Recently in the news, you may have read about an older couple in Brantford, Ontario, who were scammed out of more than $ 1 million over 5 months. And another incident in Victoria, where a man was scammed out of his life savings of almost $ 1.7 million over 6 months. How does this happen, and what can advisors and families do to address the fraud epidemic?

Fraud losses in Canada are increasing exponentially; however, only an estimated 5-10% of victims report it. In 2024, the Canadian Anti-Fraud Centre (CAFC) reported $643 million in fraud-related losses, representing nearly a 300 per cent increase since 2020. In the upcoming federal budget, the Canadian government is proposing a national anti-fraud strategy, including a new Financial Crimes Agency to investigate online fraud and financial scams and recover illicit proceeds. [1]

What is a long con scam? Typically, law enforcement describes a long con as one in which the scammer establishes a longer-term relationship with their target in hopes of defrauding the individual of larger sums over time. There are usually multiple scammers involved, and they often impersonate trusted figures such as police officers and bank managers.

In an increasingly digital world, scammers can reach their victims in many ways – text or SMS, phone, email, social media, websites or in person. For example, the scam involving the Brantford couple started with a pop-up on their computer that they could not remove. The pop-up said to dial a number, which they did, and the long con began. In the Victoria case, the man was contacted by phone, and he noted that the caller ID matched his bank. In both cases, the scammers impersonated people from trusted agencies such as their bank, the RCMP and the Canadian Anti-Fraud Centre. The scammers claimed that the person’s credit cards or bank account had been compromised and that they needed the person’s help in apprehending the perpetrators. The scammers persuaded the victims that they were persons in authority who required their assistance in solving a crime, and they were cautioned not to discuss this with anyone else. Isolating the victim is often a key tactic.

Addressing the Fraud Epidemic

In the cases mentioned above, family members are raising significant questions about the role of banks in addressing fraudulent activities, particularly when older clients withdraw or transfer large sums of money on a regular basis. While Canada is just starting to address fraud strategies, Australian banks have recently adopted a new Scam-Safe Accord that provides specific protections for customers against scams and fraud.[2]

Awareness and education are the first line of defence. All stakeholders, including older people and their families, should be acutely aware of the scams targeting older people, particularly banking or financial services scams. As advisors and family members, actively discuss these types of scams with clients and family members. Use examples of how people can be accessed, the stories used to entrap people, and the isolation tactics used. In some cases, it might be helpful to have a buddy system in the family, where a trusted family member can assist older members with questions about online information, requests for information, and other issues.

At the grassroots level, in most communities, it would also be helpful to have local programs and strategies to educate people about financial fraud and the tactics scammers use.

The Australian Scam-Watch website is a good reference site for information. They highlight the urgent red flags you might spot that require urgent attention:

• Large money transfers—sending thousands of dollars or accessing retirement funds/savings.
• Travel plans – planning to meet someone they’ve only known online.
• Document sharing – sending copies of a passport, driver’s license, or bank statements to someone.
• Loan applications – taking out loans or credit for ‘investment opportunities ‘or to’ help someone.’
• Threats received – scammers threatening harm if payments stop.
• Isolation escalating – completely cutting off family/friends who ask questions. [3]

We are facing a fraud epidemic that requires urgent attention. Fraud victims are reluctant to report financial fraud, so we are only seeing the tip of the iceberg in reported data. Awareness and education are the first line of defence, as older people are particularly susceptible to long-con financial scams.

[1] https://www.canada.ca/en/department-finance/news/2025/10/combatting-financial-fraud-protecting-canadians-against-scams-and-abuse.html

[2] https://www.ausbanking.org.au/new-scam-safe-accord/

[3] https://www.scamwatch.gov.au/stop-check-protect/help-someone-whos-being-scammed/red-flags-checklist-for-family-and-friends