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Seniors are highly targeted for different types of scams each year. In a 2019 Government of Canada report, they shared that the top five forms of fraud among seniors were: extortion, service-tech support scams, phishing, personal information, and fake prizes.1
While scams are unfortunately common, there are ways you can protect yourself and your loved ones with these top fraud protection tips.
Identity theft
There are several ways to minimize identity theft, including the following:2
- Lock away sensitive documents: Items such as passports, licenses, Social Insurance Numbers (SINs) and important papers with private details when you are not using them.
- Avoid oversharing online: Never share personal or financial data online, especially on your social media accounts and keep your password and any information that serves as hints to your pre-set security questions private. Regularly check your privacy setting on social media sites and set your profiles to private.
- Minimize incoming mail: If a bank or creditor sends blank cheques or pre-qualified offers often, don’t let it pile up and inquire about decreasing the exposure of special offers. Think about getting your bank statements electronically (called eStatements) to cut down on your mail.
- When in doubt, ask: If you received a suspicious email, letter, text message or phone call, be sure to inquire further. For emails and phone calls, remember that Banks and government agencies will not ask for sensitive details. Never click on links or call numbers provided in emails, text messages, voicemails or letters from unknown senders. For example, if you received an email or phone call from someone claiming to be a Scotiabank representative, contact the Scotiabank's Security Centre for assistance. They will help you identify fraud as well as help fight any suspicious activity on your account.
Credit or debit card fraud
Credit card or debit card fraud is another form of identity theft. It is important to keep your financial PINs secret (don’t have them written down anywhere) and your cards in a secure spot when you aren’t using them. It is also essential to check your financial records often to spot suspicious charges right away. Getting monthly electronic statements (eStatements) is a great way for you to track all your charges. Along with checking your financial records, keep an eye on your credit score and/or report to see if there is a sudden, unexplainable change. Scotiabank Customers can check their credit score through the mobile banking app.
If you suspect that someone has gotten hold of your card or is using your card, contact your bank or creditor right away so they can freeze that card and prevent further unauthorized use.
Phone or door-to-door scams
No matter how pushy a person is on the phone or at your door, do not share sensitive personal or financial information with them. It might seem rude to hang up or close the door on someone, but it’s your right to protect your privacy. If you are getting a repeated number of calls or visits from people you suspect are scammers, you can contact your local authorities for help.
If possible, consider installing a camera doorbell or small camera by your front door so that you can see who is visiting without opening the door. You can also add your number to the National Do Not Call List3 to limit how many telemarketers call you.
Online and email scams
Online and email scams are easy for anyone to fall victim to, not just seniors. Here are a few safety guidelines to set up for yourself or loved one to avoid most of these scams:
- Don't click on email links: Any time you receive an email saying your account is having issues, you need to re-set your password, or your package wasn’t delivered don't click on the link in the email. If you have a real account with the company contacting you, sign into your account directly from a new browser window or via the app.
- Don’t open email attachments
- Never send money: No one should be asking you for money online. If a family member is really trying to contact you for financial help, this is something they will likely be able to do in a phone call where you can verify who they are and what they are asking for. If an online romantic interest asks for money, this is a red flag that this might be a romance scam.
- If it's too good to be true, it likely is: If you receive an email or online pop-up ad saying you’ve won a prize, money or a free vacation or have an inheritance awaiting you, it is very likely a scam. Mark these emails as junk and consider installing an ad blocker on your web browser to minimize the ads you are exposed to.
Fraud victims: what to do if you have been scammed?
If you or your loved one has been scammed, it is key to take immediate action. If you suspect you may have become involved in a scam, stop all contact immediately, and alert the proper authorities.
Provide your local police with as much information as possible and report the incident to Scotiabank at 1-800-4-SCOTIA (1-800-472-6842) and any other financial institution you may have a compromised account with. Immediately put a stop to any outstanding payments to the suspected scammer.
Additionally, file a report with the Canadian Anti-Fraud Centre. This can be done through their confidential online reporting system, or by calling 1-888-495-8501.
There are so many scams circling around, it can be hard to identify them. The best advice to keep in mind for any type of scam is to ask before acting. Ask someone you trust if they think a letter, phone call or email is legitimate.
