Case Studies - Banking

Mr. E had a personal chequing and savings account at Bank Y. He enjoyed the convenience of online banking on his laptop and cell phone, and often accessed his bank accounts using Bank Y’s mobile application. Through e-mail, he received notifications from the bank about his account activity and liked being able to confirm account balances online. Mr. E had been a Bank Y customer for over 40 years.

Mr. G had been a loyal business customer of his bank for 30 years. He trusted the bank with his business’ financial matters, and they had always maintained a good relationship.

Ms. Q returned to Canada from living abroad. To re-establish her credit history, she applied for and received a prepaid credit card, which held a cash balance and was widely accepted. She used this card to pay bills and make online purchases, such as groceries. The mobile app associated with Ms. Q’s prepaid credit card allowed her to easily add funds to her account, monitor her spending and review her monthly account statements online.

Mr. K arranged a meeting at a Canadian branch of ABC Bank, so he could open a personal chequing account. At the meeting, he provided the proper documentation and told the bank he would be traveling abroad. He also mentioned that a branch of ABC Bank was located where he was going, and he was relying on his new ABC bank account to transfer money back to Canada.

Whenever you buy goods and services, especially for future delivery, be sure to pay careful attention to the terms and conditions of the purchase. Return and refund policies vary, so before you agree to buy, it’s important to understand what you will be entitled to if the goods are damaged, or the services are cancelled.

If you have a debit card, you have agreed to use it subject to the obligations in the cardholder agreement you made with your bank when the card was issued. 

Unfortunately, not all frauds are committed by strangers. “Familiar fraud” refers to situations where someone who has access to the personal information and financial documents of a family member or close friend assumes their identity to gain access to money in their accounts.

Before signing a mortgage  agreement, consumers should take the time to read through their mortgage documents.

A few weeks before the maturity date, he met with a mortgage specialist at Bank B and decided to transfer his mortgage to Bank B when it matured.

Everyone is a potential victim of fraud and should take steps to protect themselves and their loved ones. Every day, fraudsters target consumers with elaborate scams that exploit familiar technology such as text and email.