Financial Elder Abuse: Canadian Seniors Lose $6 Million Annually

Canadian Seniors Lose $6 Million Annually to Fraudulent Marketing and Financial Scams

TORONTO, July 10 /CNW Telbec/ -
According to the most recent data from SeniorBusters, thousands of elderly Canadians are victimized by financial fraud each year. Mail, telephone and online scams have left many seniors with significant monetary losses, often depleting their life-savings. Capital One Canada has joined forces with SeniorBusters to raise awareness about the
prevalence of these crimes and help educate and protect seniors from fraud.

"Education and helping to build a heightened awareness about these kinds
of crimes is critical to protecting older citizens in our communities and
preventing fraud," said Pam Girardo, spokesperson for Capital One Canada. "We
are delighted to see that we have helped SeniorBusters expand their efforts to
educate seniors about the real dangers lurking in their own communities. We
hope this knowledge will empower seniors and prevent them from falling victim
to these predators."

Fraudsters are increasingly innovative, employing a broad range of scams to rip-off seniors. Identity theft topped the list in 2007 with a reported $6,421,952 lost, followed by the "Nigerian Letter" scam (where a fictitious high-ranking person in a foreign country tries to enlist help moving a large sum of money out of their country into the victim's bank account) which claimed $4,935,030, investment scams, which accounted for an additional $3,553,320 lost, and scams offering phony prizes, which generated losses of $3,506,289.

Capital One Canada also offers tips for seniors to help guard against
identity theft and fraud:

- Don't be afraid to say 'no'.
- Be careful when you speak to telemarketers - hang up if you feel
uncomfortable or do not trust the caller.
- Don't give in to high-pressure sales tactics.
- Don't reveal your credit card, bank account or Social Insurance Numbers
to unfamiliar companies or people.
- Do your own research on charities and other solicitors.
- It is your money - never be afraid to ask where it is going.
- Get details of all deals in writing and never sign contracts that have
blank lines or spaces in them.
- If it sounds too good to be true, it probably is.

If you suspect or know you are a victim of fraudulent scams (including:
telemarketing fraud, advanced fee fraud, and identity theft) contact your
local police service, report fraud online through www.recol.ca or call The
Canadian Anti-Fraud Call Centre (formerly PhoneBusters) at 1-888-4....

For a copy of Capital One's Guide to Protecting Yourself from Identity
Theft, visit http://www.capitalone.ca/fraud.

Abridged
SOURCE: NewsWire Canada
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