The Canadian Securities Administrators warned that older Canadians face growing risks of fraud and financial abuse, with digital platforms and artificial intelligence helping fraudsters make scams look more credible and urgent. In a notice tied to World Elder Abuse Awareness Day, the council urged investors and their families to better recognize, avoid and report investment fraud. The notice highlights several practical safeguards. Investors are urged to limit the personal information they share online, be skeptical of unsolicited investment approaches including requests involving crypto, ignore apparent celebrity or politician endorsements that may be AI-generated, and verify whether a person or firm is registered through AreTheyRegistered.ca before investing. The Canadian Securities Administrators also stressed the value of adding a Trusted Contact Person to an investment account so a financial adviser has someone to contact if the investor cannot be reached or if there are concerns about fraud, financial exploitation or declining decision-making capacity. A Trusted Contact Person cannot access the account, make investment decisions or otherwise exercise authority over it.
Quebec Autorite des marches financiers2026-06-15
Canadian Securities Administrators warns of rising fraud risks for older investors as AI makes scams more convincing
The Canadian Securities Administrators warned that older investors are facing higher fraud and financial abuse risks as digital platforms and AI make scams appear more legitimate. It urged investors to verify registration, be cautious with unsolicited offers and online disclosures, and consider naming a Trusted Contact Person on investment accounts as an added safeguard.