- Details
- Published: 24 June 2020
Adapted from the CSA WEAAD media release (June 15, 2020)
For World Elder Abuse Awareness Day 2020 and Seniors Month, the Canadian Securities Commission and its members chose to highlight elder financial abuse. Throughout the month of June, they have all been offering a variety of online resources, campaigns, and videos to help older Canadians improve their knowledge and ability to stay safe against financial abuse.
On June 15, 2020, the CSA and its members launched a new campaign aimed at the relatives, caregivers and friends of older adults. The campaign, shared through the CSA and its members’ social media channels, reminds Canadians to check in with the older adults in their life and to check in on their financial health.
Canadians can take action and prevent financial abuse of seniors by:
- Talking about their financial matters with them.
- Learning to recognize and avoid investment scams. Visit the CSA website to find important information and helpful resources about fraud prevention.
- Taking time to investigate every investment opportunity or sales pitch, as well as the person promoting the investment, before handing over money. If you’re unsure about an investment, consider seeking out independent, third-party advice.
- Reporting investment fraud to their provincial or territorial securities regulator. Reporting potential scams may help prevent other seniors from becoming victims of investment fraud.
Across Canada, the CSA and its members are working on various initiatives to help Canadians detect, prevent and respond to the financial abuse of seniors:
British Columbia: The B.C. Securities Commission (BCSC) released a video developed in partnership with the Office of the Seniors Advocate in B.C.
Visit their Elder Financial Abuse page on InvestRight.org for additional information.
Alberta: The Alberta Securities Commission (ASC) has new seniors-specific page on their CheckFirst.ca website, to help improve the financial knowledge of Albertans 55+, including when it comes to signs of financial abuse and fraud.
Saskatchewan: the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) will be circulating a brochure on financial abuse prevention tips to retirement homes throughout the province. For more information on fraud and financial exploitation, visit www.fcaa.gov.sk.ca.
Manitoba: The Manitoba Securities Commission (MSC) is working with Prevent Elder Abuse Manitoba (PEAM) to distribute literature and resources on elder abuse to seniors across the province, and will promote the free My Financial Affairs Record Keeper document, designed to help seniors keep better track of their personal and financial information.
Ontario: The Ontario Securities Commission (OSC) offers free tools for older Ontarians on their website GetSmarterAboutMoney.ca,
Quebec: The AMF has recently released a Quick Reference to support the financial services industry in their efforts to detect signs that a client may be a victim of financial mistreatment.
New Brunswick: The Financial and Consumer Services Commission (FCNB) has launched a new video on social media to emphasize the importance of social connection and of recognizing signs of fraud and financial abuse to keep older people safe. The FCNB will also share a series of posts on their Facebook page promoting the importance of estate planning and releasing an updated power of attorney brochure.
Nova Scotia: The Nova Scotia Securities Commission (NSSC) will be making updates to their Investing Information for Seniors webpage throughout June. New blog posts will be posted throughout the month highlighting ways older adults can protect themselves from financial elder abuse and how loved ones of older adults can help recognize warning signs and protect older adults from abuse. The NSSC will also debut posts about proposed changes to securities regulations to enhance protections of older adults and vulnerable clients. These posts will inform older adults and their families what these proposed protections are and how they can protect older adults from abuse. Throughout June NSSC will also share a three-part video series on financial elder abuse and special online guides and information sheets on investing and fraud, created specifically for older adults.
See Part 1- Are you or a loved one vulnerable to financial elder abuse?
The CSA offers a number of investor tools and resources on its website. Follow CSA on Twitter @CSA_News; on Facebook: @CSA.ACVM and on LinkedIn: Canadian Securities Administrators (CSA) - Autorités canadiennes en valeurs mobilières (ACVM) .
With ongoing physical distancing practices impacting in-person events, the agencies listed above have focused their communications efforts on news articles, news releases, mail-out campaigns and social media campaigns. Visit their respective websites to find out the best way for you to stay in touch with them.
