'Clouded in secrecy,' warns TD customer who watched $32k vanish from account – bank denied claim despite no signature | 959713O | 2024-05-01 19:08:01
A TD Bank customer has lost $32,000 after fraudulent checks were stolen from his office desk but, months later, the money was mysteriously returned.
In November, three personal checks were stolen from TD Bank customer Gerry Wheaton and two were deposited and successfully cashed at two separate banks.
One of the checks was cashed at TD Bank for an astounding $31,870 while the other check for $1,270 was successfully cashed at the Bank of Montreal in Canada.
"I expected they (the bank) wouldn't cash a check that doesn't have my signature on it and that is just not the case," Wheaton told Global News.
When Wheaton filed a fraud claim with TD over the transaction, his claim was denied.
The bank told Wheaton in part, "…you are responsible for exercising due diligence in protecting your card, account information (including checks) and the confidentiality of your PIN, as well as any devices and credentials you may use to access electronic financial services."
To Wheaton's surprise, however, the $31,870 originally missing from his account miraculously returned in March.
"TD Bank told me that money came from National Bank. They had cashed the larger check. Bank of Montreal had cashed the smaller check," Wheaton told the outlet.
Although the majority of Wheaton's money has been returned to his account, he's still missing $1,270.
"The fraud issue is growing and I think the criminals are working harder at defrauding people than the banks are at protecting people," he said.
"The recovery process is a very difficult one to navigate and it is clouded in secrecy."
Bank of Montreal told Global News, "As this does not involve our customer, we encourage the individual get in touch with their bank (TD) for an update on their investigation."
TD Bank meanwhile told the publication at the time the matter was investigated by its team and said "We're committed to supporting our customers and continue to work directly with Mr. Wheaton towards a resolution."
FRAUD EPIDEMIC
Wheaton was correct about the growing fraud rate in the United States.
According to the Federal Trade Commission (FTC), US consumers lost $10 billion in 2023. This marks a 14% increase from the previous year's reported loss.
<!-- End of Brightcove Player --> Imposter scams and investment scams account for the majority of the top fraud categories with other internet-related scams trailing far behind, according to The Banker.
Cybersecurity expert Claudiu Popa told Global News personal checks need to be kept confidential.
"They need to be locked away. They only need to be available when they are written out by authorized individuals and people need to be told to check on those checks from time to time," Popa said.
Storing your checks at home in a safe location is the best way to ensure that strangers don't have access to them. Experts also warn against carrying a checkbook around with you.
<p class="article__content--intro"> As scams become more sophisticated with the use of artificial intelligence, it is important you know how to spot a scam: </p> </div> </div> To ensure extra safety for your checks, it's important to properly dispose of old checks, according to Bank Five.
The best way to dispose of old checks and checkbooks is to shred them either through a professional shredding service or an at-home shredding machine.
If someone were to take hold of your old checks, even if the account is closed, they can still access important information such as your address, phone number and social security number, according to Legal Beagle.
Many banks now offer services to help prevent fraud such as sending messages when they think fraudulent activity is being conducted along with more secure online banking.
The Royal Canadian Mountain Police in British Columbia told Global News that Wheaton's case remains active and open.
The U.S. Sun has contacted TD Bank for comment.
More >> https://ift.tt/TVNuxJw Source: MAG NEWS
