Beware Of The Scammers ! :-( | Page 3 | Your stories | Discussion forum

HermanH, the few times I've been called by an FI I tell them I'll call them back and then I call their general number and go from there.

CAD, so you wouldn't even buy a GIC, you'd just put the $750k in a bank account?

Bill said
HermanH, the few times I've been called by an FI I tell them I'll call them back and then I call their general number and go from there.

Absolutely the correct procedure. Of course, not everyone can be as savvy and security-aware as us. There are plenty of folks who are either unaware or too lazy to follow safety protocols.

Also, even if someone observes proper security, after a few successful (but annoying) resolutions, they may become innoculated and feel that they are only inconveniencing themselves with yet another long wait on hold. So, they might just acquiesce and (wrongly) submit to the dangerous process.

I told the Oaken CSR directly that her attempt was dangerous. I'm sure it fell on deaf ears. They just don't give a damn. It's convenient for them.

Banks really can do more. I would like to think they might do more but perhaps they don't have the imagination to figure it out. Or perhaps their lawyers have told them that blanket notices that most people won't read or know what to do about discharges their responsibility.

I'd be happy to sell them some .advice if they are really interested. I appreciate that banks probably do want to minimize fraud, but everything is a cost:benefit analysis for them, and the bank must ultimately benefit. They won't change their practices unless the issue gets out of hand... It's way cheaper to blame the victim - unless there are too many of them. It's a fine line.

One of the weaknesses of this forum is , ironically, that most of its participants are very intelligent, highly literate, good problem solvers, financially savvy, , and well educated. It's easy to forget or dismiss people who aren't like us, which is the majority of people. The majority is deserving of protection, maybe even from their own weaknesses. When someone is defrauded, the rest of us might , in the end, be on the hook to support them.

The last time we opened an account at a big bank, it was on the phone during covid. The phone call took an interminable full HOUR even though we have had an account with them for over 40 years and were calling from our home phone. Never once did they mention fraud risk or how we could protect ourselves, but the rep had time for an endless list of unimportant statements and questions related to their products and services.. She wasn't pushy, just annoying, wasting both my time and the bank's, with nary a word about protecting me from fraud.

The banks are not gatekeepers. Other than CSRs asking 2-4 pertinent questions, especially of a senior or disadvantaged individual, of why they are withdrawing an abnormal sum and/or what they plan to do with it, I can't see how they can go further. They are, in essence, a store that provides certain services, such as the safekeeping of customer funds, not anything about what the customer wants to do with those funds.

Added later: I truly have empathy for those who have been scammed but they need to stop trying to pass the blame on to others. Take ownership of their own error in judgement.

There are many drivers on the road who despite their relative competence and skill driving make errors in judgement that costs them (and sometimes others) at least financial damage, if not injuries and even death. They need to own their errors.

AltaRed said
… I truly have empathy for those who have been scammed but they need to stop trying to pass the blame on to others. Take ownership of their own error in judgement.

I agree. Contrary to the victims' claims, their banks did nothing wrong.

It wasn't an impostor who went to their bank branch and transferred the money out of their accounts. The victims personally went to their bank branch and proceeded with the wire transfers even after the cautions and questions from the bank staff.

The wire transfer instructions provided by the victims were neither to a bank named PC Financial nor to a bank account in the name of PC Financial. Their banks do not need to check those because the sender of a wire transfer needs to provide that info along with the account number of the receiving account.

Their situations are similar one where an account holder goes to their bank branch, withdraws $20,000 in cash, and turns the $20,000 over to a so-called kitchen renovator. Then, the renovator disappears with the money.

itsme said
The first step in protecting yourself from fraud is not to think you're too smart to fall for it.  

That is one intelligent statement that stands out.

CTV article mentioned another victim:

Ana Seara from Ontario says her brother, from Kitchener, Ont. lost $900,000 from the scam.

I don't understand why victims didn't just call PC before transferring any fund. Also seems victims didn't care about $100,000 CDIC limit.

“The paper pointed out: “No evidence has emerged that Mr. Trump or his associates artificially inflated the coin’s price or engaged in insider trading.” "

Gee, I wish I had Trump’s golden touch so I could share with everyone here on this website!

Maybe, a https://www.highinterestsavings.ca coin!

usephrase said
Scammers call my home phone, said: the call was calling from CRA/ UPS/Phone Provider/somewhere else.... 

These calls become SO sophisticated it is scary.
Few months ago they were leaving voice mails (I never pick up a phone from unknown number) with IDENTICAL voice and in a way my bank's systems responds when I call them telling me to call such.and.such number as there is a problem with my visa card. I recorded that message and called my bank and played a message but CSR could not do much and told me ALWAYS to call number on the back of the card.
HATE this AI and problems they are and will be created in the future.