We often read in the newspaper about a senior citizen being affected by a scam. We also hear about this online or on the radio and TV nearly every day. The Canadian Anti-Fraud Centre reported that in 2023, there were 63,847 senior Canadians who were victims of fraud. They lost over $578 million. This is up from 2022 and up from 2021. This is not going to go down for 2024 or 2025. Fraud is the top crime perpetrated against our senior citizens in Canada now. These are only the reported cases. It is estimated that this number is much, much higher. Personal shame and embarrassment that comes with being exploited by fraudsters contribute to under reporting.
The Reason Seniors are Targeted
Unfortunately, there are multiple reasons why seniors are targeted by scammers. A lot of it comes from their good, trusting nature. However, age also affects our ability to think clearly in a confusing situation.
Convenience
Seniors are home during the day to answer the phone or door.
More Trustworthy
Senior citizens are known for their kind hearted and trusting nature.
Politeness
Senior citizens are usually polite, well mannered and non-confrontational
Less technological savvy
Senior citizens are usually not technologically savvy, and the world is constantly changing and how things are done are too. It is very hard to keep up even with something that used to be simple, like Online Banking.
Loneliness
Loneliness in seniors can drive them to answer unknown calls. They talk to scammers and spend time with them on the phone. Seniors can be convinced that the caller is legitimate or coerced with enough time.
Strive for Independence
Seniors often strive for independence because it provides a sense of purpose, control, and self-worth. They want to be able to make their own decisions may not seek help with presented with an problem.
Financial stability
Seniors are considered to be financially stable and having disposable income. Yet, some have no other savings or income than their pension plan. They are susceptible to finance scams or get-rich-quick scams.
Cognitive Issues
No group of people* is more susceptible to being deceived than our seniors. Scammers can easily take advantage of them. Unfortunately, this is because of age, and as we age, our mental abilities degrade. This can impair judgment and decision making abilities.
* second to seniors is actually the other end of the age scale, teens are the second age bracket most targeted and susceptible to scams.