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First observed by the United Nations in 2012, World Elder Abuse Awareness Day (WEAAD) recognizes that nearly every country across the globe is experiencing a substantial growth in the number of older persons. With the population of older persons increasing, it unfortunately leads to an increase in the amount of elder abuse.
Nova Scotia’s population is getting older at an alarming rate. In the latest census conducted in 2021, Nova Scotia was found to have one of the oldest populations in Canada. The number of people aged 65 and over (215,325 or 22.2%) has eclipsed the population of those in the province aged 14 and under (136,710 or 14.1%).
Are you or someone you care about a victim of financial abuse? Are you an older person that may be vulnerable to financial abuse? If any of the following applies to you or to an older person you care about, you or the older person may be vulnerable to financial abuse, or may already be a victim of financial abuse:
- I find my bills confusing, making them difficult to pay.
- I don’t feel confident making big financial decisions alone.
- I don’t understand financial decisions that someone else is making for me.
- I give loans or gifts to family or friends I can’t afford.
- Members of my family, or others around me, are pressuring me to give them money.
- Someone is accessing my accounts without my permission.
- Money appears to be missing from my accounts.
Learn more about financial elder abuse by reading our blog posts:
- What is financial elder abuse?
- How do I know if someone is vulnerable to financial elder abuse?
- What are the warning signs of financial elder abuse?
- How do I help someone that may be a victim of financial elder abuse?
- Protect yourself from financial elder abuse
- Protect your loved ones from financial elder abuse
For more information on financial elder abuse, watch our 'What does financial elder abuse look like? video series,' our special three-part financial elder abuse video series, and visit our Investing Information for Seniors webpage.
June 21 – Targeting Older Adults with Investment Fraud
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.