Pre-retirees
Baby boomers nearing retirement may fear they won’t have enough money to live the lifestyle they’ve worked hard to achieve. They know they want to maintain a certain standard of living and they know they don’t want to become a burden on their families as they grow older. It’s tempting to think that there might be one big chance to set themselves up for a comfortable retirement. Taken together, the combination of fears and hopes can make pre-retirees susceptible to fraud.
How is it done?
Boomers are often targeted through the professional and social groups the join. If someone they trust presents them with what looks like a great opportunity to make some extra money, they may drop their radar and jump in, only to discover too late that the trusted friend or associate was in fact a scammer.
Who are the victims?
Boomers, pre-retirees and recent retirees may be attracted to promises of high returns because they feel pressureed to ensure they make it comfortably through their retirement. Victims may be investors who tend to rely on their advisors or more aggressive investors who prefer to make their own decisions. Either way, they may not head to warning signs.
Report it
Even if you are not considering an investment, or haven’t given your money to a person selling the investment, take the time to bring suspicious activity to the attention of securities regulators. Your care and attention may save a friend, family member or member of your community from falling victim to a scam artist.
In BC, contact BCSC Inquiries. You can also anonymously report suspicious activity through InvestRight’s Report a scam webpage.
Residents from other Canadian provinces can find contact information for their provincial securities regulator at www.securities-administrators.ca.