New Survey: 2-in-3 Canadian Seniors Feel at Risk of Financial Fraud This Year

New survey reveals widespread exposure to scams and rising concern among seniors about retirement security.

TORONTO--(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

• 87% of Canadians aged 55+ report they’ve received suspicious calls, emails, texts, or letters in the past five years.
• 1 in 3 report experiencing impersonation scams involving someone posing as a trusted organization, such as a bank or service provider.
• Nearly one-quarter (22%) have received direct requests for money or personal information from strangers.
• 20% say they have experienced unauthorized charges or withdrawals from financial accounts.

Seniors Face a Growing Risk, and Retirement Impact is Significant

• Two-thirds of Canadians aged 55+ feel at least moderately at risk of experiencing financial fraud within the next year.
  • Women report greater concern, with 18% feeling very at risk, compared to 11% of men
• 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?

• Over three-quarters (78%) of Canadians aged 55+ report feeling comfortable discussing financial stress with close family members.
• Comfort increases with age:
  • 46% of Canadians aged 75+ feel very comfortable, compared to 40% of those aged 65-74 and 34% of those aged 55-64.
• 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.”

Bloom Finance offers seniors safe, responsible ways to access the equity in their homes, giving them financial flexibility to manage unexpected costs and safeguard their long-term financial security.

For more information, please visit www.bloomfin.ca.

About Bloom Finance Ltd.
Bloom is a leading Canadian fintech company dedicated to assisting homeowners aged 55 and above in accessing the wealth accumulated in their homes to enjoy more comfortable retirements. Through the integration of cutting-edge technology and innovative product delivery, the company is reshaping home equity access to be adaptable, enduring, and user-friendly. Bloom’s overarching mission is to alleviate financial stress among retired homeowners, enabling them to relish the golden years of their lives. Licensed in ON:13338, BC:MBX600455, and AB. Discover more at www.bloomfin.ca.

Methodology
These findings are from a survey conducted by Bloom Finance from February 25th to February 27th, 2026, among a representative sample of 621 online adult Canadians aged 55+ who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-3.9 percentage points, 19 times out of 20.