On The Hook For $174K Fraud Loss ! :-( | Page 2 | Your stories | Discussion forum

Pythagoras said

I agree. If a bank clears a fraudulent cheque that was deposited in the account without the owner's knowledge, the responsibility lies with the bank, not the account owner.  

Totally agreed. Access Credit Union did the right thing to reimburse the victim while Steinbach Credit Union denied responsibility and blamed the victim.

smayer97 said
This!

People are lulled into believing that SMS 2FA is about security... it is not. It is about tying your activity to your phone for better isolation and identification linked to a more unique identifier, your cell #. It is about tracking.

Consider using your computer instead. Not perfrect but more control, more options to protect yourself, less vulnerability.  

What people are lulled into believing is that their virus protection will keep them safe. I use a tablet dedicated for online banking and phone for verification. I would not use my computer for banking.

mordko said
This reminds me to close accounts I am not using. Having accounts with $10 balances carries outsized risks.  

Wise recommendation. Also, logging into each of accounts (that allow deposits by cheque) daily to check their balance will defeat this type of fraud.
Do not rely on email notifications of account balance change, if your computer was compromised fraudsters can intercept these emails and delete them.
Ideally, if one uses home PC (desktop, laptop, etc.) for banking, they should use smartphone with preinstalled FI apps to login daily and check accounts balance. It is unlikely to have both devices compromised same time.

For that same reason, configure SMS delivery for 2FA codes, instead of email.

My VanCity statements always carry a note with my cheque images stating that cheques being listed in the statements does not necessarily mean they have/will be honored.

Scam reports always indicate that even cheques "cleared" may be back-charged weeks later. That's how the overpayment scam works: someone sends you a cheque for more than what is owed and asks for the extra back. Later, the original cheque bounces. Particularly common with cheques from Africa and work-from-home scams.