A COUPLE lost over $63,000 meant for tuition and home renovation in a series of wire transfers they did not authorize.
Bank of Montreal customer Elizabeth Bernas and her husband had big plans for the money set aside after the sale of their home.
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However, they now need to come up with another way of paying their children's college fees and renovating their Ontario home after scammers took their money.
Bernas claims that in the latter half of 2022, someone accessed her account and withdrew over $63,000 in a number of wire transfers.
"We were shocked. We almost dropped on the floor," she toldCBC News.
However, things went from bad to worse when the bank informed the couple that it would not be refunding their account.
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"We were just so depressed; sleepless nights," Bernas told the news outlet.
In a letter seen by CBC, BMO said that the bank transfers were done on the couple's device, there were no failed login attempts, and a malware scan did not show any problems.
As a result, BMO refuses to reimburse the couple.
However, Kenrick Bagnall, an ex-cybercrime investigator for the Toronto Police told the news outlet that even advanced scanning programs can miss certain malware.
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Bagnall believes that the devices of Bernas and other BMO customers were likely infected by malware that collected their data.
This is then sold on the dark web to bad actors who will use the information to make money via scams and account hacking.
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"It actually looks like the victim is logging in themselves when they're not," Bagnall said.
Bernas and her husband are one of over 140 BMO customers planning legal action against the bank after reportedly losing money in fraudulent transfers.
'WANT OUR MONEY'
Lisa Wong who is heading the group told CBC they plan to sue BMO in a class-action lawsuit.
She claims that as a collective, they have lost over $1.5 million.
"We all want our money back," Bernas said.
Wong is a BMO customer who lost over $15,000 to cybercrime, according to bank documents seen by CBC.
The U.S. Sun has previously reported on the story of BMO customer Emile Landry who lost over $22,000 in a month due to unauthorized transfers.
The 80-year-old was forced to rely on his son to lend him money.
Landry claims that the bank should have flagged the unusual activity on his account as four wire transfers were suddenly requested after 25 years of never ordering one as a BMO customer.
"[BMO's security] is not protecting us against the growing, sophisticated cybercrime," Wong told the outlet.
She noted that those involved in the proposed legal action will be arguing that BMO should have done more to protect their accounts.
Such action would be alerting customers to unusual or suspicious activity and freezing large transactions until they are confirmed by the bank account holder.
Top tips on avoiding scams from a bank
As scams become more sophisticated with the use of artificial intelligence, it is important you know how to spot a scam and how to avoid them.
- Be skeptical of online deals that seem too good to be true, especially on social media.
- Scammers will often use tactics to make you panicked so you make quick decisions - be cautious if you are told to take immediate action and verify who has contacted you.
- Chase Bank warns customers to "never return any unexpected funds without calling Chase first."
- Never send money to someone you have only spoken to online or by phone as this is likely a romance scam.
- Unless you 100% know who you are talking to, never give someone remote access to your device.
- Never accept help from strangers at an ATM and always be vigilant when making withdrawals.
- Do not send money or click any links indicating that you have won a prize.
Source: Chase.com
While BMO offers alerts to customers about unusual activity, this is optional.
According to BMO, it continually adapts and changes its systems to protect customers.
"In the digital world we live in, these scams are fast evolving and are becoming more sophisticated,targeting millions of Canadians withmalicious texts and phone calls," spokesperson Jeff Roman told the outlet.
"We realize how difficult it is when a customer unfortunately falls victim to these criminals, and we provide support based on the specifics of their individual cases and circ*mstances."
He assured BMO customers that the bank is collaborating with the government, other banks, and leaders in thetechnologyindustry to help keep bank accounts protected.
The U.S. Sun has contacted BMO for comment.
