Seniors can be a target for financial fraud. Sly and dishonest people may promise quick cash returns to their unwitting victims – and cash-strapped retirees are especially vulnerable.

These tips will help prevent you from becoming a victim:

• Be cautious. If something seems too good to be true, it likely is. An honest business will not ask for large amounts of money upfront, so don't do it.

• Do your research. Look into a product or service before you decide.

• Take your time. An honest business will not force you into a purchase decision on the spot.

• Keep your information secret. Don't disclose any personal information.

• Keep your records safe. Put your legal papers, financial documents, and other important records in a secure place.

• Get professional advice. If making a major financial decision, talk to a professional first, and certainly before signing any paperwork.

• Check your credit rating. Do it every year and if you think you've been a victim of fraud, take action. Report it to your financial institution and to the police.

“Seniors can sometimes fall victim to financial fraud,” says Greg Bandler, senior vice president at HomEquity Bank, the leading provider of reverse mortgages and financial solutions for Canadian seniors. “Protecting the welfare and futures of our clients and prospective clients is an important issue for us.”

If you suspect that you or someone you know is a victim of financial fraud visit www.antifraudcentre.ca.  For more information on reverse mortgages visit www.chip.ca.