June 15, 2018

Helping Seniors Protect Their Hard Earned Money

The Financial and Consumer Affairs Authority (FCAA) wants to protect seniors from financial exploitation and fraud.

“We know seniors are trusting, often have accumulated wealth, and tend not to report crimes, which makes them a target for fraudsters or exploitive relatives who want to take advantage of them,” FCAA Securities Division Director Dean Murrison said.  “We want seniors to know the warning signs of financial abuse so they can recognize when someone is targeting them, as well as preventative steps they can take to protect themselves and their finances.”

Too frequently people provide personal information such as credit card numbers, banking information or PINs to people they do not know and end up losing money to fraudsters or unethical relatives.

Here are some tips for seniors so they can protect themselves from exploitation and fraud:

  • Be very cautious when speaking to people on the phone if you do not know them.
  • If someone emails, texts or calls asking for personal or banking information, do not provide the information.
  • Never wire money to a stranger.
  • Do not download email attachments from people you don’t know.

Seniors, relatives and caregivers, can visit www.fcaa.gov.sk.ca/financial-literacy/seniors/senior-financial-abuse to find out more information about preventative steps, red flags and who to contact.