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June 15 is World Elder Abuse Awareness Day, and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is reminding seniors, family members and caregivers to take a few prudent steps before making investments.
Though some investment officers may appear legitimate, they might have come from a person or firm that is not registered to sell securities.
“In most cases, the offer is fraudulent,” a release from the FCAA noted. “These situations can cause significant financial loss and emotional distress.”
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FCAA executive director of securities division, Dean Murrison, said checking registration is one of the most important steps someone can take before investing.
“Seniors should take time before investing to confirm who they are dealing with. Family members and caregivers can help by encouraging those conversations before money is invested,” Murrison explained.
Before sending money or sharing personal information, seniors should be cautious if approached with an investment opportunity that includes promises of high returns with little or no risk, pressure to act or invest quickly, requests to keep the opportunity private, unsolicited calls or messages offering investments or someone who tries to quickly build trust then asks for secrecy and discourages speaking with family members, caregivers or trusted advisors.
Family members and caregivers can encourage seniors to discuss investment offers that come their way before making a decision and help confirm whether an offer and the people or firm behind it are real and registered.
Changes in financial behaviour, like unexplained withdrawals, missing funds, sudden financial secrecy, other unusual account activity and new people appearing in a senior’s life are all warning signs that could indicate a senior has fallen victim to fraud.
“Financial abuse can have lasting and far-reaching consequences for seniors, including the loss of retirement savings or income, reduced confidence in financial decision-making and a loss of financial independence. It can also place significant strain on mental health and relationships with family members and caregivers,” the FCAA release noted.
Seniors and their supporters are encouraged to be proactive by verifying the registration of any person or firm offering an investment, taking time to make financial decisions without pressure and discussing possible opportunities with a trusted person.
“It is also important to be cautious of unsolicited offers, protect personal and financial information and regularly monitor financial statements to identify any unusual activity early.”
Murrison said reporting fraud can help protect others and bolster efforts to stop future, similar crimes.
If financial abuse, fraud or suspicious investment activity is suspected, it is important to act quickly, the FCAA stated. In such cases, people are encouraged to contact the FCAA, local police and make a report to the Canadian Anti-Fraud Centre.
