There is a bit of an offset today in the time that a transfer is made until it's received. It goes through the Interac system when a transfer is made.
I'm going to look at a case here. It was mentioned at one of our previous committee meetings.
Peter Squire, who's a realtor from Winnipeg, was defrauded on the phone in October 2022. In November of that year he made a transfer to the fraudster's account, an RBC branch in Toronto, and subsequently made a larger transfer there for a total of about $650,000. Somewhere along the line, the fraudster was able to establish an account at RBC and from there, transferred it to Citibank in Hong Kong.
You guys all play in the same sandbox. Is there no recourse for someone like Peter Squire?