Some 12,000 former students have filed claims against the federal government and churches, alleging abuse and the loss of language and culture.
Last November, Ottawa signed a deal to pay each former student a minimum of $10,000 in compensation, plus $3,000 for each year spent in the schools, which operated for much of the last century. It's expected the payments will be made in the next several months.
Across Canada, the program is worth about $2 billion, money the police say will be a magnet for unscrupulous people.
"It's just a matter of time I guess before someone is going to be approached," said Sgt. Clayton Lerat, who works with the RCMP's aboriginal policing division in Regina.
"If I was coming into a large settlement of money as a result of residential schools, I would just be prepared."
In the past, some people awaiting compensation have been offered vehicles in exchange for part of a settlement, Lerat said.
He is worried about older people, noting that they are often targets of charity and home-repair scams.
Lerat has also encountered cases where family members take advantage of seniors. He urges recipients to try to find someone in the family they can trust.
Morley Watson, a vice chief with the Federation of Saskatchewan Indian Nations, said his organization shares the concern and is including police presentations in informational sessions for former residential school students.
"We want to make sure that we offer some assistance in that area so that the elderly aren't taken advantage of through financial schemes," he said.
Saskatchewan is home to one of the largest groups of former students in Canada, with more than 3,000 people filing claims.