Fraudsters withdrew 400,000 from retirees bank account in three days

A Vancouver retiree lost $400,000 in a phishing scam executed over three days, leaving her in shock and uncertainty about recovery. The scam began with phone calls from individuals impersonating her bank's fraud department, creating a false sense of security. Despite her visit to the bank, where she voiced her concerns, the bank staff dismissed her worries, allowing the scammers to continue their scheme. TD Bank is currently investigating the incident and reiterated its policy against requesting sensitive security information via phone calls. The retiree has managed to recover $50,000, but she fears for the remainder of her lost funds.

Cybersecurity expert Theresia Joseph noted that such scams are increasingly common and harder to detect, especially with personal data being prevalent on the dark web. Statistics Canada reported that Canadians lost over $638 million to fraud in 2024, with scams rising by 12 percent between 2022 and 2023. Experts from BMO recommend consumers to remain skeptical of urgent requests and verify sources to avoid falling victim to similar scams.