The Canadian Investment Regulatory Organization (CIRO) issued a warning that investment scams are increasing, including scams targeting seniors, and released a tip sheet to help investors reduce the risk of fraud. CIRO said enforcement data show seniors are involved in around 30% of CIRO case assessment files. Its 2024 Investor Survey found roughly one in five Canadians have been approached with possible investment fraud, most often via unsolicited spam emails, texts or calls from strangers, or social media messages. CIRO’s Office of the Investor urged investors to pause before clicking on messages from unknown contacts, safeguard personal and financial information, seek legal advice before signing documents involving major assets, be cautious with joint bank accounts, keep records of money given away (as loans or gifts), establish a power of attorney, and name a trusted contact person with their financial advisor so the advisor can be contacted in specific circumstances where there are concerns about mental capacity and financial well-being. CIRO also cautioned that scam victims may be retargeted through “recovery scams” and encouraged prompt communication with financial services providers if fraud is suspected.

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