A Bank of Montreal customer is going public about how the bank wired $87,500 of his inheritance money into the hands of a scammer.
Kathy Tomlinson, author of Go Public, reported this unfortunate incident as part of an investigative news article. She noted that the Bank of Montreal continues to believe that it does not have any gaps in their procedures.
When Go Public later pointed out he still hadn’t answered our questions, his only reply was, “Kathy, BMO has robust measures in place to prevent unauthorized access to our customers’ accounts. We regularly review and upgrade these measures to protect our customers.”
As long as banks, not only BMO, adhere to the erroneous belief that their processes are “robust,, their clients will remain at risk of falling prey to money thieves.
Read about my personal experience in an earlier conversation.
Read Kathy Tomlinson’s report. Read Kathy Tomlinson’s report at Go Public via CBC.