Submitted by nsscadmin on
Nova Scotia’s population is aging at a rapid pace. In the last census held in 2021, it was found that 22.2 percent of Nova Scotia’s population is 65 years of age or older. That percentage has only increased since then.
With the province’s aging population, older adults are a prime target of fraudsters. It doesn’t matter if they are wealthy or low income, they are targets for fraudsters and scammers. Wealthy older adults are targeted because scam artists know they are sitting on a large nest egg which can be exploited. Low-income older adults are targeted by scam artists who prey on their fears that they do not have enough money saved to retire comfortably. These vulnerabilities make them targets for scam artists promoting high return-low risk investments.
Some of the common ways that older adults are targeted by fraudsters and scammers include:
Unregistered advisers or unregistered investments
There are also some common tactics used by scam artists when they target older investors. Some of these include:
Guaranteed high returns for low risk
If someone offering you an investment opportunity is guaranteeing high returns, it is a major red flag. No one can guarantee returns, as all investment have some form of risk. If they are offering high returns with low risk, it’s an even bigger red flag. The chance of higher returns always increases risk. You can’t have high returns without the risk increasing as well.
This is a unique opportunity
Don’t be fooled by someone trying to talk you into an investment by telling you that you are among a select few people that have been included in this opportunity.
Don’t tell anyone else
If an investment opportunity is ‘confidential information’ that’s another red flag. This secret information isn’t verifiable because it’s almost always fake. This can also be used to try and stop an older person from getting independent help or advice regarding the investment offer.
This is a limited time offer
Scam artists want to separate victims from their money as quickly as possible. What better way then by telling them an investment opportunity has a time limit? Don’t let a scam artist play upon your fear of missing out to get you to hand over your money without properly thinking it over.
Retire comfortably and leave something behind for your family
Scam artists targeting older adults often play upon their fear of running out of money in retirement. They also play on people’s desire to help their family. With many older persons helping support their children, this has become even more prevalent. Don’t let a scam artist use your emotions against you and talk you into investing in a fraud.