Retirement means you can finally sit back, take things easy and enjoy the finer things in life. But don’t expect fraudsters to be relaxing along with you. Instead, they’ll be taking advantage of your retirement to build up their own pension funds—at your expense!
Fake Charitable Organizations
Now that you’re retired, you might be thinking about giving back some of what you earned during your career. After all, it’s in our nature to give when we hear about natural disasters, childhood diseases or other charitable causes that need our help. But don’t let your compassion turn you into an easy target. Scammers use the phone, the Internet (often social networking sites), or the mail to encourage you to give generously to a good cause. But you risk giving your money and your good intentions to fraudsters rather than recognized charities.
How to protect and minimize risks
- Check the charity’s credentials with the Canada Revenue Agency.
- Ask questions—fraudsters don’t like them. They’ll quickly sense your scepticism and look for other donors elsewhere.
- Talk it over with people you trust before you make a decision.
- Do a background check on the company or the person asking for donations. An online search will often reveal stories from people who’ve been swindled by similar scams.
Scams Targeting Travelers
Now that you’re no longer a slave to the 9-to-5 grind, you can finally call your time your own. A lot of people take the opportunity to travel the world or find a pied-à-terre somewhere warm. But stay on alert because travelers are often prime targets for con artists.