Bank fights senior fraud

Scotiabank and the Volunteer Centre of Metropolitan Toronto have launched a new fraud awareness program designed to help seniors: The ABCs of Fraud. The public education and training program is designed to combat frauds and scams against seniors by providing information on fraud awareness and prevention in an interactive and entertaining format.

The program involves presentations led by senior volunteers who have been trained by the Volunteer Centre of Metropolitan Toronto — in keeping with a “seniors helping seniors” approach. Scotiabank is providing funding for the program, as well as distributing fraud-prevention literature to its customers through its branch network. The program is currently available in Toronto and will be expanding to Vancouver, Calgary and Halifax in the next few months.

Studies have shown that millions of dollars are lost each year to fake charities, telemarketing and door-to-door scams, home repair swindles, bogus bank examiner hoaxes, and other frauds. In Canada, seniors over 60 represent 77% of the telemarketing fraud victims who have sent over $5,000 to con artists in 1996.