthy BV

October 24, 2025
edit post
Comprehensive Sodium-Ion Battery Market Analysis: Demand Forecast

Comprehensive Sodium-Ion Battery Market Analysis: Demand Forecast

October 24, 2025
edit post
Alnylam Pharmaceuticals – ALNY: Volkskrankheit Bluthochdruck im Visier!

Alnylam Pharmaceuticals – ALNY: Volkskrankheit Bluthochdruck im Visier!

October 24, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • The Myth of the “Robber Barons”: James Hill versus the Crony Competitors
  • If tokenized gold is just a “trust-me-bro” IOU, what’s really on-chain?
  • Trump shutting down trade talks with Canada could give Beijing another advantage
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.