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
Air Canada walks back new seat selection policy change after backlash
Air Canada has paused a new seat selection fee for travellers booked on the lowest fares just days after implementing it.
Province boots mayor and council in small northern Ont. town out of office
An ongoing municipal strike, court battles and revolt by half of council has prompted the province to oust the mayor and council in Black River-Matheson.
3 law officers serving warrant are killed, 5 wounded in shootout at North Carolina home, police say
Three officers on a U.S. Marshals Task Force serving a warrant for a felon wanted for possessing a firearm were killed and five other officers were wounded in a shootout Monday at a North Carolina home, police said.
'Shocked and concerned': Calgary principal charged with possession of child pornography
A Calgary elementary school principal has been charged with possession of child pornography, authorities announced Monday.
Health authority confirms cockroaches at B.C. hospital, insists they 'do not bite'
The Vancouver Island Health Authority is downplaying what staff describe as a cockroach infestation in a medical unit of Saanich Peninsula Hospital.
Toronto police arrest 12 people, lay 102 charges in major credit card fraud scheme
Toronto police say 12 people are facing a combined 102 charges in connection with an investigation into a major credit fraud scheme.
Winner of US$1.3 billion Powerball jackpot is an immigrant from Laos who has cancer
One of the winners of a historic US$1.3 billion Powerball jackpot last month is an immigrant from Laos who has had cancer for eight years and had his latest chemotherapy treatment last week.
Britney and Jamie Spears settlement avoids long, potentially ugly and revealing trial
Britney Spears and her father Jamie Spears will avoid what could have been a long, ugly and revealing trial with a settlement of the lingering issues in the court conservatorship that controlled her life and financial decisions for nearly 14 years.
WATCH 'Double whammy': What happens if you don't file your taxes by the deadline
The clock is ticking ahead of the deadline to file a 2023 income tax return. A personal finance expert explains why you should get them done -- even if you owe more than you can pay.