Bank scam victims say more needs to be done to protect deposits
Over the past year, dozens of BMO customers have seen their money taken by hackers, but few have any chance of recouping even a single dollar.
At least one Calgary complainant CTV News spoke with has been offered a settlement with the big bank, but cannot discuss it any further as a result.
Most are simply out the money.
Angele Mayne says she had just received a deposit from a client into her family business' account.
On June 13, 2023, she got an email notification that her e-transfer had been accepted.
Then another, and another.
Ten within three minutes, for a total of $10,000.
"There were 10 e-transfers sent from 9:20 in the morning to 9:23. And I caught it at like 9:25," Mayne said.
She says her daily transfer limit was set at just $3,000 – she later found it had been more than tripled the day before.
She says at first, her branch thought the money could be returned – then it couldn't.
She says the bank stopped returning her messages in August.
The banking ombudsman sided with BMO in February.
"Very frustrated and angry. ... It's stressful. Just the whole procedure has been completely stressful on our business, and my family and me and my husband as well," she said.
"Like, it's just taken a big impact on us."
Mayne is part of a group of 140 customers who have had their bank accounts raided by thieves online over the past year.
They say together, they are out $1.5 million.
BMO said in a statement it recognizes how difficult it is for customers who fall victim to thieves and provides support depending on the circumstances.
BMO also says the only way into the accounts is with a password that only the customers have.
One-Time Passwords (OTPs) are used for two-factor authentication and should not be shared with anyone.
The messages also come with a warning:
"This code grants access to your accounts. Calls to request it may be a scam. If called, hang up and call the number on (your) BMO card."
The Ombudsman for Banking Services and Investments (OBSI) sent a statement on Thursday, saying in part:
"Banks have an obligation to comply with the Bank Act consumer protection provisions and meet any assurances they have given, such as through a code of conduct or in their account agreements or public statements – generally, none of these includes an obligation to halt unusual transactions and unfortunately, money transferred by criminals is usually transferred in a way that makes it unrecoverable by the bank."
If you are contacted by someone who seems to have knowledge of your financial transactions, hang up, wait a few minutes to make sure they are off the phone and then call the number on your bank card or go to a branch.
Never share OTPs or other confidential information over the phone.
The OBSI reports 664 cases of e-transfer and wire fraud cases in 2023.
CTVNews.ca Top Stories
Average hourly wage in Canada now $34.95: StatCan
Average hourly wages among Canadian employees rose to $34.95 on a year-over-year basis in April, a 4.7 per cent increase, according to a Statistics Canada report released Friday morning.
Magnitude 4.2 earthquake reported off Vancouver Island's west coast
A 4.2-magnitude earthquake was recorded west of Vancouver Island early Friday morning.
This iconic Canadian song is turning 50
Andy Kim's 'Rock Me Gently' is marking a major milestone, as it celebrates its 50th anniversary.
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Her SUV was stolen in Montreal. A Good Samaritan on Facebook helped her get it back
Just as she had feared, a restaurant owner from eastern Quebec who visited Montreal had her SUV stolen, but says it was all thanks to the kindness of strangers on the internet — not the police — that she got it back.
Oprah Winfrey: I set an unrealistic standard for dieting
Oprah Winfrey said on Thursday evening that she has long played a role in promoting unhealthy and unrealistic diets.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Toronto police called to Drake's Bridle Path mansion for another alleged intruder on Thursday
Toronto police say a man who allegedly attempted to access Drake’s Bridle Path property was taken to hospital on Thursday after an altercation with security guards.
Flat tire on a highway? Here's why you shouldn't try to fix it
If you're cruising down a highway and realize you have a flat tire, you may want to think twice before stopping to fix it on the side of the road.