Did you miss any important news this week? Don’t worry. Marketplace by CBC has compiled the latest consumer and health updates for you.
Do you want to receive these updates directly in your inbox? Subscribe to the Marketplace newsletter every Friday.
Elderly Man Loses $1.7M to Scammers with Help from RBC and CIBC
The family of an 89-year-old man is questioning why neither RBC nor CIBC didn’t stop him from draining his $1.7-million life savings, despite promises to help keep seniors safe from fraud.
Ray Anholt from Victoria turned 90 recently but had little cause for celebration as he fell victim to one of Canada’s largest bank investigator scams, losing almost $1.7 million last year.
An elaborate scam involving fake bank representatives, fraudulent official documents, cash, bank drafts, gold bars, and couriers left Anholt virtually penniless. Shockingly, two major banks allowed the elderly man to empty his accounts despite clear warning signs, according to Anholt’s daughter, Jill Anholt.
“They witnessed an 89-year-old man withdrawing every penny,” expressed Jill Anholt to Go Public with evident frustration.
While Ray’s loss was significant, he is not alone in experiencing such financial fraud. Canadians collectively lost over $643 million to bank scams last year, marking a 300% increase since 2020. Experts highlight the need for improved safeguards in Canadian financial institutions to combat the rising sophistication of scams.
“The issue of bank fraud has persisted for years, with minimal progress made,” remarked Duff Conacher, co-founder of Democracy Watch and advocate for bank accountability.
Both CIBC and Royal Bank, where Ray held accounts, declined interview requests. However, in their statements released, they assured robust measures to safeguard clients and notify them of suspected fraud.
For more details, visit CBC Go Public’s Erica Johnson and Ana Komnenic.