RBC
Fraud Education and Awareness
Seniors Client Seminar
In Today’s Seminar
Why talk about fraud prevention?
How does fraud happen?
What does fraud look like?
How can you prevent it?
Schemes & Scams
What we are doing for you
Questions ?
2
Who Is Vulnerable?
Everybody!
3
Why Seniors Face A Greater Risk
More leisure time
Isolation
Financial anxiety
Income and assets
4
Motive, Opportunity & Means
Motive = financial gain.
By gaining access to your financial
information, criminals may be able to
access your money
Handing over or sharing your day to
day financial transactions with
someone else
Ensure that you are comfortable with
someone helping you, whether it is
family, friends or a caregiver
Not disposing of your bills/statements
correctly
Not securing your mail
5
Fraud Has Many Faces
Cheque fraud
Debit and credit
card fraud
Internet fraud
Financial abuse
Identity theft
Schemes & Scams
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What Is Cheque Fraud ?
An item paid against a client’s
deposit account that is not
authorized by the customer
Using a cheque in any way with the
intent of obtaining funds to which
one is not entitled
Anytime a cheque is negotiated
without the knowledge of the
account holder
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Protect Your chip and PIN
Taking precautions to protect your security is
always important.
Choose a PIN with numbers you will remember.
Make sure your PIN can’t be easily guessed by
someone else. For example, don’t use your
birthday, phone number or address.
Memorize your PIN — don’t write it down or
store it electronically.
Never disclose your PIN to anyone.
Change your PIN from time to time.
If you think someone knows your PIN, change it
as soon as possible at any RBC Royal Bank
branch.
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Protecting Your Credit and Debit Cards
Limit the number you carry and do not
leave in an unsecured location
Keep your receipts and reconcile your
statement----use on line!
Notify your bank of errors both
unauthorized charges and missing
charges…yes even the missing!
When using your card for a transaction,
always keep it in your view
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The Modern Age...Or The Modem Age !
Be smart about electronic banking…it is very
safe but you need to be vigilant
Online banking
 Never share or record your user name or
password
 Don’t create easily guessed passwords
 Don’t use publicly accessible computers for
banking
 Don’t install free software: screen savers,
games, etc.
 Install and maintain current antivirus
software, anti-spyware and have a personal
firewall
Telephone banking
 Never divulge you user name or Secret Access
Code
 Use a secure location where
you cannot be
10
Financial Abuse
Financial abuse is the
misuse of a person’s
money or property,
usually by a person in
a position of trust
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Identity Theft
Keep all personal information safe and secure.
Shred any financial records….even the preapproved credit cards, car rental receipts, etc.
Protect your mail
Pick up mail promptly
Lock your mail box or use a mail slot
Have your mail box visible
Don’t leave out going mail in your mail box
Send cheques via registered mail or use an electronic
payment
Do not respond to unsolicited offers via the
mail, internet or phone
Do not share your SIN and do not carry the card
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Schemes & Scams
Skimming
Bait & Switch
Fake Charities
Card Switching
Telemarketing Schemes
“Too Good to be True”
Advance Fee Scams
Email Fraud - Phishing
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POWER OF ATTORNEY
3 MAIN TYPES
BANK’S POA STANDARD FORMS
FREE GOVERNMENT APPROVED POA KITS
LAWYER’S POA
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BANK’S POA STANDARD FORMS
For those individuals who do not, or
cannot afford a lawyer, and do not have a
complex portfolio of assets/investments.
( example Real Estate and/or RRSP’s )
Documents are signed and witnessed in branch and
allows the designated Power of Attorney to handle
day to day banking transactions.
( example Bill Payments, Deposits, Withdrawals)
** RISK ASSOCIATED ** Client being coaxed in adding
POA. Bank staff have to exercise due diligence in
completing request, looking for signs of hesitation
by the person giving the POA.
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Free Government Approved POA Kits
Created by lawyers in the Government to
help disadvantaged clients who cannot
afford a lawyer.
**** Risk Associated**** Language used
by inexperienced individuals may be to
vague for complex situations.
**** Risk Associated**** Without a proper
witness, one cannot be sure that the POA
was given in good faith and without
coercion.
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Lawyers' POA
Created by the clients lawyer and normally
cannot be challenged by anyone because the
clients got proper independent legal
advice. ( lawyer makes sure the client was
mentally capable and they understood the
risk involved.
Most lawyers are glad to visit a clients
residence to facilitate a meeting.
17
Reasons Seniors Should Not Make Accounts
Joint Vs POA
If the adult child/attorney is made joint
on the account and has a car accident or
is sued for any other reason, the money in
the joint account ( usually the seniors
life savings) can be at risk for
garnishment /seizure by the judgement
creditor.
Almost 50% of marriages end in divorce.
The adult child/attorney who was made
joint on the account with their elderly
relative gets divorced, the money in the
joint account is a t risk of being deemed
the adult child’s marital assets and split
with the former spouse.
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Reasons Seniors Should Not Make Accounts
Joint Vs POA
When someone is made joint on an account
and our client passes away, the other
person gets “right of survivorship”
meaning the joint account holder will
receive all the money in the account and
anyone else expecting an inheritance does
not.
Funds in a joint account can be withdrawn
by any account holder, allowing the person
who was added the same access as the
person (senior) who actually “owns” the
funds.
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Questions
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