Financial scams targeting seniors have never been as sophisticated as they are today. In Quebec, the Canadian Anti-Fraud Center reports a 30% increase in fraud involving seniors in recent years, and the rise of artificial intelligence in 2025–2026 has given scammers incredibly effective tools. Cloned voices, fake investment platforms, emails that are indistinguishable from official messages: financial scams are evolving rapidly, and retirees are on the front lines.
This article explains the most common financial scams in Quebec right now, how to spot them, and what to do if you or a loved one falls victim to one.
The 7 Most Common Financial Scams Targeting Seniors
Fraudsters target seniors for very specific reasons: their accumulated retirement savings, their natural trust in institutions, and, in some cases, their isolation, which makes them more susceptible to emotional manipulation. Here are the seven types of financial scams that claim the most victims in Quebec today.
1. The “Grandparent Scam” Involving Voice Cloning
Grandparent scams have been around for a long time, but they have taken on a new dimension with artificial intelligence. Scammers can now extract a few seconds of a grandchild’s voice from a TikTok or Facebook video and then generate a convincing voice clone to simulate an emergency call.
The scenario is always the same: a “grandson” calls in a panic, saying he’s been in a car accident, is in police custody, needs money immediately, and—most importantly—asks you not to tell anyone. Researchers at Laval University (Obvia) have identified this tactic as a growing risk for seniors in Quebec, prompting them to launch awareness workshops to teach seniors how to recognize these scams.
Techniques used by fraudsters:
How to protect yourself: Hang up, then call your loved one directly at the number you know. Agree on a secret code word with your loved ones to verify their identity in case of an emergency.
2. Crypto investment fraud (pig butchering)
This financial scam is one of the most financially devastating. It always starts the same way: a stranger contacts you on social media or via text message, often claiming to have dialed the wrong number. The relationship develops over several weeks. Then comes the investment offer—an “exclusive” crypto platform with guaranteed returns of 20%, 30%, or sometimes even 50%.
Quebec’s Financial Markets Authority (AMF) participated in Project Avalanche in 2025, a Canada-wide operation targeting this type of fraud. The result: 89 victims were contacted, and their investment portfolios had already been drained of $4.3 million. Several victims were preparing to reinvest.
Techniques used by fraudsters:
How to protect yourself: Always check whether the platform is registered with the AMF before investing. No legitimate investment guarantees high fixed returns.
3. Pyramid schemes and fake influencers
In October 2025, the AMF issued a warning: pyramid schemes are on the rise in Quebec. What has changed is the way they are carried out. Gone are the days of clumsy phone calls from people who speak poor French. Today’s scammers use Zoom, share their screens, show fabricated account statements, and act like real financial professionals.
Some people pose as financial influencers (finfluencers) on YouTube or Instagram, touting cryptocurrency training courses costing several thousand dollars or so-called “miracle” investment strategies. In two years, reports to the AMF regarding fraudulent finfluencers have more than doubled.
Techniques used by fraudsters:
How to protect yourself: If the business model is based on recruitment rather than a real product or service, it is a pyramid scheme. Check the advisor’s status in the AMF’s registry of authorized individuals.
4. The Fake Government Official
This phone scam remains one of the most common types of fraud in Quebec. A caller claims to be from Revenu Québec, the Canada Revenue Agency (CRA), or the RAMQ. They claim there is an unpaid debt, an error in your file, or worse—a threat of imminent arrest if you don’t pay immediately.
A sense of urgency is key to this scam. Seniors, who generally trust government institutions, are particularly vulnerable to this type of manipulation.
Techniques used by fraudsters:
How to protect yourself: Revenu Québec and the CRA never request payment via gift cards or cryptocurrency, and never threaten immediate arrest over the phone. Hang up and call the agency directly through its official website.
5. Phishing and Spear Phishing
According to a Royal Bank survey, 81% of Quebecers identify phishing as one of the most common forms of fraud. Classic phishing involves sending an email that appears to be from a well-known institution—such as Desjardins, Bell, or Hydro-Québec—to trick you into clicking on a link and entering your banking information.
Spear phishing is a more targeted and dangerous form of phishing: the scammer personalizes the message with your name, your bank, or a recent event involving you, making the fraudulent email much harder to detect.
Techniques used by fraudsters:
How to protect yourself: Never click on a link received via email or text message. Go directly to your institution’s official website by typing the address yourself.
6. Romance scams amplified by AI
Online romance scams target seniors who live alone or are going through a vulnerable period. An attractive fake profile makes contact on a dating site or on Facebook. The relationship develops over weeks or months. Then comes the request for money—for a medical emergency, a plane ticket, or a problem with a frozen bank account.
With generative AI, scammers can now create fake profiles with realistic photos, deepfake videos, and even simulated video calls. Three out of four Canadians say that advances in AI make them more vulnerable to this type of financial fraud.
Techniques used by fraudsters:
How to protect yourself: Never send money to someone you haven’t met in person. Perform a reverse image search on profile photos to verify their authenticity.
7. Bank Identity Theft
This scam targeting seniors involves the scammer posing as an employee of your financial institution—Desjardins, RBC, or another. The caller claims to have detected suspicious activity on your account and asks you to “confirm” your information to secure your funds.
Today, scammers use spoofing tools to display your bank’s real number on your screen, and some even go so far as to create fake login pages that perfectly mimic your bank’s website.
Techniques used by fraudsters:
How to protect yourself: Your bank will never ask for your 2FA code over the phone. Hang up and call your bank back using the number on the back of your card.
How can you spot a scam?
There are several warning signs to watch out for:
When you’re retired, it’s essential to diversify your income sources (pension, savings, safe investments) and avoid investments that promise “guaranteed” returns. Learn the basics of retirement finances and always consult a financial advisor before making a major decision.
How to Prevent Financial Scams: 5 Practical Tips
Most successful financial scams don’t rely on the victims’ ignorance—they rely on emotion and speed. A well-informed senior who follows a few specific steps becomes a much harder target to exploit. Here’s what really works.
1. Create a secret code word with your family
This is the advice given by the Sûreté du Québec’s community policing coordinators in the field. The principle is simple: come up with a code word known only to your immediate family. If someone calls you claiming to be your grandson or daughter and doesn’t know that word, they’re a scammer—no matter how real their voice sounds.
This precaution is particularly effective against “grandparent scams,” where AI voice cloning makes the voice virtually indistinguishable from the original. A passphrase that the AI cannot guess remains the best defense.
Need help planning for your retirement?
Talk to a trusted advisor to better protect your finances and avoid common pitfalls.
2. Designate a trusted contact person at your bank
Most financial institutions in Quebec—Desjardins, RBC, BMO, Laurentian Bank—allow their senior clients to designate a trusted person on their account. This person has no access to your accounts, but your bank may contact them if it detects a suspicious or unusually large transaction.
This is a practical benefit that most seniors are unaware of. All it takes is a simple call to your insurance company or branch to activate it.
3. Register your number with the National Do Not Call List
The National Do Not Call List (NDNCL) is a free federal registry that reduces unsolicited telemarketing calls. You can sign up by calling 1-866-580-3625 or visiting lnnte-dncl.gc.ca. It won’t stop determined scammers, but it will significantly reduce the number of suspicious calls you receive.
Combined with the practice of never calling back the number provided by an unknown caller—but instead looking up the organization’s official number on its website yourself—this is an effective strategy.
4. Check any investment in the AMF registry before signing anything
In Quebec, anyone who offers to help you invest your money must be registered with the Autorité des marchés financiers. Check their registration status at lautorite.qc.ca or call 1-877-525-0337 before handing over a single dollar. If the advisor isn’t listed there, end the conversation immediately.
This warning also applies to paid online courses and opportunities promoted by “finfluencers” on YouTube or Instagram. In two years, reports of fraudulent investments to the AMF have more than doubled.
5. Be wary of any payment method that leaves no paper trail
Scammers never ask for a check or a standard bank transfer—because these transactions are traceable and reversible. Any request for payment via gift cards (iTunes, Amazon, Google Play), cryptocurrency, or cash deposit is an absolute red flag, without exception.
Revenu Québec, the CRA, the RAMQ, and all legitimate financial institutions never use these methods. If someone asks you to use them, it’s a scam—no matter how urgent the situation may seem.
5. Manage Your Finances Prudently
Good financial management also requires vigilance. Fraudsters often take advantage of enticing promises to encourage people to invest without thinking it through.
- Avoid investments that seem too good to be true, such as those offering high or “guaranteed” returns (e.g., dubious cryptocurrencies).
- Using budget management tools can help you get a better overview of your finances and quickly spot any unusual or potentially fraudulent expenses.
- Always check whether the financial advisor is listed in the AMF’s Register of Authorized Entities and Individuals.
- Take the time to compare options, ask questions, and seek an independent opinion if necessary.
Planning and Managing Your Retirement Income
Carefully planning and managing your retirement income helps you avoid impulsive decisions that are often driven by pressure from scammers. By setting up an emergency fund, you can better protect yourself against financial setbacks and misleading offers that seem too good to be true.
Check out our detailed guide to learn more about how to build an emergency fund for retirement.
What should you do if you’re the victim of a financial scam?
Many victims wait before taking action, out of shame or confusion. It is this hesitation that costs the most. Here are the steps to follow, in the correct order.
Answers to Frequently Asked Questions
Conclusion
Financial scams targeting seniors are on the rise, and artificial intelligence is making them increasingly difficult to detect. But staying informed remains the best protection. Understanding the tactics used by scammers, recognizing the warning signs, and knowing who to turn to in the event of financial fraud can save you from significant losses.
If you have any doubts about a request for money, consult a professional before taking any action. A trusted advisor can make all the difference.
Need help planning for your retirement?
Talk to a trusted advisor to better protect your finances and avoid common pitfalls.
