In what should have been her golden years, 67-year-old Margaret Collins now faces financial ruin after falling victim to an elaborate romance scam that drained her life savings of over $265,000. The Calgary resident’s heartbreaking case highlights the growing sophistication of online fraudsters targeting vulnerable Canadians, particularly seniors.
Collins, a retired nurse and widow of four years, connected with a man calling himself “Richard Dempsey” on a popular dating app last September. The relationship quickly intensified through daily video calls, messages, and what she believed was genuine emotional connection.
“He was charming, attentive, and seemed to understand exactly what I was going through after losing my husband,” Collins told CO24 News in an exclusive interview. “I thought I’d found a second chance at happiness.”
What began as a budding romance took a devastating turn when “Dempsey” claimed to be a petroleum engineer working overseas who needed temporary financial assistance due to frozen assets. Small requests gradually escalated to substantial transfers totaling $265,000 over five months—her entire retirement fund.
Financial crime experts note this case follows a textbook pattern. “Romance scammers are master manipulators who build trust over time before introducing financial emergencies,” explains Detective Sarah Martinez from the Calgary Police Service’s Cyber Crimes Unit. “They create elaborate backstories and documentation that appear legitimate to their victims.”
TD Bank, where Collins held her accounts, has faced criticism for not flagging the unusual transaction patterns. When Collins attempted to withdraw $50,000—her largest single transaction—she reports that bank staff processed it with minimal questioning despite it being dramatically outside her normal banking pattern.
“Financial institutions have sophisticated fraud detection systems, but they must balance customer autonomy with protection,” says Michael Robertson, financial security analyst at the Canadian Anti-Fraud Centre. “These cases expose gaps in the system that scammers exploit.”
Data from the Canadian Anti-Fraud Centre shows romance scams remain among the most financially devastating frauds, with Canadians losing over $64 million in 2023 alone—though experts believe the actual figure is substantially higher as many victims never report their losses due to embarrassment.
Collins’ daughter, Jennifer, has since established a support group for romance scam victims in Calgary. “My mother isn’t alone. We’ve connected with dozens of local victims in similar situations,” she explained. “The emotional damage often exceeds even the financial loss.”
For Collins, the path forward is uncertain. She’s returned to part-time nursing at 67 and moved in with her daughter’s family. TD Bank has launched an internal investigation but has not committed to any compensation.
“I feel such shame for being fooled,” Collins admitted. “But I’m speaking out because if it happened to me, it could happen to anyone.”
Experts recommend several protective measures: research potential partners thoroughly, never send money to someone you haven’t met in person, discuss new relationships with trusted friends or family, and be wary of anyone who quickly professes love but always has reasons why they cannot meet.
As digital relationships become increasingly normalized in our society, how do we balance openness to new connections with the necessary skepticism to protect ourselves from those who would exploit our desire for companionship?
