New York, March 13 -- Did you hear about the Winnipeg man who recently lost his retirement savings of $600,000 to a fraudster pretending to be a senior portfolio manager for BMO, a major Canadian bank?

The fraudster got the 68-year-old victim to wire his money from Access Credit Union to another financial institution, RBC, and it was quickly moved overseas.

This should not have happened. Access Credit Union should have flagged the wire transfer and called the customer into the office to talk to their MDT (manager of dubious transactions).

MDT: "Let me get this straight. Someone at BMO has asked you to transfer your entire life savings to an RBC account. Is there a name connected to the account?"

Customer: "Yes, it's called Good Buy Re...