BMO Refuses to Reimburse Senior Victim of Bank Fraud

BMO Refuses to Reimburse Senior Victim of Bank Fraud

Postby dom44 » Jan 18th, 2018, 5:31 pm

My Dad was recently a victim of Bank Fraud. An email money transfer was sent out of his BMO bank account. He immediately contacted the bank and reported the incident. They gave him the run around for a few weeks and then told him their fraud department has determined there was no fraud and the case has been closed. He has contacted several people from BMO and all of them just reference the judgment and say the verdict has been reached and there is nothing they can do.
My father has been with BMO for decades and it's just terrible the way they are treating him now. They proudly display "100% Electronic Banking Guarantee" but refuse to protect their customers from fraud.

Does anyone have any suggestions on how to take action against them, and hold them liable? Is there a consumer protection organization that specializes in such cases?
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Re: BMO Refuses to Reimburse Senior Victim of Bank Fraud

Postby RVThereYet » Jan 18th, 2018, 6:38 pm

dom44 wrote:My Dad was recently a victim of Bank Fraud. An email money transfer was sent out of his BMO bank account. He immediately contacted the bank and reported the incident. They gave him the run around for a few weeks and then told him their fraud department has determined there was no fraud and the case has been closed. He has contacted several people from BMO and all of them just reference the judgment and say the verdict has been reached and there is nothing they can do.
My father has been with BMO for decades and it's just terrible the way they are treating him now. They proudly display "100% Electronic Banking Guarantee" but refuse to protect their customers from fraud.

Does anyone have any suggestions on how to take action against them, and hold them liable? Is there a consumer protection organization that specializes in such cases?

He should report it to the RCMP. I had some fraudulent activity (cheques written) on one of my accounts with a different bank than his. They advised me to report it to the cops and I did. In the end they (RCMP) didn't do much (never mind catch anyone), but they made their reports etc. and its just part of the process. Besides, the optics are better that the crime is reported by the victim. In the end, I was refunded the money by the bank. Good luck.

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Re: BMO Refuses to Reimburse Senior Victim of Bank Fraud

Postby motorhomebabe » Jan 18th, 2018, 8:44 pm

Quit dealing with BMO many years ago. Keep after them . Banks are supposed to protect our accounts. Might as well keep your money under your mattress If this how they are going to handle things.
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Re: BMO Refuses to Reimburse Senior Victim of Bank Fraud

Postby TreeGuy » Jan 18th, 2018, 9:04 pm

Take it to the media. Maybe a show like CBC Marketplace.

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Re: BMO Refuses to Reimburse Senior Victim of Bank Fraud

Postby generalposter » Jan 18th, 2018, 9:26 pm

1) Document every conversation, phone call and meeting with dates, times and names.

2) Do not let your father talk to anyone on the phone from this moment on. He must be accompanied by a persuasive and savvy person from now on and all discussions must be done in person.

3) Collect all the information you possibly can including his banking history and details of the current issue and put it in good order on paper.

4) Make an appointment with the branch manager and go with your father and speak on his behalf. Nothing they like more than to get someone on their own so they can manipulate the situation to their benefit. Not so easy when he is accompanied.

5) Go in with pen and paper and make notes of everything that is said. Be careful what you say and DO NOT take no for an answer. If you do not get satisfaction ask to speak to the next in line of management.

6) This might not be an easy battle as they will try to wear you down and hope you simply give up.

7) Somewhere there is a complete trail of what happened. Demand that they uncover it.

) Lastly and of great importance , stay calm and be diplomatic. If you are not satisfied simply tell them the issue has to be escalated.

Good luck and be careful what you say to them and on these pages. We don't want to lose this thread as there could be more experience to draw on. Media is an option much later when they have skewered themselves by deferring you.
Someone has to say it.

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Re: BMO Refuses to Reimburse Senior Victim of Bank Fraud

Postby Temet Nosce » Jan 18th, 2018, 9:31 pm

generalposter wrote:1) Document every conversation, phone call and meeting with dates, times and names.

2) Do not let your father talk to anyone on the phone from this moment on. He must be accompanied by a persuasive and savvy person from now on and all discussions must be done in person.

3) Collect all the information you possibly can including his banking history and details of the current issue and put it in good order on paper.

4) Make an appointment with the branch manager and go with your father and speak on his behalf. Nothing they like more than to get someone on their own so they can manipulate the situation to their benefit. Not so easy when he is accompanied.

5) Go in with pen and paper and make notes of everything that is said. Be careful what you say and DO NOT take no for an answer. If you do not get satisfaction ask to speak to the next in line of management.

6) This might not be an easy battle as they will try to wear you down and hope you simply give up.

7) Somewhere there is a complete trail of what happened. Demand that they uncover it.

) Lastly and of great importance , stay calm and be diplomatic. If you are not satisfied simply tell them the issue has to be escalated.

Good luck and be careful what you say to them and on these pages. We don't want to lose this thread as there could be more experience to draw on.



Great post... only thing to add.... record meetings..."you don't mind if I record our meeting today do you"?.

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Re: BMO Refuses to Reimburse Senior Victim of Bank Fraud

Postby generalposter » Jan 18th, 2018, 9:37 pm

Not something I would do. That immediately puts them on guard and defensive. Too offensive imo. Just take notes of important comments. I have been down this exact road and won handily. They will try to exhaust you but you go into it knowing that you will not relinquish.

One thing I would add is to follow up all meetings with an email to the manager. They hate email because it creates a paper trail that cannot be denied or hidden.
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Re: BMO Refuses to Reimburse Senior Victim of Bank Fraud

Postby Temet Nosce » Jan 18th, 2018, 9:40 pm

IMO depends what you have at stake financially. They already have an agenda to cover their *bleep*. So lawyer up or record. Taking paper notes for a lay person not effective.
they already are on the defense...
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Re: BMO Refuses to Reimburse Senior Victim of Bank Fraud

Postby Jflem1983 » Jan 18th, 2018, 9:45 pm

BMO was only bank would help me when i was in need. Hopefully this gets sorted out. I think of the local BMO in high regards. Sorry to hear your dad got hacked . Sorry to hear the bank is in on it
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Re: BMO Refuses to Reimburse Senior Victim of Bank Fraud

Postby generalposter » Jan 18th, 2018, 9:50 pm

Temet Nosce wrote:IMO depends what you have at stake financially. They already have an agenda to cover their *bleep*. So lawyer up or record. Taking paper notes for a lay person not effective.
they already are on the defense...


My reference was to someone persuasive and savvy, not some lay person. What do you think lawyers do? They take notes.
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Re: BMO Refuses to Reimburse Senior Victim of Bank Fraud

Postby Temet Nosce » Jan 18th, 2018, 9:52 pm

And my reference was to the OP's post.
EDIT and following your advice to demand a meeting...
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Re: BMO Refuses to Reimburse Senior Victim of Bank Fraud

Postby Carrs Landing Viking » Jan 18th, 2018, 10:08 pm

Contact Go Public, they will have your father's money back in no time.

Banks such as this hate bad publicity. On a personal note I would never deal with BMO.

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Re: BMO Refuses to Reimburse Senior Victim of Bank Fraud

Postby normaM » Jan 19th, 2018, 6:39 am

Odd Bank would say no fraud. Is it possible there was a mistake made - like sometimes companies have a different billing name that what they advertise under. Can you go with your Dad to the Bank and speak with a Manager?
I've had issues with Visa billings but never a transfer , must be stressful for your Dad and I hope it gets sorted out.
Personally I think Banks don't give a flyin fig about their customers unless you are late with a payment.
BMO should have an Ombudsan listed on their main website you could contact
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Re: BMO Refuses to Reimburse Senior Victim of Bank Fraud

Postby Even Steven » Jan 19th, 2018, 7:15 am

What was the fraudulent transfer? Did your dad send it?

Cause I suspect you're trying to present a mistake your dad did as fraud. Like sending money to a Nigerian Prince. But in that scenario bank should not responsible for it and their decision was correct.

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Re: BMO Refuses to Reimburse Senior Victim of Bank Fraud

Postby TylerM4 » Jan 19th, 2018, 7:45 am

Even Steven wrote:What was the fraudulent transfer? Did your dad send it?

Cause I suspect you're trying to present a mistake your dad did as fraud. Like sending money to a Nigerian Prince. But in that scenario bank should not responsible for it and their decision was correct.



Exactly. There's a huge difference between someone skimming a card and making purchases unknown to the victim and someone fooling the victim to send money or divulge information. The former represents a break-down in banking security controls for which the bank bears some responsibility, the latter represents error or poor decision on the part of the customer and the bank should not be liable for the consequences.
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