“We call them ‘retirement robbers’ because they are ruthless, and don’t care if they are stealing from seniors who are living on a fixed pension or retirement income,” says Det. Bill Allen with the EPS Economic Crimes Section.  “Sometimes entire life savings have been wiped out and lives have been ruined.  It can happen to anyone, but sadly, seniors are often targeted because they are more vulnerable.”

Seniors can be targeted because of their: trusting nature, familial or social isolation, loneliness, wealth stereotypes, technical inexperience, or age-related health issues or cognitive impairment.  However, fraudsters can appear to be very trusting as it’s not easy to convince people to part with their money.

Seniors often fall prey to:

• Grandparent Scams – A grandparent receives an urgent call from someone pretending to be their grandchild.  The caller is in trouble and in urgent need of money, but insists the grandparent not tell the parents.
• Romance Scams – A person seeking friendship or companionship enters into an online relationship with a non-existent person.  The imposter eventually asks for money to travel to meet, or a loan to help with an emergency.
• Inheritance or Lottery Scams – An individual will be contacted by an alleged legal representative about a large payout or estate.  Before the matter can be settled, the individual must pay a percentage of the windfall upfront.
• Bank Inspector Scams – A bank client will be contacted by a phony bank inspector who claims to be doing a “fraud” investigation.  The client is asked to assist by making a large withdrawal and provide it to the inspector.
• Computer Virus Scams – A computer owner will be contacted by a bogus product or service provider about virus problems on their system.  The problem can be fixed after the owner provides access to the computer or payment.
• Identity Theft – Personal information is stolen and used without the individual’s knowledge or consent to commit further crimes of fraud and theft.

 To protect against these forms of fraud:

• Be extra cautious of unsolicited calls, requests, offers, or visits. If it doesn’t seem right, end the conversation.
• Don’t disclose any personal or financial information, or send money, to anyone unless you can prove it is legitimate. Never agree to pay for products or services in advance.
• Ask for further documentation to verify their identity and legitimacy before you complete any transaction.
• Shred unwanted personal information, bank/credit statements, unwanted cheques/receipts, pre-approved credit applications, and old tax returns.
• Review your financial statements and check your credit report annually.
• Report it immediately if a scam artist contacts you or you have been defrauded.

Det. Bill Allen adds, “These frauds are typically underreported because individuals don’t want their families to know that they lost money.  I would encourage all victims to contact us, don’t be ashamed or embarrassed, you’ve done nothing wrong.  Reporting suspicious or fraudulent activities to police is always the first step.”

If you are a victim of a fraud, or have knowledge of an economic crime, please contact the Edmonton Police Service at 780-423-4567 or #377 from a mobile phone.  Anonymous information can be submitted to Crime Stoppers at 1-800-222-8477 or online atwww.tipsubmit.com/start.htm.

The EPS Economic Crimes Section runs approximately 25 anti-fraud seminars for senior citizens annually.  A variety of fraud awareness resources are available online from Service Alberta, the Competition Bureau, and the Canadian Anti-Fraud Centre, including theLittle Black Book of Scams.  For additional fraud and crime prevention tips, please visitwww.edmontonpolice.ca/crimeprevention.