A recent press release from Techie Nesters boldly called on Canada’s banks to step up and stop fraud at the bank counter. We applaud their courage to shine a light on this critical issue.
Fraud targeting older adults isn’t new, but the uncomfortable reality is that banks and telecom companies inadvertently—and sometimes knowingly—profit from these crimes. When an elderly person falls victim to fraud, their accounts can be emptied, leaving them with massive credit card debts and zero support from their banks. Despite increased awareness campaigns, victims often face bureaucratic roadblocks and harsh financial consequences alone.
What’s seldom talked about is how financial institutions and telecom companies indirectly benefit from fraudulent activities. Banks continue to charge fees and interest on fraudulent credit transactions, while telecom companies provide phone lines and connectivity that scammers exploit without sufficient accountability.
It’s time we changed the rules. We propose advocating for a Member’s Bill—a private bill introduced by a Member of Parliament—that explicitly prevents financial institutions and telecom providers from profiting from fraud. Such a bill would require:
- Immediate suspension of charges and interest on fraud-related transactions.
- Enhanced “know your client” regulations and traceability obligations for telecom companies, ensuring phone lines used in scams are quickly identified and shut down.
- Mandatory, transparent reporting from banks and telecom companies regarding fraud-related incidents, enabling regulatory and public scrutiny.
To introduce a Member’s Bill, concerned citizens can approach their local Member of Parliament, explaining the significance of the issue and urging them to champion the cause. With grassroots support and public advocacy, we can place elder fraud protection firmly on the legislative agenda.
Techie Nesters’ leadership in this conversation deserves recognition and support. They’ve courageously opened a critical dialogue about protecting vulnerable Canadians. It’s now up to all of us to keep that momentum going and ensure meaningful change.
Together, let’s put people before profits and demand the accountability older adults deserve.
Photo by Tima Miroshnichenko
