A Bank of Montreal customer has decided to go public with his nightmarish experience at the hands of the bank. He lost his entire inheritance when a staffer failed to ask a security question, and he has been “wrangling” with BMO lawyers and managers for months as he attempts to reclaim his money.
Bruce Taylor was in Texas having open heart surgery when he discovered that CAN$87,500 (his entire inheritance) had been wired by a bank staffer into the hands of a scammer in 2013. An impostor emailed the bank with a typo-filled message, asking for funds to be transferred immediately. When a staffer called the number provided, she neglected to ask Taylor’s mother’s maiden name, and subsequently authorized two payments of $47,500 and $40,000, respectively.
Taylor suspects an inside job, given that a signature stored inside the bank was used in a fax sent by the scammer. He believes that people need to be more wary of banks. “I’m living proof that [the bank’s operations] can be compromised,” he said. “In my opinion, It just means nobody’s money is safe.”
The bank finally agreed in January to reimburse Taylor, with two pages of conditions. Former RCMP superintendent Garry Clement says, “The bank has, I think, a lot of explaining to do.”