The ASC is hoping their June campaign focused on helping seniors learn more about being financially secure will stem the trend of older Albertans losing investment funds to fraud. Image: ASC

Fighting financial fraud against seniors

Alberta Securities Commission hoping to curb seniors being taken for granted

The continuing trend of financial fraud targeting seniors remains a big concern and the Alberta Securities Commission (ASC) is hoping to help through better education.

Susan Soporvich, ASC senior advisor of investor education, explained the provincial regulatory agency has developed a number of different resources designed to show seniors, plus family and caregivers, how they can spot and stop this financial abuse of our older population.

“The ASC has developed a collection of senior-focused resources to help seniors, and the people close to them make wise investment decisions,” she stated in a release.

As it is Senior Month in Canada and June 15 is World Elder Abuse Day, the ASC is conducting this senior outreach campaign to engage and educate.

The campaign includes various community events as well as financial literacy quizzes, all available on the website www.checkfirst.ca/seniors.

This includes information on how to “Check-Protect-Invest” as well as brochures such as “Spot and Stop Seniors Investment Fraud,” “Financial Concerns Checklist” and “10 Tips to Protect Your Nest Egg.”

Soporvich added it’s all about protecting people’s financial future.

The Alberta government estimates that one in five Albertans will be a senior by 2035. That translates into more than one million seniors living in the province.

According to the ASC, nearly 40 per cent of Alberta residents 55 and over believe they have been targeted by a potentially fraudulent investment and 50 per cent of seniors failed to realize that if they were once a victim, that they would be targeted again.

The ASC encourages everyone, but especially seniors groups, to reach out through the website for additional information and tools.

As a member of the Canadian Securities Administrators, the ASC also works to improve, coordinate and harmonize the regulation of Canada’s capital markets.

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