Fraud is increasingly affecting Canadians, and seniors are among the most vulnerable. These scams can devastate not just a person’s finances, but a their sense of security and trust as well. In 2024, Canadians lost over $638 million to fraud, according to the Canadian Anti‑Fraud Centre (CAFC) (1). Families across the country are sharing painful stories of loved ones who have been deceived, highlighting the importance of support, awareness and open conversations.
In Victoria, 89-year-old Ray Anholt lost nearly $1.7 million over six months after scammers posing as bank investigators convinced him to withdraw funds from CIBC and RBC. According to his daughter Jill Anholt, “They watched this 89-year-old man pull out every cent.” The scam included forged government letters, spoofed phone calls and couriers collecting cash and gold. By the time the fraud was discovered, Anholt’s accounts were empty.
Don’t Miss
- Want to retire with an extra $1.3M? See how Dave Ramsey’s viral 7-step plan helps millions kill debt and build wealth — and how you can too
- The Canadian economy shrank in Q2 2025 — protect your wallet with these 6 essential money moves (most of which you can complete in just minutes)
- Boomers are out of luck: Robert Kiyosaki warns that the ‘biggest crash in history is coming’ — here’s his strategy to get rich before things get worse
Similar heartbreaking stories have emerged across Canada. Last month, Ontario seniors collectively lost more than $1 million after a scam that began with a pop-up warning on their computer. A Brantford couple in their 70s were told their accounts had been hacked and linked to criminal activity. Over five months, scammers convinced them to purchase $900,000 in gold and $101,990 in bitcoin.
Despite warnings from both their financial advisor and bank, they followed the instructions. “Oh, we’re devastated,” the man told CP24 (2). “It sounds very foolish that somebody would do something like this, but it was the trust that was built up over five months, which convinced us it must be legitimate.”
Anthony Quinn, president of the Canadian Association of Retired Persons, told CP24, “Every day Canadians are losing their life savings. Canadian banks should be doing more to set up an infrastructure to protect seniors so they don’t fall prey to these criminals.”
Start the conversation early
Experts say prevention begins at home. Talk to your parents and grandparents about fraud before it happens. Older adults are often targeted because they may be less familiar with digital technology, more trusting of authority figures and in some cases, experience age-related changes in memory or cognition that can make it harder to spot manipulation. Many also grew up in an era when financial and government institutions were seen as unquestionably reliable — something scammers exploit.
Additionally, explain common tactics, such as callers posing as bank or government officials, urgent demands to move money or promises of large rewards. Use clear examples from recent cases. Jill Anholt said, “He and his generation believe in authority. If someone in power asks them to do something, they feel they should do it.” Highlighting real stories can help seniors understand the stakes without feeling patronized.
Read more: Are you drowning in debt? Here are 3 simple strategies to help crush your balance to $0 in no time
Practical tips for approaching stubborn loved ones
Many adults resist advice, fearing they’ll lose independence or appear incompetent. Experts suggest framing conversations around care, not control. Offer to review financial statements together, set up alerts for unusual transactions, or help them recognize legitimate communication from banks.
It can help to introduce a trusted third party, like a family financial advisor or community elder support program. The Canadian Anti-Fraud Centre offers resources and guidance on spotting scams, while local seniors centres often provide workshops on financial safety.
What to do if prevention fails
Even with warnings, scams can still succeed. Families often feel powerless when a loved one falls victim. Adult children cannot usually access a parent’s bank accounts without consent, but they can encourage reporting and provide support. Report the fraud immediately to the bank, local police and the Canadian Anti-Fraud Centre.
If funds are lost, ask about fraud recovery programs and legal recourse. Banks have procedures for reimbursing victims, though success depends on timing and documentation. “The government should be stepping in immediately and taking quick action to protect customers,” Duff Conacher, co-founder of Democracy Watch, said in an interview with CBC.
Service-focused support matters
Beyond financial advice, practical support can reduce stress and prevent future scams. Services that offer transportation, in-home help or digital literacy training for seniors can make it easier to manage finances safely. Community organizations across Canada run workshops and one-on-one sessions designed to help older adults stay secure online and in person.
For families, vigilance, patience and open communication are key. Sharing stories like the Anholts’ or the Brantford couple’s may feel uncomfortable, but it can save someone else from losing their life savings. As Jill Anholt said, “I think that it’s very brave of him to tell this story.”
What To Read Next
- Here are 5 expenses that Canadians (almost) always overpay for — and very quickly regret. How many are hurting you?
- Ray Dalio just raised a red flag for Americans who ‘care’ about their money — here’s why Canadians should limit their exposure to U.S. investments
- I’m almost 50 and don’t have enough retirement savings. What should I do? Don’t panic. Here are 6 solid ways you can catch up
- Here are the top 7 habits of ‘quietly wealthy’ Canadians. How many do you follow?
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Canada.ca (1); CP24 (2); CBC (3)
This article originally appeared on Money.ca under the title: PSA: Talk to your parents and grandparents about fraud
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.