Poilievre to Force Banks, Telecoms to Block Scams Targeting Seniors

Conservative Leader Pierre Poilievre says he’ll make banks and cell phone companies legally responsible for stopping scams that target Canadian seniors, if his party forms the next government.

In a press conference held in Montreal today, Poilievre laid out a plan that would require financial institutions and telecoms to use real-time fraud detection tools to monitor suspicious activity, flag risky transactions, and block scam attempts before they reach customers.

“Imagine working your whole life and saving carefully for retirement, only to have it all stolen by a scammer in seconds,” said Poilievre. “Over the Lost Liberal Decade, this nightmare has been the reality for thousands of Canadians. It’s devastating for the victims and for any Canadian who worries about their family members being targeted.”

The proposal includes a mandatory 24-hour transaction delay for high-risk accounts, especially those belonging to seniors, during which banks would be required to carry out a fraud check. Poilievre said Canadians of any age could also request this safeguard on their accounts.

According to the Conservative leader, scam reports have surged since 2015, yet the institutions best positioned to stop them—banks and telecom providers—have no legal obligation to act. His plan would change that by imposing steep fines, including up to $5 million per violation for companies that fail to install proper scam prevention systems.

“Fear of scams is a serious source of anxiety for Canadian seniors. A new Conservative government will protect seniors and bring peace of mind to their families by forcing banks and telecom companies to up their game and stop the scam before it happens, not after,” said Poilievre.

The plan would also require companies to publicly report on how much scam activity they block, the effectiveness of their fraud prevention tools, and how much money they return to scam victims.

“We’ll mandate state-of-the-art real-time fraud detection, transaction shielding for seniors, and public transparency. And will punish scammers with real consequences for their crimes: jails and fines ten times the amount defrauded. Our seniors have earned the right to feel secure in their retirement. It’s time we had a government that puts their safety first,” concluded Poilievre.

We’ve seen far too many scams targeting seniors and now con artists are getting more brazen. Recently, some pretended to be Rogers and Bell employees offering deals over the phone, while even physically visiting homes of seniors to scam them.

Once scammers get your info, they take over your cellphone account and email, which then gives access to 2-factor codes, allowing them to do whatever they please with your identity and bank accounts. Usually, by the time seniors or anyone else has found out they have been scammed, banks and telecoms say it’s out of their control and not their fault, when usually it’s their own employees that also fall victim to scammers posing as seniors themselves and giving access.

What do you think about this proposed plan to stop scammers at the bank and telecom level?

The federal election is set to take place on April 28, 2025. Here’s how to watch the limited federal leaders debates this week.