CTV News, New bank form aims to help reduce fraud against seniors

Title: CTV News, New bank form aims to help reduce fraud against seniors
Date: January 19, 2023
Description: Tanya Walker discusses new bank form that aims to help reduce fraud against seniors and limit liability.

Transcript

0:00
foreign
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[Music]
0:07
this week we had a story about a
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Scarborough senior who lost more than
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forty thousand dollars after being
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caught in a fishing scam last year
0:14
seniors were also defrauded out of more
0:16
than four million dollars in the
0:18
grandparent scam could a new bank form
0:20
help prevent this type of fraud Pat
0:22
foreign joins us with consumer alert
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pack thanks Michelle and Nathan many
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people wonder why Banks don’t do more to
0:28
protect their older customers but if
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people want to take out their money they
0:32
have the right to do so One bank is now
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using a form that could raise red flags
0:36
and help deter fraud
0:39
all right Dad Carmen chisholmoore had
0:42
his computer hacked by scammers they
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claimed almost 42 000 was deposited in
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his bank account and they said well gee
0:49
whiz we made a mistake how do we correct
0:52
that the scammers told him to do a wire
0:54
transfer of the money and if a teller
0:55
asked questions he was told to say he
0:57
was paying a loan back to an old college
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friend the fact that they had repeatedly
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told me not to talk to the bank should
1:05
have
1:06
set all kinds of flowers up last month
1:09
Stuart Irvin got caught in the
1:10
grandparents scam he sent criminals
1:12
eight thousand dollars cash for bail
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money I’ve been had many seniors who get
1:17
caught up in scans are told to lie about
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why they need the money they tell their
1:21
Bank they’re repaying a loan or doing
1:23
home renovations One bank is using a
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form that might help some people avoid
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being scammed TD Canada Trust has a form
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for large cash withdrawals it says TD
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has warned me fraudsters mass victims to
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mail cash deposit cash or send funds to
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International accounts I confirm I am
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acting of my own free will and have not
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been pressured by a third party to
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withdraw this cash it’s a great first
1:49
step for the bank to to do something
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because it would let the person who
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wants to withdraw the money but be aware
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that this is something that is quite
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serious Tanya Walker is a lawyer who
2:00
specializes in fraud the form also says
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I discharge and release TD from all
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liability relating to the delivery of
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this cash to me Walker says that may not
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be enough to say a bank is not liable I
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think it could be a problem in the
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future if the bank isn’t able to
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demonstrate that the person who signed
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this form actually understood what that
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paragraph meant TD told CTV News this
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form is used as a tool to underscore
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certain risks theft scams and fraud at
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the time of a large cash withdrawal the
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form could help raise a red flag with
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the customer especially if they’ve been
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coached by fraudsters Sherry chisemore
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feels Banks should do more to prevent
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seniors from being scammed
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and as criminals continue to Target
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seniors Banks may have to do more to
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make sure they don’t get scammed
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families are also encouraged to talk
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about fraud and tell seniors to ask for
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help if they’re not sure what to do on
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your side I’m Pat foreign if you have a
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consumer story idea email us at alert
2:59
ctv.ca
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[Music]

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