New survey reveals widespread exposure to scams and rising concern among seniors about retirement security.
TORONTO, March 11, 2026–(BUSINESS WIRE)–Financial fraud is on the rise in Canada, with more scams and larger losses reported in recent years as fraudsters increasingly use artificial intelligence to make scams harder to spot. As March marks Fraud Prevention Month, new research from Bloom Finance reveals that older Canadians are feeling increasingly vulnerable, with two-thirds of adults aged 55 and older reporting they feel at risk of financial fraud within the next year.
The findings highlight how the growing sophistication and frequency of scams are affecting Canadians approaching or living in retirement, where unexpected financial losses can have severe and long-term consequences. The report reveals that:
Fraud Exposure Among Canadian Seniors is Widespread
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87% of Canadians aged 55+ report they’ve received suspicious calls, emails, texts, or letters in the past five years.
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1 in 3 report experiencing impersonation scams involving someone posing as a trusted organization, such as a bank or service provider.
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Nearly one-quarter (22%) have received direct requests for money or personal information from strangers.
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20% say they have experienced unauthorized charges or withdrawals from financial accounts.
Seniors Face a Growing Risk, and Retirement Impact is Significant
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Two-thirds of Canadians aged 55+ feel at least moderately at risk of experiencing financial fraud within the next year.
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Nearly one-third (31%) of Canadians aged 55+ say a financial loss of $10,000 or less would significantly impact their retirement plans.
How Comfortable Are Seniors in Discussing Financial Stress?
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Over three-quarters (78%) of Canadians aged 55+ report feeling comfortable discussing financial stress with close family members.
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Comfort increases with age:
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Nearly one quarter (22%) say they are not comfortable discussing financial stress.
“Financial fraud is becoming increasingly common, and seniors are unfortunately among those most at risk,” said Ben McCabe, Founder and CEO of Bloom Finance. “We’ve received many calls from seniors who are unsure if requests for money are legitimate, and in several cases, we’ve been able to intervene before funds are lost. Our goal is not just to provide financial solutions, but also to empower seniors with the tools and support they need to protect their retirement savings and maintain financial security.”