The BC Securities Commission (BCSC) is turning up the volume on fraud prevention with a new ad campaign that uses custom ringtones to help seniors and their families recognize and avoid investment scams.
Investment fraud is one of the most common and most devastating crimes affecting seniors in British Columbia, and it’s evolving fast. Scammers use artificial intelligence and exploit digital illiteracy to target older adults, preying on their trust and financial hopes.
To help seniors and their families recognize the warning signs before it’s too late, the BCSC is distributing Scamtones, a collection of five custom ringtones that turn every unknown call into a reminder about fraudulent schemes. Scamtones deliver anti-fraud messages in a variety of musical styles – classic rock, country, Motown and jazz – while highlighting a key red flag of investment fraud.
“Scammers may be calling your grandparents more than you are,” said Pamela McDonald, the BCSC’s Director of Communications and Education. “Scamtones is meant to spark conversations between seniors and their more tech-savvy relatives about investment fraud in the digital era. These ringtones are a reminder for older adults to pause and think twice about picking up or responding to a suspicious call.”
The ringtones are available on Scamtones.ca, a new microsite where British Columbians can listen to and download the ringtones, as well as find vital resources on investment fraud and elder financial abuse.
The campaign launches ahead of World Elder Abuse Awareness Day (WEADD) on June 15, and aims to shine a spotlight on a growing crisis.
In 2024 alone, global fraud losses linked to elderly victims reached an estimated $77.7 billion, according to the Nasdaq Global Financial Crime Report. In Canada, reported fraud losses topped $638 million, according to the Canadian Anti-Fraud Centre, with seniors among the most targeted. Seniors make up approximately 19 per cent of the Canadian population and are among the fastest-growing demographics in Canada, according to Statistics Canada. Investment scams are one of the most common types of fraud targeted toward seniors.
Older adults are vulnerable due to a variety of factors: social isolation and cognitive decline can make it harder for them to spot a scam, and fear of losing independence can make them wary of asking for help. Many are drawn to promises of high returns and low risk, hoping to stretch their retirement savings or leave a legacy for loved ones.
Resources about elder financial abuse are available on the BCSC’s InvestRight.org website, including tips on how to initiate a conversation with a loved one about financial abuse, information about why having a Trusted Contact Person is important, and instructions on how to report suspected investment fraud.
Additional Quotes
Dan Levitt, B.C. Seniors Advocate
"Financial abuse – especially investment fraud – often goes unreported, yet its consequences can strip seniors of their independence and devastate entire families. As more seniors embrace technology to stay connected, tools like Scamtones provide an engaging way to help them recognize the warning signs of fraud and protect themselves with confidence.”
Laura Tamblyn Watts, President and CEO, CanAge
"Scammers exploit the trust and goodwill of seniors, making financial fraud a growing threat. As technology advances, distinguishing a legitimate call from a scam is more challenging than ever. Scamtones is a great resource to help families start crucial conversations about spotting investment scammers – empowering seniors to hang up, ask the right questions, and safeguard their hard-earned savings."
