Montréal - As part of World Elder Abuse Awareness Day, the Autorité des marchés financiers (the "AMF") is encouraging Quebeckers to be on the watch for financial exploitation and to report such cases.
"Anyone can be the victim of fraud. Unfortunately, seniors who are isolated are particularly vulnerable to scams," said Louis Morisset, AMF President and Chief Executive Officer. "We're taking action on a number of fronts, including using cybersurveillance to identify illegal distributions and providing tools to help the elderly protect themselves against fraud."
Financial exploitation of the elderly comes in many forms. It includes fraudulent investments or unsuitable investments in terms of risk, the theft of money by persons in a position of trust and the use of aggressive sales tactics.
The AMF is collaborating with several organizations to prevent all forms of exploitation of the elderly in Québec, including financial fraud. The members of its financial education team regularly speak to seniors' groups and people who work with senior citizens to help them recognize scams and urge them to report abuse.
The AMF encourages consumers of all ages to talk about financial matters with people they trust and to take the time to gather information before buying a financial product or service or entrusting their savings to another individual. Before buying an insurance or investment product or service, consumers should check whether the person offering it is registered with the AMF and authorized to do so.
Visit the Prevent fraud section, which provides various tools to help people, including the elderly, identify and prevent fraud. See in particular the Red-flagging Financial Fraud and Trust Must Be Earned! guides.
World Elder Abuse Awareness Day was launched in 2006 at the initiative of the International Network for the Prevention of Elder Abuse.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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