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Cision Canada
02-06-2025
- Business
- Cision Canada
Seniors Month 2025: CBA Enhances Fraud Prevention Resources to Empower Older Adults in Combating Financial Scams and Abuse Français
TORONTO, June 2, 2025 /CNW/ - As several provinces mark Seniors Month in June, the Canadian Bankers Association (CBA) is reaffirming its commitment to financial literacy and raising fraud awareness through its enhanced Fraud Prevention Toolkit for Older Adults. This Toolkit features new and revised guidance designed to empower older Canadians to safeguard their finances, stay vigilant against financial scams, and take action when they encounter fraudulent activities. Canadians are strongly encouraged to report suspected scams immediately through appropriate channels to help protect one another. Fraud targeting older adults is a growing concern in Canada and around the world, as fraudsters and cybercriminals exploit factors such as social isolation, financial assets, and limited digital confidence 1. Banks, governments, law enforcement and community stakeholders recognize that it is a priority to address the challenge together through sharing best practices and strengthen protections for Canadians, especially older adults. Anthony G. Ostler, President and CEO of the Canadian Bankers Association, said: "Financial fraud and scams affect all Canadians, with older adults feeling most at risk 2. That's why the CBA and its members continually work to combat fraud and cybersecurity threats, including convening a cross-sector anti-scam alliance, providing digital educational resources, and offering free financial literacy seminars. Through collective action, we aim to enhance resilience against fraud and scams, reducing their impact on Canadians." Empowers older adults: tackling AI-driven scams with the updated Fraud Prevention Toolkit Scammers are constantly evolving their tactics to evade detection, and emerging technologies like artificial intelligence (AI) have made it easier for them to create highly convincing scams. AI can quickly generate emails and messages mimicking an individual's style and language. It can also clone voices and fabricate realistic images, audio, or videos of real people in just minutes. 3 As impersonation fraud rapidly becomes one of the fastest-growing forms of financial crime, it is crucial to help seniors navigate these evolving threats with confidence. In response, the CBA, in partnership with Get Cyber Safe, has updated its Fraud Prevention Toolkit for Older Adults, offering additional guidance on identifying AI-driven fraud and scams. By staying informed, recognizing warning signs, and safeguarding personal information, Canadians can more effectively avoid the risks of financial loss, identity theft, and other serious consequences. The power of reporting: a vital step in fighting financial crime Another key update in the Toolkit is a simple step-by-step guide on reporting scams, encouraging Canadians targeted by scams to take action right away and protect one another. Reporting scams plays an important role in combating financial crime. Local police investigate reported incidents, and the Canadian Anti-Fraud Centre (CAFC) supports law enforcement by sharing information collected through these reports 4. Common types of scams that should be reported include text scams, phishing emails, phone scams and fraudulent websites. By reporting suspicious activities, Canadians help the tracking of criminal organizations, identify emerging fraud patterns, prevent future scams, and raise awareness of new threats. Safeguarding seniors: recognizing and preventing financial abuse June 15 also marks World Elder Abuse Awareness Day, a global initiative dedicated to raising awareness about the abuse, neglect, and exploitation of older adults. Financial abuse, one of the most common forms of elder abuse in Canada 5, is not only unethical but illegal. Reflected in this year's theme "Grow the Conversation … Recognize the Signs, Reduce the Risks", the CBA encourages older Canadians to learn how to identify financial abuse indicators and take proactive steps to protect themselves and their loved ones. To support this, the CBA has a package of resources on financial abuse including printable tip sheets: CBA member banks support the Code of Conduct for the Delivery of Banking Services to Seniors, reinforcing their longstanding commitment to respond to the unique, evolving needs of senior customers. That includes training for bank employees on how to help older customers avoid financial abuse, fraud and scams. Building financial confidence: free seminars for older Canadians Financial literacy is a lifelong skill that helps Canadians protect themselves and make informed financial decisions. In partnership with the Financial Consumer Agency of Canada (FCAC), the CBA offers Your Money Seniors, a free, non-commercial seminar program that supports older adults in spotting scams, understanding the risks of joint accounts, and preparing for retirement. Senior groups across Canada can request a seminar, delivered by bank volunteer committed to improving financial literacy in their community through the online seminar request form. About the Canadian Bankers Association The Canadian Bankers Association is the voice of more than 60 domestic and foreign banks that help drive Canada's economic growth and prosperity. The CBA advocates for public policies that contribute to a sound, thriving banking system to ensure Canadians can succeed in their financial goals.
Time of India
23-05-2025
- Business
- Time of India
Canadians buying food face the prospect of credit card bill eating them up
Canadians are increasingly relying on credit cards to afford groceries as food prices continue to rise, exacerbating household debt. Despite overall inflation easing, food inflation remains high, driven by factors like the US-Canada tariff battle. Vulnerable populations are disproportionately affected, leading to increased food bank usage, prompting calls for government and industry action to address the crisis. Tired of too many ads? Remove Ads The Cost of Food is Rising Inflation Rates in Canada Credit Card Use on the Rise Tired of too many ads? Remove Ads Impact of the US-Canada Tariff Battle Impact on Vulnerable Populations Government and Industry Response Looking Ahead Tired of too many ads? Remove Ads With grocery store prices still rising throughout Canada , more and more Canadians are resorting to credit cards to pay for staple food items, fuelling worries of soaring household debt and financial inflation has been a stubborn Canadian problem for the last few years. Even as overall inflation rates have moderated, supermarket prices have refused to budge. Recent Statistics Canada figures indicate that food prices are up over 20% since 2021, with basics such as bread, milk, and vegetables experiencing some of the largest many families, these higher prices are straining already tight budgets. 'We're seeing more people forced to make difficult choices at the grocery store—buying less, switching to cheaper brands, or even skipping meals,' said financial analyst Laura McKay. 'But for some, even those measures aren't enough, and they're relying on credit to get by,' according to Global average inflation rate decreased to 1.7% in April from March 2025's 2.3%, and from 2.6% in the prior month, as there was a widespread moderation of price increases in the economy. Yet, food inflation still lags behind the general Consumer Price Index , with food bought at stores increasing 3.8% from a year earlier in April 2025—up from 3.2% in March and the fastest rate since January 2024. This ongoing divergence underscores how grocery prices remain one of the greatest stress points for Canadian families, despite headline inflation slowing.A recent Canadian Bankers Association report points to an alarming trend: credit card balances are increasing, and more Canadians are taking debt from one month to another. In the first quarter of 2025, the average credit card balance hit a record high, with food purchases representing an increasing proportion of that advisors say such a dependence on credit is not sustainable. " Charging for groceries on credit cards can quickly become a debt trap, particularly when interest rates are at 20%," said debt specialist Michelle Harris. "You're actually paying more for the same groceries, and it's a lot more difficult to crawl out once you get behind," said Global recent tariff war between the US and Canada is also driving food inflation. The retaliatory tariffs on American food products, imposed by Canada in response to new US tariffs on Canadian products, have resulted in higher costs of imports for Canadian retailers and producers, especially for perishables and essential ingredients that come from the a consequence, consumers are paying more for impacted products at the supermarket, on top of already record inflation levels. The tariff war is likely to maintain upward pressure on food prices over the next several months as supply chains retool and companies transfer more costs to and middle-income Canadians are suffering most. Food banks nation-wide are experiencing record use, with clients at those charities frequently citing grocery costs and credit card debt as main reasons they need assistance.'We're seeing working families—people with jobs—coming to us for the first time,' said Samir Patel, director of a Toronto food bank. 'They simply can't keep up with the cost of living, and credit cards are a temporary fix that can make things worse.'The government has also instituted targeted relief programs, including the Grocery Rebate, to mitigate the increased cost of food among lower-income families. Critics suggest, however, that these measures are insufficient to tackle the underlying reasons for food inflation as well as the increase in the use of consumer groups are urging grocery stores and credit card issuers to do more. "We want greater transparency in food prices, and credit card issuers should reduce interest charges or initiate hardship programs for people struggling with necessary expenses," said a spokesperson for advocacy no relief in the near future to high food prices at the grocery store, Canadian financial experts caution consumers against dipping into their credit to pay for everyday items. "It's a bad situation, but getting advice sooner rather than later—whether from a financial counsellor or a community agency—can keep a short-term setback from turning into a long-term crisis," said the cost of living increasing, the squeeze on Canadians' pocketbooks—and their credit cards—doesn't let up, and food inflation stands as a signature economic story of 2025.
Yahoo
04-03-2025
- Business
- Yahoo
Trump wants the 'total collapse' of Canada's economy, Justin Trudeau says
President Donald Trump's tariffs on imports from Canada are just a bid to ensure the 'total collapse' of its economy — and prime it for a U.S. takeover — according to Canada's prime minister. 'Even the excuse that he is giving today for these tariffs today, of fentanyl, is completely bogus. Completely unjustified,' Prime Minister Justin Trudeau said at a Tuesday press conference. 'We actually have to fall back on the one thing he has said repeatedly, that what he wants is to see a total collapse of the Canadian economy.' 'Because that will make it easier to annex us,' he continued, adding 'that's never going to happen.' Trudeau is referring to Trump's repeated barbs at Canada, which have included calling him the 'governor' of Canada and calling the U.S.' northern neighbor the 51st state. Trump has also discussed taking over Greenland and Panama. The U.S. on Tuesday morning issued 25% tariffs on imports of most Canadian goods, slapping a lower 10% tariff on energy products in an effort to keep gas prices more manageable. The country also announced new duties on Mexican and Chinese imports. The moves have sparked retaliation. Trudeau hit back with a 25% tariff on C$155 billion ($107 billion) worth of American goods, although just C$30 billion ($20.6 billion) worth are immediately impacted. Several premiers have discussed their own measures, with Ontario's Doug Ford targeting U.S. alcohol and Elon Musk's Starlink, and planning to issue a 25% tariff on electricity it sends to homes in Minnesota, Michigan, and New York. According to Trump's orders announcing his tariffs, the duties are being used to force Canada, Mexico, and China to do more to prevent the flow of undocumented immigrants and illegal drugs through the U.S.'s southern and northern borders. Both Canada and China have accused Trump of using fentanyl as a pretext to threaten them. Part of Trump's support of tariffs comes from his belief that they can be used to tighten trade deficits with other nations. He also says tariffs can help push companies to shift production to the U.S., which would take most companies years to pull off. 'If companies move to the United States, there are no tariffs!!!' Trump wrote on his Truth Social on Tuesday. Trump on Tuesday also criticized Canada's treatment of American banks, claiming that the nation 'doesn't allow' U.S. banks to do business there. However, 16 U.S.-based bank subsidiaries and branches are operating in Canada as of February, according to the Canadian Bankers Association. They account for about half of all foreign bank assets in Canada. For the latest news, Facebook, Twitter and Instagram.
CNN
04-03-2025
- Business
- CNN
Fact check: Trump repeats false claim that Canada prohibits US banks
As his 25% tariffs on imported Canadian products took effect on Tuesday, President Donald Trump repeated one of his many false claims about Canada – wrongly saying, again, that Canada prohibits US banks from operating there. 'Canada doesn't allow American Banks to do business in Canada, but their banks flood the American Market. Oh, that seems fair to me, doesn't it?' Trump wrote in a social media post on Tuesday morning. CNN and others debunked Trump's claim a month ago. 'There's nothing prohibiting American banks from operating here, including having retail branches,' Cristie Ford, a professor at the University of British Columbia's law school, said in an email in February. Canada tightly regulates the banking industry, and it requires various government approvals before a foreign-owned bank can open in the country. But US banks have been operating in Canada for well over a century; the Canadian Bankers Association, an industry group, said in a February statement that 'there are 16 U.S.-based bank subsidiaries and branches with around C$113 billion in assets currently operating in Canada' and that 'U.S. banks now make up approximately half of all foreign bank assets in Canada.' Tyler Meredith, former head of economic and fiscal policy for Prime Minister Justin Trudeau, noted on social media in February that Bank of America, Wells Fargo, Citigroup, US Bank, JPMorgan, and Northern Trust are among the US banks with current Canadian operations. You can see the others here and here. Meredith said in an interview that 'we take a very careful look at people who want to come into our banking sector, because we consider financial services to be a core asset to Canada and to the Canadian economy' and try hard to avoid the 'cascading consequences' the world has seen with bank failures in the US – 'but there are existing American institutions, Chinese institutions, Japanese institutions, and European institutions' that have permission to operate in Canada. US banks can apply to launch a subsidiary in Canada, which is known as a 'Schedule II' entity, or a 'branch' in Canada (not to be confused with a retail branch), which is known as a 'Schedule III' entity. When a non-Canadian bank establishes a Canadian subsidiary, 'that subsidiary will be subject to the same regulatory regime and capital requirements as a domestically owned and operated bank,' said Bryce Tingle, a professor at the University of Calgary's law school, in a February email. 'It will have exactly the same powers and market access as a Canadian bank.' Jeremy Kronick, director of the Centre on Financial and Monetary Policy at the C.D. Howe Institute think tank in Toronto, explained in a February email that there are downsides to the subsidiary option from the perspective of foreign banks: A subsidiary is 'a separate legal entity from their parent, thus requiring their own local capital and liquidity the foreign bank's perspective, this is obviously inefficient.' Most US banks operating in Canada have chosen the 'branch' option that does not subject them to the requirements of a subsidiary. However, there is a different restriction on branches: They are not allowed to accept deposits lower than $150,000 CAD. That, of course, means they can't conduct retail operations for average Canadian citizens – but they can engage in various profitable activities, for companies and wealthy individuals, that are less visible to the general public. The Canadian Bankers Association said the US banks in Canada 'specialize in a range of financial services, including corporate and commercial lending, treasury services, credit card products, investment banking and mortgage financing.' Kronick said: 'Bottom line: there are trade-offs to each option, but foreign banks certainly can operate in Canada. A case could probably be made that the restrictions on both options prevent full competition with Canadian banks, but not that 'Canada doesn't even allow US Banks to open or do business there' as Trump stated.'
