New bank form aims to help reduce fraud against seniors, limit liability
In Canada last year, seniors lost $4.2 million to the so-called grandparent scam and other seniors lost money to phishing scams after their computers were hacked.
When seniors are caught in a scam, criminals often instruct their victims to take cash out of the bank or to wire transfer funds by lying and saying they are repaying a loan from an old friend or doing home renovations.
- Download our app to get local alerts on your device
- Get the latest local updates right to your inbox
That’s what happened to 87-year-old Carmen Chisamore of Scarborough, Ont. when he got caught in a Norton Antivirus phishing scam.
Chisamore was told to wire $41,400 in November and if the teller asked about the transfer, he was instructed to say he was paying money back to an old college friend
“The fact that they had repeatedly told me not to talk to the bank should have sent up all kinds of flares up," Chisamore said.
Last month, Stuart Irvine of Mississauga, Ont. got caught in the grandparent scam and was told to take out $8,000 cash and to send it for bail to release his grandson.
After he did that, Irvine said he realized he had “been had.”
Many people wonder why banks don't do more to protect their older customers, but if people want to take out their money they have the right to do so.
Now, TD Canada Trust is using a bank form that could raise red flags and help deter fraud.
The TD Canada Trust Form for Large Cash Withdrawals says, “TD has warned me fraudsters may ask victims to mail cash, deposit cash…or send funds to international accounts.”
“I confirm I am acting of my own free will and have not been pressured by a third party to withdraw this cash.”
Tanya Walker, a lawyer who is an expert in fraud cases, said the bank form could help some customers realize they are being targeted by scammers.
“I agree it's a great first step for the banks to do something because it would let the person who wants to withdraw the money be aware that this is quite serious and maybe alert them that they might be getting defrauded," said Walker.
The form also says, “I discharge and release TD from all liability relating to the delivery of this cash to me.”
Walker said that sentence may not be enough to say a bank is not liable.
“I think it could be problem in the future if the bank is unable to demonstrate that the person who signed the form actually understood what that sentence meant," said Walker.
In a statement, a spokesperson for TD told CTV News Toronto, “This form is used as a tool to underscore certain risks, such as physical security, theft, scams and fraud, at the time of a large cash withdrawal. Prior to signing the form, TD's policy is to highlight these risks for the customer and provide alternatives to cash (e.g., wire or draft).”
“The form could help to raise a red flag with the customer, especially if they've been coached by fraudsters.”
As criminals continue to target seniors, banks may have to do more to make sure they don't get scammed. Families are also encouraged to talk about fraud and tell seniors to ask for help if they're not sure what to do.
CTVNews.ca Top Stories
Orca calf that was trapped in B.C. lagoon for weeks swims free
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
King Charles' cancer treatment progressing well, says Buckingham Palace
King Charles III’s doctors are 'sufficiently pleased' with his cancer treatment and he is expected to return to public-facing duties, Buckingham Palace announced on Friday.
AFN chief says Air Canada offered a 15% discount after her headdress was mishandled
After the Assembly of First Nations' national chief complained to Air Canada about how staffers treated her and her ceremonial headdress on a flight this week, she says the airline responded by offering a 15 per cent discount on her next flight.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
DEVELOPING Bird flu outbreaks: WHO weighs in on public health risk
The current overall public health risk posed by the H5N1 bird flu virus is low, the World Health Organization said on Friday, but urged countries to stay alert for cases of animal-to-human transmission.
76ers All-Star centre Joel Embiid says he has Bell's palsy
Philadelphia 76ers All-Star centre Joel Embiid has been diagnosed with Bell’s palsy, a form of facial paralysis he says has affected him since before the play-in tournament.
Island near Mull of Kintyre for sale for US$3.1 million
An idyllic 453-acre private island is up for sale off the west coast of Scotland and it comes with sandy beaches, puffins galore, seven houses, a pub, a helipad and a flock of black-faced sheep.
Regina police officer injured after being accidentally shot by fellow officer's gun
An investigation is underway after a Regina police officer was accidentally shot by a fellow officer’s gun during the search of a house early Friday morning.
Taylor Swift dons Montreal designer's dress in 'Fortnight' video
A pair of Montreal designers' work has now been viewed over 41 million times. Taylor Swift dons a Victorian throwback black gown in her latest music video, 'Fortnight', designed by UNTTLD due Simon Belanger and Jose Manuel Saint-Jacques.