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Bank Responsibility for Unauthorized Global Transfer?
October 27, 2023
10:30 pm
rqs
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An unauthorized global transfer was recently made from my wife's bank account. It was processed in England and was the first global transfer ever charged to her account. It appears that the bank (BMO) is not taking responsibility for this and I am anticipating that they will deny recourse. It seems to me that they should have red-flagged it and questioned it as it was from a foreign country as well the first ever global transfer against her account. Does anyone have knowledge of this type of thing?

October 28, 2023
4:35 am
JenE
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In 2019 I made my first CIBC global transfer of $350 to a relative. I received a phone call from a rep there who wanted to confirm the receiver and why I was sending the money. He was satisfied with my answer.

October 28, 2023
7:21 am
InterestThis
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How much was this global transfer for?

October 28, 2023
7:47 am
AltaRed
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October 27, 2013
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I wouldn't expect a bank to flag a run-of-the-mill global money transfer any more than they would flag an Interac e-transfer within withdrawal limits. It seems to be a compromise of the OP's spouse's login credentials.... or an inside job?

At the very least, a change of login password and setting up of 2FA seems the minimum to do as soon at the breach was discovered.

Added: I had an unauthorized e-transfer done from my BMO account about 5 years ago. I never did find out from BMO how that happened but I was eventually reimbursed. Neither my login credentials nor my debit card nor my PIN had been compromised (the debit card had never been used even in a BMO ATM).

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