The Canadian Bankers Association has launched a Financial Abuse Prevention Hub as a one-stop source of information to help Canadians, particularly older adults, recognise, prevent and respond to financial abuse and fraud. The hub is intended to support users in protecting their finances, identifying warning signs and taking action if they believe they have been targeted. Resources on the hub cover financial abuse, the appropriate use of joint accounts, powers of attorney, and intimate partner violence and financial abuse. It also includes a Fraud Prevention Toolkit focused on financial crime and scams, including increasingly hard-to-detect scams enabled by artificial intelligence, and complements the association’s Your Money Seniors seminars on retirement expenses, scam awareness and financial abuse. The association also highlighted Verafin research showing that 29 per cent of Canadians know someone who has been a victim of financial abuse and that only a quarter of those cases are reported, underscoring the role of reporting in helping police and the Canadian Anti-Fraud Centre track criminal activity and emerging fraud trends.

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