How can I help my aging parents prevent financial fraud?

Preventing financial fraud

Educating your parents on preventing online fraud can be difficult but it is an important conversation to have as seniors are a common target for online scammers. Staying up to date about the types of existing scams and how to avoid them is absolutely necessary these days.

This infographic will give you some information on the different types of scams and the measures you can use to prevent them. Feel free to share this infographic with anyone that you feel could benefit from it.

Keep passwords safe

Use different passwords for different accounts. If using a password management software is not an option, you can write them down in a notebook that they keep in a secure place.

Know what scams & fraud to look out for

Phishing

These look like real emails and usually look like they are from a known company. They want you to click through and put in personal information. Look for spelling and grammar issues and contact the company directly if you are unsure.

Virus alert

A pop-up on your computer that says you have a virus and asks you to click.

Extortion

A popular one is someone claiming to be from the CRA saying you owe money or can face jail time. Never give your personal information to someone who calls you. If you’re unsure, take down the caller’s details, look up the CRA number and call them yourself to confirm the legitimacy of the call.

Prize

Emails that claim you’ve won a large prize for a sweepstakes you never entered. Often they will ask you to pay a processing fee in order to receive your prize.

Emergency

This could be an email pretending they are a family or friend and are in need of money urgently.

Romance

Scammers fall in love fast and are quick to ask for money to cover bills or help invest in a business.