RBC Fraud Education and

Awareness

Seniors Client Seminar

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In Today’s Seminar

Why talk about fraud prevention?How does fraud happen?What does fraud look like?How can you prevent it?Schemes & ScamsWhat we are doing for youQuestions ?

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Who Is Vulnerable?

Everybody!

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Why Seniors Face A Greater Risk

More leisure timeIsolationFinancial anxietyIncome and assets

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Motive, Opportunity & Means

Motive = financial gain.By gaining access to your financial information, criminals may be able to access your moneyHanding over or sharing your day to day financial transactions with someone elseEnsure that you are comfortable with someone helping you, whether it is family, friends or a caregiverNot disposing of your bills/statements correctlyNot securing your mail

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Fraud Has Many Faces

Cheque fraudDebit and credit card fraudInternet fraudFinancial abuseIdentity theftSchemes & Scams

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What Is Cheque Fraud ?

An item paid against a client’s deposit account that is not authorized by the customerUsing a cheque in any way with the intent of obtaining funds to which one is not entitledAnytime a cheque is negotiated without the knowledge of the account holder

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Protect Your chip and PINTaking 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 locationKeep 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 vigilantOnline 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 overheard

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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 pre-approved credit cards, car rental receipts, etc.Protect your mail

Pick up mail promptlyLock your mail box or use a mail slotHave your mail box visibleDon’t leave out going mail in your mail boxSend cheques via registered mail or use an electronic payment

Do not respond to unsolicited offers via the mail, internet or phoneDo not share your SIN and do not carry the card

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Schemes & Scams

SkimmingBait & SwitchFake CharitiesCard SwitchingTelemarketing Schemes“Too Good to be True”Advance Fee ScamsEmail 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.

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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