The Canadian Securities Administrators warned that older investors face a growing risk of fraud and financial abuse as digital platforms and artificial intelligence make scams appear more credible and urgent. In a World Elder Abuse Awareness Day notice, the CSA urged investors and their families to take steps to recognize, avoid and report investment fraud, with a focus on checking whether the person or firm offering an investment is registered. The guidance tells investors to limit what they share online, be cautious of unsolicited investment offers, and treat requests involving money transfers or crypto with particular care, especially when they come from new acquaintances or online relationships. It also warns against relying on celebrity or politician endorsements because scammers may use AI-generated images or videos to fabricate support. The CSA further reminded investors to add a Trusted Contact Person to investment accounts so a financial adviser has someone to contact if the investor cannot be reached or if there are concerns about possible financial abuse, fraud, financial exploitation or decision-making ability. A Trusted Contact Person cannot control the account, make investment decisions or access account information.
Canadian Securities Administrators2026-06-15
Canadian Securities Administrators warn of rising fraud risks for older investors and urge use of trusted contacts
The Canadian Securities Administrators warned that older investors are increasingly exposed to fraud and financial abuse as digital platforms and AI make scams look more legitimate. It urged investors to verify registration, be wary of unsolicited and crypto-related offers, and avoid relying on apparent endorsements from public figures. The CSA also reminded investors to name a Trusted Contact Person on investment accounts as a safeguard against suspected abuse or exploitation.