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Credit Card Fraud
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When the credit card company provided authorization numbers to a merchant for a series of transactions, he thought he was protected. Then the cards turned out to be stolen, and the merchant was faced with thousands of dollars in fraudulent transactions.
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Credit Card Fraud
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An unfriendly fraud
An 82-year-old woman received a letter from her friend in which the friend admitted she took $1,940 from the client’s bank account before leaving the country. The client immediately informed both the police and her bank.
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Debit Card Fraud
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The client, living overseas but using a Canadian bank and a Canadian bank debit card, complained that a large withdrawal from an ATM had been made without her knowledge. The weight of evidence didn’t support the claim.
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Debit Card PINs
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It’s important to never disclose your debit or credit card PIN – even to a friend.
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Forged Cheque
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There was no question that the cheque was fraudulently written and the signature should have been checked by the bank before it was cashed. But the client shared responsibility for the loss because he did not safeguard his blank cheques.
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Internet Scam
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A customer found a buyer on the Internet and accepted a cheque from a third party for more than the purchase price of his goods. The customer wired the excess funds overseas to his buyer, but then discovered that the original cheque had been forged. The bank shared responsibility for the customer’s loss because it had not provided complete information to the customer.
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Mortgage Prepayment
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A couple decided to sell their home in a major city and relocate to a smaller town. They made arrangements through their long-time banker to apply for mortgage financing for their new home. The mortgage application was completed and approved by the bank. Prior to the mortgage closing date, a bank representative met with the couple to finalize the application and insurance documentation. The couple then made arrangements for moving.
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Mortgage Prepayment
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It’s important for banks to inform customers about all of the consequences of an anticipated transaction so they can make informed decisions.
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