10.5 Retirement frauds

In this section:


A scammer tries to talk a senior into cashing in his RRSPs.

Many people approaching retirement worry about not having enough money to last them through retirement. Scam artists prey on that fear by promising high-return, low-risk investments that are actually very risky—or don't exist at all. As a result, the investors suffer heavy losses. With little time to recover financially, many victims find their retirement plans shattered.

It doesn't have to happen. By informing yourself about financial frauds—especially the ones that are commonly used to target seniors—you can protect your retirement savings.

This section is about retirement frauds. You will learn:

  • how seniors are typically approached by fraudsters
  • some common frauds targeted at retirees
  • how to recognize the warning signs that a transaction may be fraudulent
  • what to do if you become a victim.

You'll read a case study about someone who was defrauded, and the lessons learned. You'll use a checklist to watch for signs of fraud. By the time you finish this section, you'll have more knowledge about how to protect yourself against retirement fraud.

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