WARNING: Scams Targeting Seniors
There are a variety of scams and frauds happening across Canada – with new ones invented daily. ACE has seen an explosion of schemes targeting low-income, vulnerable seniors across Ontario.
Some of the most notable schemes include:
Cross-Ontario Mortgage & Notice Of Security Interest (NOSI) Scheme
Since January 2022, ACE has regularly received calls from older adults who are shocked to discover that a mortgage or lien (called a “notice of security interest” or “NOSI”) has been registered to the title to their home without their knowledge or consent. The scheme targets highly vulnerable home-owning seniors and often starts with exploitative, unfair door-to-door sales contracts financed by high-interest loans that are secured with NOSIs or private mortgages.
Grandparent scams (also called grandchild scams and/or emergency scams) are common schemes that target older adults. These scams usually involve a phone call or email from someone who pretends to be your grandchild or other loved one. A new variant to the scam has recently emerged, in which the fraudsters contact the grandparent via their social media accounts (i.e. Facebook or Instagram) or by text message instead of a phone call.