Seniors Month 2025: CBA Enhances Fraud Prevention Resources to Empower Older Adults in Combating Financial Scams and Abuse Français
Fraud targeting older adults is a growing concern in Canada and around the world, as fraudsters and cybercriminals exploit factors such as social isolation, financial assets, and limited digital confidence 1. Banks, governments, law enforcement and community stakeholders recognize that it is a priority to address the challenge together through sharing best practices and strengthen protections for Canadians, especially older adults.
Anthony G. Ostler, President and CEO of the Canadian Bankers Association, said: "Financial fraud and scams affect all Canadians, with older adults feeling most at risk 2. That's why the CBA and its members continually work to combat fraud and cybersecurity threats, including convening a cross-sector anti-scam alliance, providing digital educational resources, and offering free financial literacy seminars. Through collective action, we aim to enhance resilience against fraud and scams, reducing their impact on Canadians."
Empowers older adults: tackling AI-driven scams with the updated Fraud Prevention Toolkit
Scammers are constantly evolving their tactics to evade detection, and emerging technologies like artificial intelligence (AI) have made it easier for them to create highly convincing scams. AI can quickly generate emails and messages mimicking an individual's style and language. It can also clone voices and fabricate realistic images, audio, or videos of real people in just minutes. 3
As impersonation fraud rapidly becomes one of the fastest-growing forms of financial crime, it is crucial to help seniors navigate these evolving threats with confidence. In response, the CBA, in partnership with Get Cyber Safe, has updated its Fraud Prevention Toolkit for Older Adults, offering additional guidance on identifying AI-driven fraud and scams. By staying informed, recognizing warning signs, and safeguarding personal information, Canadians can more effectively avoid the risks of financial loss, identity theft, and other serious consequences.
The power of reporting: a vital step in fighting financial crime
Another key update in the Toolkit is a simple step-by-step guide on reporting scams, encouraging Canadians targeted by scams to take action right away and protect one another. Reporting scams plays an important role in combating financial crime. Local police investigate reported incidents, and the Canadian Anti-Fraud Centre (CAFC) supports law enforcement by sharing information collected through these reports 4. Common types of scams that should be reported include text scams, phishing emails, phone scams and fraudulent websites. By reporting suspicious activities, Canadians help the tracking of criminal organizations, identify emerging fraud patterns, prevent future scams, and raise awareness of new threats.
Safeguarding seniors: recognizing and preventing financial abuse
June 15 also marks World Elder Abuse Awareness Day, a global initiative dedicated to raising awareness about the abuse, neglect, and exploitation of older adults. Financial abuse, one of the most common forms of elder abuse in Canada 5, is not only unethical but illegal. Reflected in this year's theme "Grow the Conversation … Recognize the Signs, Reduce the Risks", the CBA encourages older Canadians to learn how to identify financial abuse indicators and take proactive steps to protect themselves and their loved ones.
To support this, the CBA has a package of resources on financial abuse including printable tip sheets:
CBA member banks support the Code of Conduct for the Delivery of Banking Services to Seniors, reinforcing their longstanding commitment to respond to the unique, evolving needs of senior customers. That includes training for bank employees on how to help older customers avoid financial abuse, fraud and scams.
Building financial confidence: free seminars for older Canadians
Financial literacy is a lifelong skill that helps Canadians protect themselves and make informed financial decisions. In partnership with the Financial Consumer Agency of Canada (FCAC), the CBA offers Your Money Seniors, a free, non-commercial seminar program that supports older adults in spotting scams, understanding the risks of joint accounts, and preparing for retirement. Senior groups across Canada can request a seminar, delivered by bank volunteer committed to improving financial literacy in their community through the online seminar request form.
About the Canadian Bankers Association
The Canadian Bankers Association is the voice of more than 60 domestic and foreign banks that help drive Canada's economic growth and prosperity. The CBA advocates for public policies that contribute to a sound, thriving banking system to ensure Canadians can succeed in their financial goals. www.cba.ca.
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