Poilievre pledges to protect seniors by forcing banks, telcos to crack down on scammers

Conservative Leader Pierre Poilievre has unveiled a new plan to protect seniors from digital scammers by making it mandatory for financial institutions and phone companies to take action against fraudulent activities. During a campaign stop in Montreal, Poilievre announced the proposed ‘Stop Scamming Seniors Act,’ which would require banks and telecom companies to utilize advanced technology to detect, report, and block potential scams in real time.

According to a backgrounder provided by the Conservative party, seniors are the primary targets of digital scammers who use various tactics such as phishing texts and robocalls to deceive the elderly and steal their life savings. Despite being in a position to prevent these crimes, banks and telecom companies are not legally obligated to act swiftly or decisively.

Under Poilievre’s plan, corporations would be mandated to leverage AI tools currently used for marketing and sales to identify potential instances of fraud. Individuals caught engaging in fraudulent activities over $5,000 would face a minimum jail sentence of one year. The severity of the punishment increases with the amount defrauded, with a minimum sentence of three years for fraud over $100,000 and five years for fraud exceeding $1 million.

Currently, individuals convicted of fraud over $5,000 do not face a minimum sentence under the Criminal Code. Those found guilty of defrauding over $1 million can receive a minimum prison term of two years and a maximum of 14 years.

Poilievre’s plan also includes imposing fines on convicted fraudsters that equate to ten times the amount defrauded to serve as a deterrent against future fraudulent activities. Additionally, a new Criminal Code offense called ‘wilful blind profiteering from fraud’ would target corporate executives who turn a blind eye to red flags and allow scam activities to persist.

Companies found neglecting to implement scam-prevention measures could face fines of up to $5 million per violation. Banks and telecom companies would need to implement specialized scam detection systems tailored to protect seniors aged 65 and above. Moreover, a ‘senior transaction shielding protocol’ would be established, requiring a 24-hour hold on high-risk transactions involving seniors’ accounts for verification and fraud checks.

Furthermore, companies would be mandated to publish quarterly reports on their fraud-prevention efforts, including the number of scams blocked and customers reimbursed. Poilievre emphasized the importance of ensuring seniors feel safe and secure when using digital devices, stating that banks and telecom companies must prioritize protecting the elderly who have contributed to building the country.

By holding corporations accountable and implementing stringent measures to combat digital scams targeting seniors, Poilievre aims to safeguard vulnerable individuals and prevent financial exploitation in the future.