Tamara Baluja's report on Senior financial fraud

Listen to Tamara Baluja's report.

Canadian seniors lose 6 million dollars annually due to fraudulent marketing and financial scams.

According to recent data released by SeniorBusters - a volunteer component of Phonebusters, the Canadian Anti-Fraud Call Centre, thousands of elderly Canadians are victimized by financial fraud every year.

Capital One Canada has joined forces with Senior Busters to raise awareness of such crimes.

Mail, telephone and online scams have left many Canadian seniors depleted of their life savings.

Statistics from Senior Busters show that as their age increases, people are more likely to lose more money on average due to financial scams.

Identity theft, investment scams and others offering phony prizes are just some of the ways that frausters rip-off seniors. RCMP Corporal Louis Robertson from Phone Busters says there are things you can do if you think you are victim of fraud. "Call your bank and let them know, file a report with the police and call PhoneBusters", Robertson said.

RCMP Corporal Louis Robertson says 99% of the callers who report on fraudulent companies are right about them.

Fraudsters tend to prey on seniors because they are often more lonely, lacking family support and sometimes additionally vulnerable due to Alzheimer's or similar impairing illnesses. Robertson says its not just seniors who are targeted by fraudsters, so everyone should remain vigilant.

Robertson says just use your common sense - and if an offer sounds to be good to be true, then it probably is.