Canadian Regulator Starts A Ringtone Campaign To Protect Seniors From Investment Fraud
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Canadian financial regulator, the British Columbia Securities Commission (BCSC), recently launched a new campaign aimed at helping the country’s senior citizens protect themselves from investment fraud.
The campaign uses custom musical ringtones to alert them of the fraud, and the regulator named it Scamtones.
How Can The Scamtones Initiative Help?
According to BCSC, Scamtones introduced five downloadable ringtones that will turn incoming calls from unknown numbers into musical reminders to watch out for financial scams and similar red flags. By reminding older adults that the call might be a scam before they answer it, the regulator hopes to help protect them from losing money to fraudsters who continue to devise new ways to trick people.
In addition to the new ringtones, the regulator also encouraged citizens to discuss financial safety in the digital era with their older family members.
Pamela McDonald, BCSC’s Director of Communications and Education, stated: “Scammers may be calling your grandparents more than you are. 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 in various styles, including jazz, Motown, country, and classic rock. They are available for free on the campaign’s microsite, Scamtones.ca.
The platform also provides educational materials regarding elder financial abuse and fraud prevention methods. The campaign is also supported by data that clearly indicates seniors remain a key target group for scammers due to various factors, including cognitive decline, digital illiteracy, and social isolation.
Seniors Are A Common Target of Scammers
Nasdaq’s Global Financial Crime Report, for example, revealed that global fraud losses tied to elderly victims have reached $77.7 billion in 2024 alone. Canadian Anti-Fraud Center also recorded more than $638 million in reported fraud losses during the last year, and seniors are among those who were affected the most.
British Columbia’s Seniors Advocate Dan Levitt said that financial abuse, particularly investment fraud, often goes unreported. However, it has massive consequences that can strip seniors of their independence and even 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,” he noted.
