How to Protect Your Retirement from Scams

If you are 55 or older, take note: fraudsters are increasingly focusing on your age group. New research from Bloom Finance and Angus Reid shows that people in this bracket are frequently targeted — 87% reported receiving suspicious calls, emails, texts, or letters in the last five years. With Fraud Prevention Month underway, it’s a good time to learn how to recognize warning signs early and what steps to take if you suspect you’ve been targeted.

Protecting your savings and retirement requires knowing the common tactics scammers use and adopting reliable habits that reduce risk. Below is an updated, practical guide to the rising threat of fraud in Canada and concrete steps you can take to protect yourself.

Fraud in Canada is rising

Scamming has become an organized, profitable activity across Canada. The Canadian Anti-Fraud Centre (CAC) logged 112,000 reports in 2025, with losses exceeding $704 million. That figure rose from $638 million in 2024 and $578 million the year before, underlining a steady increase in both incidents and financial harm.

Financial loss is only one measure of harm. Scams can also cause serious emotional and mental health impacts. Sources such as Psychology Today note that victims often experience shame, humiliation, anxiety and loss of confidence. Some even worry the experience signals cognitive decline, which can worsen its psychological toll.

Certain frauds are designed to manipulate emotions. Romance scams, for example, exploit loneliness and trust and can leave victims feeling devastated and isolated. New technologies like artificial intelligence (AI) have made deception more convincing by enabling realistic voice, image and text impersonations.

Canadian seniors are at risk of financial fraud

While people of all ages are vulnerable, research shows Canadians aged 55 and up report a high level of exposure and concern. Two-thirds of Canadians in this group say they feel at least moderately at risk of financial fraud.

The statistics are telling: roughly one in three older Canadians has faced an impersonation scam where a caller or message pretends to be from a bank, government office or service provider. About 20% have experienced unauthorized withdrawals or account charges.

“Financial fraud is becoming increasingly common, and seniors are unfortunately among those most at risk,” said Ben McCabe, Founder and CEO of Bloom Finance, in a press release.

For those nearing or in retirement, even moderate losses can be devastating. In fact, nearly one-third of respondents said losing $10,000 would seriously affect their retirement plans. That highlights how crucial prevention and prompt action are for protecting long-term security.

Protecting yourself from fraud

Scammers typically seek two things: your personal information and access to your money. Their tactics repeat across phone, email, text and social media. Recognize these common red flags:

• High-pressure tactics or urgent deadlines. Beware messages demanding immediate action or claiming limited-time offers. Scammers create urgency to stop you from thinking or verifying.
• Offers that seem too good to be true. Large prizes, guaranteed returns, or improbable opportunities are classic bait. If it sounds extraordinary, it probably is.
• Unsolicited requests for personal information or money. Treat unexpected requests—even from someone claiming to be a friend or family member—with caution. Confirm identity through independent channels before responding.

Make fraud prevention part of your routine

Adopt these practical habits to reduce your risk and make it harder for scammers to succeed.

• Slow down. If a call, text, or email pressures you to decide immediately, stop and verify independently. Ask specific questions and call back using a trusted number.
• Protect personal data. Keep sensitive details private. Use a password manager, enable two-factor authentication on important accounts, and review privacy settings on apps and social platforms.
• Register for the National Do Not Call List. Adding your numbers can reduce unsolicited sales calls and make it easier to spot suspicious contacts.
• Stay informed. Regularly review reputable resources and scam alerts so you can recognize new fraud methods.
• Ask for a second opinion. Consult a trusted family member, friend, or advisor before sending money or sharing sensitive information.

What to do if you’re scammed

Scams can happen to anyone. If you become a victim, acting quickly can improve your chances of recovery and help authorities investigate.

Follow these essential steps:

1. Gather documentation. Save messages, receipts, call logs, screenshots and any voice messages. These records are vital for investigators and financial institutions.
2. Notify your financial institutions. Contact your bank, credit card provider and any investment firms immediately so they can freeze accounts, reverse transactions if possible, and monitor for further activity.
3. File a police report. A formal report provides an official record and a case number for follow-up with institutions and agencies.
4. Report to the Canadian Anti-Fraud Centre. Submit a report online or call the CAFC at 1-888-495-8501 to alert national authorities and help track patterns of fraud.

You’ve worked decades to build your retirement and savings. Don’t let a scam take them in minutes. Talk to people you trust, walk away from red flags, and always verify before handing over money or personal information.

Read more about fraud and scams:

• How to protect yourself from identity fraud in Canada
• AI-driven scams target borrowers: How to spot fraudulent lenders
• How to protect your passwords from fraud and identity theft