Victims of bank fraud say they need to do more to protect their deposits

Dozens of BMO customers have seen hackers take their money over the past year, but the odds of getting a single dollar back are slim.

At least one Calgary plaintiff has offered CTV News a settlement with the big bank, but as a result can't discuss it further.

Many simply got rid of the money.

Angele Mayne says she received a deposit from a client into her family business account.

On June 13, 2023, he received an email notification that his electronic transfer was accepted.

Then another, and another.

Ten in three minutes for a total of $10,000.

“Between 9:20 a.m. and 9:23 a.m., 10 wire transfers were sent. I caught it at 9:25 a.m.,” Main said.

He said his daily transfer limit was set at just $3,000 – which he later learned had more than tripled the day before.

He said that at first his branch thought that the money could be refunded, but then it was not.

He said the bank stopped returning his messages in August.

The banking ombudsman sided with BMO in February.

“I'm very upset and angry. … It's been stressful. Just the whole procedure has been completely stressful for our business and also for my family, me and my husband,” she said.

“It just hit us hard.”

Maine is part of a group of 140 customers whose bank accounts have been compromised by thieves over the past year.

They say they lost $1.5 million.

In a statement, BMO acknowledges how difficult it is for customers who have been victimized by thieves and offers support in the event.

BMO also says the only way to access the accounts is with a password that only 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 gives you access to your accounts. Calls asking for it may be a scam. If you do, hang up and call the number on (your) BMO card.”

The Ombudsman for Banking Services and Investments (OBSI) released a statement on Thursday, saying in part:

“Banks have a duty to comply with the provisions of the Banking Consumer Protection Act and to comply with any guarantees they make through a code of conduct or in their account agreements or public statements – none of which usually include a duty to stop unusual transactions. and unfortunately, criminals usually transfer money that the bank cannot return.”

If you are contacted by someone who knows about your financial transactions, hang up the phone, wait a few minutes to make sure they are off the phone, then call the number on your bank card or visit the branch.

Never share OTP or other sensitive information over the phone.

OBSI reports 664 cases of wire fraud and wire fraud in 2023.