On The Hook For $174K Fraud Loss ! :-( | Page 3 | Your stories | Discussion forum

Set up SMS (preferred) or email alerts in your online banking page to alert when deposits are made just as you should for any kind of withdrawal, transfer, Bill Payment, etc. There is no reason NOT to be alerted for account activity if one sets up their notifications accordingly.

If your bank does not have such features, I then suggest you move to a competent bank for your banking.

Pythagoras said

Maybe I should check all my bank accounts at least every 10 days, but no bank as far as I'm aware has advised clients to do this. So if the bank clears a fraudulent deposit I'm unaware of - it is on them, not me.  

Perhaps, you should. I do check daily all my bank accounts that allow check deposits. It's not that hard or time consuming.

Playing devil's advocate here. As far as bank concerned, it were client who deposited fraudulent check. It were client, using correct login info and entering correct 2FA code received by email who initiated funds transfer from their account somewhere, after check cleared. This was done from the same computer client used before multiple times.

What else bank can reasonably do? Why should bank be responsible?

Bill: True, that was the original topic, but forty messages later a lot of other stuff has bubbled up.

In the case of this fraud, it's inherent in computer use by those without sufficient computer and banking savvy.

Pythagoras: The new terms and conditions from Peoples do include a requirement to regularly check online accounts. I don't remember the frequency listed. They assured me that this would not apply to me as a non-on-line client.

If the client involved seemed to fulfill all the checks and tests, can the bank be responsible? If someone dressed and made up to look like a client shows up at the bank and manages a good facsimile of a customer, what happens?

Remember that the banks' idea of the rule of on-line banking is: everything is your fault!

As a long time client of SCU, with an extensive lifetime computer background, I'd like to add the following comments to this thread.
1) SCU does not have any 2FA or multifactor security scheme. This is absolutely inexcusable in 2025. I have discussed this with CSRs before. The higher-ups apparently don't care.
2) SCU does NOT have a setting or capability for clients to be informed of deposits in their accounts. They do have notification settings for logins and other types of events or transactions - but not for deposits. This is an obvious security vulnerability.

Of all the Canadian FIs that I use, banks, brokers, and credit unions, most of whom have various security vulnerabilities, SCU is one of, if not the, least secure. Be extra vigilant with SCU. Make sure to use a unique, strong password. Check your account regularly. Keep low cash balances (GICs, while not foolproof, are indeed safer than cash accounts). Also, don't type passwords on a Bluetooth keyboard. BT as implemented by the major keyboard mfrs is not secure.

svg1234 said

1) SCU does not have any 2FA or multifactor security scheme. This is absolutely inexcusable in 2025. I have discussed this with CSRs before. The higher-ups apparently don't care.
2) SCU does NOT have a setting or capability for clients to be informed of deposits in their accounts.

 

I have been looking for a bank to replace Motive, and now also LBC Digital. I considered Steinbach Credit Union - but after reading the story behind this thread: NO WAY!

After those two points you provided, it is now NO WAY x 1000!

svg1234 said

Might I suggest Oaken (Home Bank & Home Trust). None of these FIs are perfect, but I've used Oaken for many years and have had an overall good experience with them. Their online platform is much better than most of the others. They do have a multi-factor security scheme (though not as good as using TOTP, at least it's better than no MFA at all, like SCU). You can buy GICs and specify maturity instructions online (no phone call necessary). Their rates are among the best. They have excellent GIC rate specials every now and then, plus they give you advanced warning via email about a week in advance of upcoming GIC and HISA rate changes. I have no affiliation with them, but I think they deserve the praise.  

The problem for me is that I wouldn't be able to pay bills with Oaken.