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Call To Action
Draft write-up to initiate action in the House of Commons to bring in legislation that will do much more to protect our vulnerable and targeted seniors from being defrauded A petition to the House of Commons in April 2023 to protect seniors in particular from losing their lifetime savings and
Canadian seniors vulnerable to financial fraud
A high profile and sought after Canadian law professor for his expertise on topical and current issues weighs in on how seniors are vulnerable to financial fraud. One distinguishing attribute to seniors’ fraud that Geist points out in his Globe and Mail opinion piece, is the fact they lose more
Stiffer fines come into effect in Canada
The LinkedIn post below by Michael Cosgrove is a good reminder that Canada has steppedup its penalty regime under the Proceeds of Crime Money Laundering and TerroristFinancing Act (PCMLTFA). As of March 26, 2026, the maximum fine has gone from$500,000 to $20 million. This is still well below what the
A signal you cannot ignore if serious about preventing fraud
As the headline states very clearly, a financial institution which receives and detects asignal from its fraud prevention framework, must pay attention to it and do furtherinvestigation before just acquiescing the customer request and wiring the money. This is why beyond knowing your customer or KYC as it is commonly
Receiving end of send needs to be closely monitored
One important development in the UK’s Consumer Duty and more recently, as of October2024, is its mandatory reimbursement for consumer victims of Authorized Push Payments(APPs). It includes the key stipulation and requirement for reimbursement shared 50/50 bythe sending and receiving financial institutions. Why is this the case? Because it behooves
Crypto ATM machines getting attention of governments
Canada is just one of a number of countries and governments (e.g., US state governments taking action against them) looking at doing something about banning or at least regulatingcrypto ATM machines given how investigations like CBC shows how fraudsters are usingthe machines to launder millions from Canadians. The CBC fraud series
AARP fighting to save homeowners from losing their equity
If not a nest egg tucked away in a seemingly impenetrable bank account, scammers arealso targeting seniors who have built up a lifetime of equity in their home. Real estatewholesaling may not be a term most Americans are familiar with, but AARP certainly is.AARP is the leading voice of retired
A transaction is more than a number
One transaction can be so consequential to a consumer and may endure a lifetime withoutanything in place (i.e., alert) to detect and prevent a fraudulent attack from being carriedout. A transaction is clearly more than a number and needs to be scrutinized to determineif it merits further questions and investigation
Financial institutions are taking steps to prevent fraud
The article below from Banking Dive editor Caitlin Mullin focuses on elder fraud but steps like asking a customer to appoint a Trusted Contact Person or TCP as it is commonly referred to, can be helpful to anyone, not just a senior. Fraudsters are targeting seniors because they do tend
How Fifth Third, Star One are fighting elder fraud
The regional bank and California credit union are implementing strategies aimed at detecting scams earlier and being more proactive. Published June 18, 2026 Banks and credit unions are bolstering their scam defenses through hiring and new services and tools, as they grapple with an increase in scams targeting older customers.