Scam’s to Watch out for in Retirement

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Fraud and scams have, sadly, become a part of everyday life—and retirees are often prime targets.

Whether it’s a sophisticated investment pitch, a phony government call, or a heart-wrenching plea from a "grandchild," the tactics may vary, but the goal is always the same: to get your money.

Over the past few months, I’ve experienced several scam attempts firsthand—some directed at me, some involving my clients, and even one that targeted my own parents. These experiences made me realize just how important it is to raise awareness and share what I’ve learned.

In this post, I’ll walk you through:

• My personal experience being targeted

• A quick tip to reduce scam calls and texts

• Three common scams to watch out for

• The #1 thing all scams have in common

• The importance of having a trusted contact

• A few action steps you can take today

Let’s dive in.

My Own Experience With Scammers

I was receiving up to 15 scam calls or texts a day. As someone who works in financial services, I tend to answer my phone—even if I don’t recognize the number. But did you know that simply answering can flag your number as “active” and get you added to even more scam lists?

Quick Tip: If you’re receiving a high volume of spam calls, check your phone’s settings for a “scam call filter” or similar option. Since I activated this feature, my daily spam calls dropped from 15 to about 5. Still annoying—but a big improvement.

3 Common Scams to Watch Out For

These scams are often delivered by phone, but they can also come via email or text message. Here are three of the most common ones we see:

1. The Investment Scam

These usually start with a slick Facebook ad promising crypto returns, “arbitrage” profits, or daily income. The ad leads to a professional-looking website quoting Warren Buffett and featuring “client testimonials.”

You may get a call from someone like “Jennifer,” who walks you through an investment opportunity. It starts small—maybe a $1,000 investment with a promised daily return of $100.

You see those returns in your online “account” for a few days, which builds trust. Then comes the big ask: $50,000 or even $100,000 for a “special opportunity.”

You wire the money… and that’s the last you hear from Jennifer.

2. The CRA Impersonator

This scam tends to ramp up in the spring, around tax season. You’ll get a voicemail claiming to be from the Canada Revenue Agency, stating you owe a large debt and will be arrested by the RCMP if you don’t pay immediately.

They may ask for payment via wire transfer—or gift cards, like Amazon or iTunes.

Reminder: The CRA will never threaten you, ask for gift cards, or involve law enforcement over the phone. If in doubt, hang up, go to the CRA’s official website, and call them directly.

3. The “Grandparent” Scam

A caller pretends to be your grandchild in trouble—maybe in jail or injured in a hospital—and begs you not to tell their parents. The call is muffled at first to prompt you to guess their name: “Is this James?” “Yes, Grandma, it’s James!”

Once they’ve established rapport, they ask for money. The urgency and emotional manipulation are designed to override your normal decision-making process.

What All Scams Have in Common

Every scam relies on two powerful tools:

1. Emotion – Scammers use fear (like jail time or medical emergencies) or greed (promised high returns) to cloud your judgment.

   
   

2. Urgency – They’ll say the offer is “only available today” or that the RCMP is “on the way.” This forces you to act fast—before you can think things through or ask someone else for advice.

   
   

This is the same formula marketers use to sell products. But in these cases, the stakes are much higher.

Protect Yourself: Action Items

Here are a few things you can do right now to protect yourself and those you care about:

1. Talk about it. Have conversations with your friends and family about the scams they’ve seen or experienced. Knowledge is power.

   
   

2. Remember: If it sounds too good to be true, it probably is. Especially with investment offers. Ask questions. Take your time.

   
   

3. Have a trusted contact. Whether it’s a family member, friend, or financial advisor, identify someone you can call when something feels off. Getting a second opinion can help you avoid emotional decisions.

   
   

Final Thoughts

Scams and fraudsters, like Saskatchewan potholes, are just part of life. But that doesn’t mean we have to fall for them. With awareness, healthy skepticism, and a few practical safeguards, you can protect yourself—and help protect others too.

Looking for more resources?Check out the full CRA index of over 70 known scams [linked in the show notes]. And for more tips on financial security in retirement, visit RetiringCanada.ca.

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When it comes to your retirement, don’t take chances.

Make a plan so you can retire with confidence.

All comments are of a general nature and should not be relied upon as individual advice. The views and opinions expressed in this commentary may not necessarily reflect those of Harbourfront Wealth Management. While every attempt is made to ensure accuracy, facts and figures are not guaranteed, the content is not intended to be a substitute for professional investing or tax advice. Please seek advice from your accountant regarding anything raised in the content of the podcast regarding your Individual tax situation. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.