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Banks tell dozens of customers they're to blame for thousands of dollars lost to e-transfer fraudsters
Cybercrime detective says banks must do better job informing customers of risk
Johnson, Erica http://www.cbc.ca/news/business/etransfer-fraud-banks-blame-customers-1.5286926
Publisher: CBC
Date Written: 22/09/2019
Year Published: 2019
Resource Type: Article
Electronic banking agreements leave customers on the hook and absolve banks of responsibility when electronic money transfers go bad.
Abstract:
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Excerpt:
As soon as Trudeau realized something was wrong, he contacted TD Bank and an employee was able to stop the $300 e-transfer from leaving his account. But the earlier $3,000 was gone.
That was the beginning of a seven-month battle with TD, to try to track his money and get it back.
"When I asked where the money went, or how did this happen, they seemed more interested in absolving themselves of the responsibility for this fraud," said Trudeau. "Customer service was atrocious."
He says it took three weeks before someone in TD's Customer Care department told him his money had been redirected to another chartered bank - which TD wouldn't name - and more than 10 weeks for TD to provide the RCMP with the financial information necessary to investigate.
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