North Vancouver seniors warn of phone scam that cost them 120,000

A North Vancouver couple is speaking out after losing $120,000 to a fraudulent investment scheme targeting the elderly. The 77-year-old man, who often experiences confusion, was lured by scammers claiming to represent a successful chip-making company. They initially deposited $25,000 into his account, which his bank, RBC, deemed legitimate despite concerns raised by his wife. The scammers then encouraged him to transfer funds to Scotiabank and withdraw a total of $120,000 in cash. The banks did not question the large withdrawals, raising concerns about their protocols for safeguarding vulnerable clients.

The couple has documented their ordeal and feels they have few options for recourse. Their experience highlights the urgent need for increased awareness and preventive measures against fraud targeting seniors. They aim to warn others about the persistent methods employed by scammers.