An elderly couple from Brantford, Ontario, has lost over $1 million to online scammers, despite warnings from their bank about potential fraud. The couple, both in their 70s, had invested their life savings, which included inheritance and proceeds from the sale of their home. They had intended to leave this money to their son. The scam began with a pop-up alert on their computer screen. "I couldn’t get rid of it," the woman said. "It wouldn’t turn off." The pop-up included a phone number, which the couple called. The man recalled being told that his Social Insurance Number had been compromised and was being used for money laundering by a criminal organization involved in serious crimes. Over a five-month period, the scammers posed as representatives from various Canadian agencies, including the Canadian Anti-Fraud Centre and the Royal Canadian Mounted Police. They convinced the couple that their bank accounts were at risk and instructed them on how to protect their money. The couple was told to withdraw their funds and send them to the scammers, who promised to return the money after an investigation. They were also directed to purchase gold bars and deposit cash into a Bitcoin machine. Eventually, the couple consulted their bank. Their financial advisor suggested that their situation "sort of sounds like fraud," but the couple insisted they were making a legitimate investment in gold. Ultimately, they lost $900,000 in gold bars and $110,990 in Bitcoin. "We’re devastated," the man said. "It sounds very foolish that somebody would do something like this, but it was the trust that was built up over five months." The couple also cashed in their Registered Retirement Savings Plans, leaving them with an unexpected tax bill they are unsure how to pay. Bank fraud in Canada has surged in recent years, with losses reaching record levels. The Canadian Anti-Fraud Centre reported that Canadians lost over $638 million to fraud in 2024. However, actual losses may be much higher, as only 5 to 10 percent of victims report fraud to authorities. The stigma of embarrassment and shame is believed to contribute to this low reporting rate. In the Annual Report 2024, the Ombudsman for Banking Services and Investments noted that fraud is the leading consumer complaint against financial institutions, accounting for 38 percent of complaints related to banking services. There has been a significant increase in complaints about electronic transfer fraud and other digital scams, particularly targeting seniors and vulnerable individuals. In response, the Canadian government is promising to outline a new National Anti-Fraud Strategy in Budget 2025. Current legislative requirements limit consumer liability for unauthorized credit card transactions to $50. The government plans to introduce amendments to the Bank Act that would require banks to implement measures to detect and prevent consumer-targeted fraud. These measures include obtaining express consent from account holders before enabling features that could be exploited by fraudsters, allowing account holders to adjust transaction limits, and collecting data on financial fraud for reporting to the Financial Consumer Agency of Canada. Additionally, Ottawa is establishing a new Financial Crimes Agency to investigate online fraud and financial scams. The Minister of Finance will collaborate with the Ministers of Justice and Public Safety to introduce legislation for this agency by spring. Canadians are encouraged to learn how to protect themselves from fraud by visiting the Canadian Anti-Fraud Centre's website. Victims of fraud are urged to report incidents to local police and the Centre, either online or by phone. Even those who suspect fraud should report it, as it can aid ongoing investigations and help prevent others from becoming victims.