The son of a Toronto senior who lost $8,000 in what he calls a “letter-for-letter” example of the so-called 'grandparent scam' said RBC bank should have seen the warning signs and stopped the withdrawal.
Across the country, police and fraud-prevention experts of are warning Canadians to be vigilant as reports of"grandparent scams" targeting seniors are on the rise. The son of a Toronto senior who lost $8,000 in what he calls a “letter-for-letter” example of the so-called "grandparent scam" said RBC bank should have seen the warning signs and stopped the withdrawal.
Winter said his mother went to the bank and asked to withdraw the funds. He said the teller did ask his mother three security questions before granting the request, but because she was coached by the scammers to lie about the reason for the withdrawal -- as the Canadian Bankers Association has acknowledged is a common tactic in this scam -- the funds were released.
RBC said it would investigate and see if its own procedure’s were followed during the Aug. 1 transaction, according to Winter. The bank also highlighted that it has “a number” of fraud prevention measures in place to prevent identity theft and other types of fraud and pointed to its online
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