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
Harvey Weinstein's 2020 rape conviction overturned by N.Y. appeals court
New York's highest court on Thursday overturned Harvey Weinstein's 2020 rape conviction, reversing a landmark ruling of the #MeToo era in determining the trial judge improperly allowed women to testify about allegations against the ex-movie mogul that weren't part of the case.
BREAKING Honda to get up to $5B in govt help for EV battery, assembly plants
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment that is banned at Queen’s Park.
CTE: Researchers believe widespread brain injury may contribute to veteran suicide rate
Researchers are working to better understand if some Canadian military veterans may be suffering from Chronic Traumatic Encephalopathy, also known as CTE -- a disorder previously found in the brains of professional football and hockey players after their death.
1 arrested in northern Alberta during public shelter order
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
Secret $70M Lotto Max winners break their silence
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Remains from a mother-daughter cold case were found nearly 24 years later, after a deathbed confession from the suspect
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
New deep-water channel allows first ship to pass Key bridge wreckage in Baltimore
The first cargo ship passed through a newly opened deep-water channel in Baltimore on Thursday after being stuck in the harbor since the Francis Scott Key Bridge collapsed four weeks ago, halting most maritime traffic through the city's port.
First in Canada procedure performed at London, Ont. hospital
A London man has become the first person in Canada to receive a robotic assisted surgery on his spine. Dave Myeh suffered from debilitating, chronic back pain that led to sciatica in his right now and extreme pain in his lower back.