Featured Posts
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
Australia scams awareness week features real stories of victims
While it is easy to get caught up in all the numbers and mind-numbing statistics and dollars lost to fraud globally and within countries like Australia and most other countries like Canada, who is rated poorly internationally at preventing money laundering through its financial institutions, it should never be lost
Governance counts and failure will cost more
This LinkedIn post is a reminder to all financial institutions who are well aware of theirobligations in Canada under PCMLTFA that they need to pay attention to the new penaltyframework as it will cost them much more if they fail to do so.Governance is a key part of ensuring an
Stop fraud before it has a chance to metastasize in your system
If financial institutions really want to make a meaningful difference to reducing fraud andsaving thousands of victims from losing money they never realized was at risk due to theskillful manipulation of them to believe the transaction they were doing was legitimate, is itnot then incumbent on the FIs to create
Different roles but necessary agencies in Canada’s financial fraud prevention
A useful breakdown and comparison can be found here in this LinkedIn post of two keyagencies in Canada with respect to financial fraud prevention. Both are critically importantto Canadian financial institutions understanding their distinguishing role and how theyneed to comply with their respective obligations under them. The question to pose
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