TORONTO, June 1, 2026 /CNW/ - As multiple provinces across the country mark Seniors Month in June, the Canadian Bankers Association (CBA) is launching a Financial Abuse Prevention Hub as part of its commitment to help protect older Canadians. This Hub serves as one-stop-shop for financial abuse prevention resources designed to empower all Canadians, including seniors, to protect their finances, stay vigilant against financial abuse, and act if they feel they have been victim of financial abuse or fraudulent activities.

Research from Verafin shows that when it comes to financial abuse almost one in three (29 per cent) of Canadians know someone who has been a victim and only a quarter of these cases are reported.¹

Reporting these instances is just as important for both financial abuse and fraud. By reporting fraudulent activities, Canadians can help the tracking of criminal organizations, identify emerging fraud trends, prevent future scams, and raise awareness of new threats. Local police investigate reported incidents, and the Canadian Anti-Fraud Centre (CAFC) supports law enforcement by sharing information collected through these reports.²

"Protecting older Canadians from financial abuse and fraud requires awareness, education, and collaboration," said Anthony Ostler, President and CEO, Canadian Bankers Association. "During Seniors Month we encourage Canadians to have conversations with loved ones about how to recognize the signs of abuse and report suspicious activity. Our Financial Abuse Prevention Hub provides resources to help seniors safeguard their finances and make informed decisions with confidence."

Protecting seniors: recognizing and preventing financial abuse

June 15 also marks World Elder Abuse Awareness Day, a globally recognized initiative dedicated to raising awareness about the abuse, neglect, and exploitation of older adults. The CBA encourages older Canadians to learn how to identify financial abuse indicators and take proactive steps to protect themselves and their loved ones.

The CBA's new Financial Abuse Prevention Hub has a package of resources on financial abuse including:

• Financial abuse: what you need to know and where to get help
• Appropriate use of joint accounts
• Powers of Attorney: bank requirements
• Powers of attorney: opening a bank account
• Powers of Attorney: what consumers need to know
• Intimate partner violence and financial abuse

The CBA also offers Your Money Seniors, free, non-commercial seminars that support older adults in managing retirement expenses, spotting scams, and include a module dedicated to protecting against financial abuse. Seniors' groups across Canada can request a seminar, delivered by volunteer bankers committed to improving financial literacy in their community, through the online seminar request form or by calling 1-800-263-0231.

Empowering older adults: fighting scams with the Fraud Prevention Toolkit

As part of the new Financial Abuse Prevention Hub, the CBA also provides a Fraud Prevention Toolkit that can help older adults protect themselves against financial crime. Scammers are constantly evolving their tactics to evade detection, and emerging technologies such as artificial intelligence (AI) have made it easier for bad actors to create scams that are highly difficult to detect.

Financial abuse occurs when someone tries to take or control another person's assets for their own benefit. This can include money, property, or personal information. A financial abuser can be a trusted person in a victim's life: a spouse, adult child, grandchild or other family member, caregiver, friend, or neighbour.³

Fraud or scams occur when a bad actor manipulates someone to get what they want, such as getting them to reveal personal information or convincing them to give them money. They do this by using tactics that take advantage of normal human tendencies and feelings.⁴

About the Canadian Bankers Association

The Canadian Bankers Association is the voice of more than 60 domestic and foreign banks that help drive Canada's economic growth and prosperity. The CBA advocates for public policies that contribute to a sound, thriving banking system to ensure Canadians can succeed in their financial goals. www.cba.ca.

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SOURCE Canadian Bankers Association