Regulators in Saskatchewan are sounding the alarm about investment scams targeting seniors.

Approximately 30% of the investment fraud claims that reach its securities enforcement branch come from seniors, the Financial and Consumer Affairs Authority (FCAA) announced on Thursday.

This “could be significantly higher as much of investment fraud perpetrated against seniors goes unreported because they feel embarrassed or are afraid they’ll be judged incapable of handling their own finances,” the FCAA says in a statement.

Seniors make particularly attractive targets for fraudsters because they have a lifetime of savings built up, and they are often concerned about having enough money for retirement, the FCAA notes.

“A common tactic scammers use on seniors is to promise guaranteed returns that will make them financially comfortable for the rest of their lives. The end result is usually the exact opposite,” says the FCAA.

“There’s no reason to be ashamed of being a victim, because unfortunately these fraudsters are extremely good at what they do,” says Ed Rodonets, deputy director of the FCAA’s enforcement branch. “The best thing victims of investment fraud can do is report it, not just for themselves, but for others who may fall victim to the same fraudster in the future.”