March is Fraud Prevention Month in Canada and with an increase in reported fraud cases targeting older adults, it’s important to share tips to help protect them from becoming a victim.

Statistics show seniors are targeted more often than any other segment of the community. Senior fraud can take place with a phone call, text message, email, or in-person at the door. Far too often there are reports that an individual has been taken advantage of and has been defrauded out of large sums of money.

These types of frauds often target emotions and can involve a situation where a loved one is in trouble and needs money or valuables need to be saved. The situation is presented as time-sensitive where the victim is required to act before thinking things through or having time to consult someone for advice.

Fraud Prevention Tips

To help avoid this type of scam, here are four tips to share with the important people in your life:

1. Breathe
• Do not panic or act immediately when you’re faced with an urgent request or a stressful situation

2. Take A Moment
• Always take the time to consult with a trusted person when you are asked for money, gift cards, or other valuable items to be purchased and/or sent

3. Trust Your Gut
• If the situation or offer seems to be unrealistic or unbelievable (or too good to be true), it likely is. Your first instinct is usually correct

4. Share With Others
• If faced with a scam situation, share your experience with others to help them out and reinforce the message to take the time and think about what is going on

It is also important to remind the people in your life that it is okay to stop communications with a potential scammer. Tell them that they can hang up the phone or close the door if they feel uncomfortable, and to give a trusted person a call. This is often the best way to prevent a fraudulent situation from becoming a loss.

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