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November 28, 2021

Have you ever been hit by fraudsters?

It's no secret that senior citizens are often the targets of fraud and financial crimes.

Among the reasons: Some older people have built substantial assets (including their own home/cottage and large savings accounts), they're easy to find at home, and they can often be swayed by fears of losing their financial independence.

Estimates from MetLife's Mature Market Institute suggest that this group loses approximately $2.6 billion per year due to financial abuse -- fraud, as well as theft by family members and acquaintances.

Although it's widely believed to be underreported, a 2009 study by MetLife's Mature Market Institute estimates that seniors lose approximately $2.6 billion per year due to financial abuse -- fraud, as well as theft by family members and acquaintances.

Read more: http://www.bankrate.com/finance/retirement/fraud-5-scams-aimed-at-the-elderly-1.aspx#ixzz2DWu9yVfr
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But it seems that seniors aren't the only group getting fleeced.

With a generally low level of investment knowledge, Canadians of all ages remain popular targets for fraudsters, according to the The Canadian Securities Administrators (CSA) which just released the third edition of its survey of investment knowledge, investor behaviour and incidence of investment fraud. 

Almost 30% of Canadians believe they've been approached with an investment fraud at some point in their life, more often than not through email.

Yet, just 29% of those potential fraud victims said they reported the most recent occurrence to the authorities –- police or the RCMP being the most popular when asked to indicate where they would go to report.

What’s worse though, “don’t know where to report” had the next largest proportion of respondents.

Are you among that 30%? Were you scammed? Did you report it? Any redress?

By Gordon Powers, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...