WARNING: Scams Targeting Seniors

Closeup portrait senior man grandfather holding piggy bank looking suspicious trying to protect his savings from being stolen isolated on gray wall background. Financial fraud concept

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:

Female Sales Person Trying To Persuade Senior Woman To Purchase Goods Or ServicesCross-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.

Old man protecting house model with hands.

Bill 200 Bans and Erases NOSIs Effective Immediately

On June 5, 2024, the Ontario legislature passed Bill 200, the Homeowner Protection Act, 2024 which deems NOSIs in respect of consumer goods to be expired effective immediately, and bans the registration of new NOSIs in respect of consumer goods, with unanimous consent.

Grandparents talking to little boy at kitchen tableGrandparent Scheme

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.