Home scams are costing Ontario seniors millions
June 8, 2026
Remember when the worst phone scam was someone claiming you'd won a free cruise? Those days are long gone. Today's fraudsters have levelled up and are using artificial intelligence to clone voices, sophisticated psychology to manipulate emotions and organized crime networks to steal hundreds of millions of dollars from Canadians, with Ontario seniors bearing a disproportionate share of the losses.
The numbers are staggering. In 2024, Canadians lost $643 million to fraud, representing a nearly 300% increase since 2020. But here's the truly alarming part: the Canadian Anti-Fraud Centre estimates victims only report 5-10% of fraud, meaning true losses could reach into the billions.
For Ontario alone, reported losses from January to September 2025 reached nearly $193.5 million. And seniors? They are victims of almost 40% of the total amount stolen by scams.
The new face of fraud
Poorly worded emails from supposed princes are in the past. As we've already discussed, today's scammers are frighteningly sophisticated. Artificial intelligence allows them to create deepfake videos and clone voices that sound startlingly authentic; like a grandchild calling for help.
The "grandparent scam" has become particularly lucrative for organized crime. Earlier this year, 25 Canadians were charged in connection with a scheme that defrauded elderly Americans of $21 million. Run from call centres in Montreal, the operation involved scammers pretending to be grandchildren who'd been arrested and needed bail money immediately.
The sophistication is chilling. Police wiretaps revealed that call centre workers started each conversation with "Hi, grandpa" or "Hi, grandma," then used personal information from data leaks or social media to make their stories convincing. The scammers referred to victims who sent substantial amounts as "whales," and some victims were targeted multiple times, with scammers calling back to say the bail amount had increased.
Closer to home, a joint investigation by Ontario and Quebec police identified 126 Canadian victims who lost $739,000 between January and April 2024 to similar grandparent scams.
Grandparent scams are just one item on a growing menu of fraud targeting seniors. In the Canada Revenue Agency (CRA) impersonation scam, callers claim to be from the CRA demanding immediate payment for back taxes. The Service Canada scam involves thieves stealing social insurance numbers to divert retirement benefits into their own accounts. Tech support scams convince seniors their computers are infected with viruses and charge hundreds of dollars for fake fixes.
Then there are investment scams, the most financially devastating of all. Investment fraud accounts for about half of overall dollar losses reported to the Canadian Anti-Fraud Centre, despite being less common than other types of fraud.
The economics of permanent loss
Here's the brutal reality: most of this money is never recovered. While there are occasional success stories; like a Toronto victim who had $225,000 of a $355,000 cryptocurrency scam loss returned after three years, these are rare exceptions.
For Ontario seniors living on fixed pensions, losing thousands to a scam can be catastrophic. That might represent months or years of savings, earmarked for home repairs, medical expenses or helping grandchildren with university costs. When those savings disappear, some seniors find themselves relying more heavily on public supports or making impossible choices about which bills to pay.
Reported fraud incidents in Ontario more than doubled from 2014 to 2024, rising from 30,000 to 72,000. Law enforcement experts say Canada is unlikely to solve fraud through case-by-case prosecution alone; the focus has shifted to "disruption" rather than trying to catch every scammer.
The confidence paradox
Here's an unsettling finding: 89% of Canadians believe they can recognize potential scams, even as one in four report having been victimized. This "confidence paradox," as researchers call it, is exactly where fraudsters thrive; in that gap between what we think we know and what's actually happening.
Seniors face particular vulnerability. While they may be savvy about traditional scams, rapidly evolving AI-powered deception tactics can catch anyone off guard. And the emotional manipulation is powerful: who can easily say no when they believe their loved one is in trouble and terrified?
However, Blair Radbourne, who leads the Enterprise Technology & Cybersecurity team at OMERS as Senior Vice President, Enterprise Technology & Cybersecurity, believes there are some steps families can take to protect their elder loved ones, namely:
Create a family password: Says Blair, “This is a simple word or phrase known only within the family and only shared with grandparents (not made digitally available). Family members agree that any urgent request for money must include this password. Deepfakes can copy voices, but they don’t know verbally shared secrets.”
Use the pause rule: “No money, no gift cards, no wire transfers, no crypto without a pause and call back using a trusted number,” says Blair. This means the family member has to call someone else (another family member, friend, or the grandchild directly), as scammers rely on urgency and real family will understand a delay.
Learn the top red flags: “Scammers often rely on heavy emotional pressure, like crying, panic or fear and the following phrases,” explains Blair. “Things like” ‘I’m in trouble and need money right now,’ ‘Please don’t tell Mom or Dad,’ ‘The phone is broken—this is a new number’ or ‘I can’t video chat.’”
Bonus advice from Blair includes enable unknown caller silencing, sending unknown numbers to voicemail and turning on spam call filtering with your mobile phone provider.
The path forward
The federal government has announced plans for a new National Anti-Fraud Strategy and a Financial Crimes Agency, recognizing that fraud is now considered the number one crime against older Canadians. New legislation will require banks to have policies to detect and prevent consumer-targeted fraud and obtain express consent before enabling high-risk account features.
But prevention starts at home. If you receive an unexpected call from a "relative" in trouble, hang up and call them directly, or ask them to speak the family safe-word. If someone claiming to be from the CRA demands immediate payment, it's a scam; the real CRA doesn't operate that way.
“The simplest way to protect yourself online is to be mindful of how much personal information you share,” says Karen Tsang, Vice President, Privacy at OMERS. “It’s perfectly normal to want to post photos or updates to stay connected, but a little caution goes a long way. Think of every piece of personal information you share online as a puzzle piece. On its own, it may seem harmless, but when someone gathers enough pieces from different places, they can form a surprisingly complete picture of your life. Scammers rely on this. The less you give them to work with, the safer you are.”
Karen also shared a few friendly reminders of her own, specifically:
Share thoughtfully: “Before posting a photo or personal detail, pause and ask yourself whether it reveals more than you intend,” says Karen.
Check your privacy settings: “Most online accounts, like email, social media and apps, allow you to choose who can see your information. Set these to the highest privacy level you’re comfortable with.”
Read the fine print: Says Karen, “Privacy policies may seem tedious and daunting, but they explain how your information is collected, used, and shared. Knowing this helps you make informed choices.”
The cost of fraud isn't just measured in dollars. It's measured in shattered trust, damaged family relationships, and seniors who've lost not just their savings but their sense of security. In Ontario, where retirees should be enjoying freedom, too many are instead dealing with the aftermath of sophisticated theft they never saw coming.
The Relatable Economist is an ongoing written series focused on how the economy, geopolitics, markets and more are impacting our day-to-day lives, discussing topics that matter to you, even if just to share with your friends at your next get-together or in the stands at your child’s or grandchild’s soccer game. Have a topic you want to learn more about? Write to us at therelatableeconomist@omers.com
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