Sask. man says BMO won't return $28K lost to fraud since his son has password
A BMO bank customer says he was a victim of fraud, but his bank isn’t recouping the money lost.
On Christmas Day, Hongliang Chen noticed $27,700 was withdrawn from his BMO chequing account to pay an American Express credit card bill.
According to Chen’s bank statement, the transactions were made between Dec. 20 to 22 for $10,000, $9,200 and $8,500.
“Somebody stole my money,” Chen told CTV News at his Saskatoon home.
Chen flagged the unusual transactions to BMO.
As part of the bank’s investigation, Chen filled out a questionnaire. One of the questions asked Chen if he shared his online banking password or username. He answered, yes, with his son.
As a result, the bank decided not to compensate Chen.
A letter, written by a senior investigator with BMO Financial Group, says Chen didn’t protect his account information, as required under his banking agreement.
“You failed to safeguard your account information as required by the agreement, and therefore, contributed to the unauthorized use of your account,” the letter says.
“Transactions that happen because you did not protect your information are not considered fraudulent and are something for which you are responsible. As such, we have no basis to recommend that BMO reimburse you.”
Because BMO didn’t deem the transactions fraudulent, Chen said Saskatoon police wouldn’t investigate.
Chen, originally from China, moved to Canada three years ago. Chen said he gave his son his banking password, so he could help him translate English and make payments.
“I gave my account number and password to my son because my language isn’t fluent,” Chen said.
Chen’s son, Yu Chen, said the situation is “terrible.”
“We save our money, put it with BMO and they can’t protect our money,” Chen’s son told CTV News.
Chen is calling on BMO to reimburse the money and investigate who’s behind the transactions.
Sharing passwords violates the 'fine print,' tech expert warns
Chad Jones, CEO of software company Push Interactions, says companies often put the onus of password confidentiality on the customer — outlined in the company’s terms of service.
“When they give you a password, you agree not to share it with anyone else and to keep it secure as well, so you’re not supposed to write it down,” Jones said.
In an email to CTV News, BMO said it couldn’t comment on this specific matter because of customer confidentiality.
“With fraud and digital crime on the rise, it is important to remember that protecting accounts is a partnership between customers and their bank. It is the customer’s responsibility to protect their account information,” a spokesperson for BMO told CTV News.
CTVNews.ca Top Stories
BREAKING Iran fires at apparent Israeli attack drones near Isfahan air base and nuclear site
An apparent Israeli drone attack on Iran saw troops fire air defences at a major air base and a nuclear site early Friday morning near the central city of Isfahan, an assault coming in retaliation for Tehran's unprecedented drone-and-missile assault on the country.
NEW After hearing thousands of last words, this hospital chaplain has advice for the living
Hospital chaplain J.S. Park opens up about death, grief and hearing thousands of last words, and shares his advice for the living.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
Ontario woman loses $15,000 to fake Walmart job scam
A woman who recently moved to Canada from India was searching for a job when she got caught in an online job scam and lost $15,000.
Prince Harry formally confirms he is now a U.S. resident
Prince Harry, the son of King Charles III and fifth in line to the British throne, has formally confirmed he is now a U.S. resident.
Colin Jost names one celebrity who is great at hosting 'Saturday Night Live'
Colin Jost, who co-anchors Saturday Night Live's 'Weekend Update,' revealed who he thinks is one of the best hosts on the show.
Ottawa to force banks to call carbon rebate a carbon rebate in direct deposits
Canadian banks that refuse to identify the carbon rebate by name when doing direct deposits are forcing the government to change the law to make them do it, says Environment Minister Steven Guilbeault.
DEVELOPING G7 warns of new sanctions against Iran as world reacts to apparent Israeli drone attack
Group of Seven foreign ministers warned of new sanctions against Iran on Friday for its drone and missile attack on Israel, and urged both sides to avoid an escalation of the conflict.
Some Canadian families will receive up to $620 per child today
More money will land in the pockets of some Canadian families on Friday for the latest Canada Child Benefit installment.