Canada: Banks deny compensation when hackers steal customers' money - - PressFrom - Canada
  •   
  •   
  •   

Canada Banks deny compensation when hackers steal customers' money

08:10  21 october  2019
08:10  21 october  2019 Source:   cbc.ca

Advocate slams 'outrageous' Tarion executive salaries, calls for cap

  Advocate slams 'outrageous' Tarion executive salaries, calls for cap A homebuyer advocacy group is calling on the provincial government to cap salaries for Tarion executives, after the corporation revealed their compensation for the first time on Tuesday. Tarion was created by the provincial government in 1976 to provide warranties, create rules, regulate builders and even mediate problems between buyers and developers.It's the only new-home warranty provider in Ontario, and it's funded through a mandatory fee attached to the price of every newly built home in the province."It's pretty outrageous.

Hackers broke into Sunjit Lidhar's Scotiabank bank account and stole ,000. The bank wouldn’t compensate him until Go Public got involved. It all points to the need for financial institutions to take responsibility when hackers steal customers ' money , says Parsons, the public policy researcher.

Hacker attack! Could bank hackers steal your money ? Marcie Geffner. In November 2015, the U.S. Justice Department and other law enforcement agencies accused several men of a massive criminal computer hacking scheme that included the largest known theft of customer data from a U.S

a man standing in front of a store: Hackers broke into Sunjit Lidhar's Scotiabank bank account and stole $5,000. The bank wouldn’t compensate him until Go Public got involved.© Provided by Canadian Broadcasting Corporation Hackers broke into Sunjit Lidhar's Scotiabank bank account and stole $5,000. The bank wouldn’t compensate him until Go Public got involved. Sunjit Lidhar was awoken by a phone call from Scotiabank last February, informing him that $3,000 had been transferred out of his savings account and was gone.

"My heart pretty much dropped to my stomach," Lidhar told Go Public from his home in Surrey, B.C. "We just assume our money's safe."

Soon after, the cybercriminals stole another $2,000. But worst of all, Scotiabank refused to reimburse him.

"It is not acceptable to have your money stolen from your account and the bank — which you trust so much with your life savings — tells you they can't do much to help."

Ontario deputy ministers get hefty 14% pay hike

  Ontario deputy ministers get hefty 14% pay hike The salary changes for the province's top bureaucrats also come with pay-for-performance awards.The salary changes for the province's top bureaucrats are outlined in an order-in-council document dated Sept. 26.

PALO ALTO, Calif. — In late 2013, an A.T.M. in Kiev started dispensing cash at seemingly random times of day. No one had put in a card or touched a button. Cameras showed that the piles of money had been swept up by customers who appeared lucky to be there at the right moment.

Hackers and con artists have used the system to steal from victims — some of whom had never used Zelle or even heard of it until someone used it to clean out their bank accounts. Interviews with more than two dozen customers who had their money stolen through Zelle illustrate the weaknesses that

Lidhar is the victim of a "systemic problem" of criminals breaking into people's online accounts and stealing money, according to Christopher Parsons, a senior public policy researcher at the Citizen Lab at the University of Toronto's Munk School of Global Affairs and Public Policy.

Parsons argues that the country's banks, not their customers, should be financially liable when thieves raid customer accounts.

"The banks are responsible — solely responsible — for building and maintaining the infrastructure," he said.

"We need to reverse the liability the banks currently impose upon individuals who are using the very services and tools that banks are providing."

The trouble started for Lidhar on Feb. 11, when hackers broke into his account and e-transferred $3,000 in two transactions — one for $2,000 and one for $1,000 — to an email address he says he doesn't recognize.

Lucky 13 as Tiger-Cats rout Redblacks for franchise record win total

  Lucky 13 as Tiger-Cats rout Redblacks for franchise record win total The Hamilton Tiger-Cats won their franchise-record 13th game of the season Saturday thanks to a 33-12 victory over the last place Ottawa Redblacks.It was also a record-setting performance for Ticats quarterback Dane Evans and receiver Brandon Banks.

The Bank of Thailand (BOT) has confirmed that hackers have stolen information of more than 120,000 “The data that might have been leaked was public information of the customers including Pipit said he promises compensation to those affected. Thai Bankers Association President Predee

Hackers steal up to B from more than 100 banks . Hackers have stolen approximately billion in what could be one of the largest bank heists ever, according to a new report from the Internet security firm Kaspersky Lab. Kaspersky said Sunday it has uncovered how hackers surreptitiously installed

As soon as he learned about it, Lidhar says he changed his password, got a new debit card, asked Scotiabank to freeze his accounts and stopped banking online.

Scotiabank said it would investigate, but when Lidhar didn't hear back after two weeks, he visited his local branch. While speaking to someone in the fraud department, they told him money was again being transferred out of his account.

"I was totally shocked and blown away that this was happening while I was in the branch," he said.

His bank was able to stop one e-transfer for $1,000 but not another for $2,000.

Lidhar says Scotiabank took a few weeks to investigate, and then said it wouldn't cover his losses.

In an email, Scotiabank said his claim was denied because the transaction was authorized from an internet address where he has "extensive history."

Security experts tell Go Public that hackers can access a bank account from a victim's IP address by taking over an infected computer and logging in as if they were that person.

Aquilini companies deny negligence in suit over deaths of 2 children at their U.S. vineyard

  Aquilini companies deny negligence in suit over deaths of 2 children at their U.S. vineyard Several companies operated by the family that owns the Vancouver Canucks, and family patriarch Luigi Aquilini, are defending themselves in a lawsuit filed against them last summer. In July, the parents of two children who died after a fire on property owned by the Aquilini family's Red Mountain Vineyard, located in southeast Washington State, sued several Aquilini companies, and family patriarch Luigi Aquilini, for negligence.The fire occurred in July 2017 at a mobile home where the family was living on the vineyard. The suit alleged improper electrical work caused the fire, and there were no smoke detectors.

An international gang of hackers have allegedly stolen billion from banks . Is your money safe? They could also alter individual customers ’ bank records and use it to steal money . The hack was so pervasive that the hackers could even order individual ATMs to dispense money , even without a

Hackers can spoof your IPv4 address or even use malware to hijack your computer, so you don’t even know When you don’t like dealing with banks because you already believe that these corporations are However, the threat of your money being physically stolen is much more serious than it being

Lidhar says Scotiabank wouldn't explain how the fraud happened, adding that only he has access to his account.

"They're trying to blame me," he said. "And they haven't told me anything about who it went to."

In a statement to Go Public, a Scotiabank spokesperson said the bank "took immediate action and conducted a thorough investigation," into Lidhar's case.

"We take the concerns of our customers very seriously," wrote Douglas Johnson.

After Go Public contacted Scotiabank, it offered to compensate Lidhar — six months after his money was stolen.

More bank customers blamed

Go Public has heard similar stories from others — all saying their accounts were hacked, and that the banks often won't reimburse them.

  • In May, Martin Chapman of Peterborough, Ont., lost almost $12,000 when criminals broke into his accounts at TD Bank and Royal Bank. Initially, he says, TD refused to fully compensate him, offering just $1,805. "They have admitted to me they don't know how the scammer broke through their security system," said Chapman. Only after he appealed did TD agree to reimburse all $6,000. RBC refunded the remaining money after a two-week investigation. TD would not respond to questions from Go Public about this case.

    Want to Retire Wealthy? Buy This 1 Stock Today!

      Want to Retire Wealthy? Buy This 1 Stock Today! Bank of Nova Scotia (TSX:BNS)(NYSE:BNS) is the best stock for a TFSA or RRSP to retire wealthy.That said, Bank of Nova Scotia (TSX:BNS)(NYSE:BNS) is an exception in my books, with a dividend yield of 4.81% coupled with gains of 1,100% since its IPO in 1995.

    Once the hackers become familiar with the banks ’ operations, they use that knowledge to steal money without raising suspicions, programming ATMs to dispense money at specific times or setting up fake accounts and transferring money into them, according to Kaspersky.

    Home Cyber Security How Hackers Steal Money from Bank Accounts. These days, most of the banks offer a two-factor authentication, where the customers receive a one time temporary password (OTP). It is to be used after entering the regular ID and password for undertaking bank transactions.

  • Curtis Hamilton of Esquimalt, B.C., says he was targeted by hackers last November who installed a key logger on his computer and sent just over $2,000 to themselves. TD's fraud department said Hamilton didn't protect his password and it was his fault. Hamilton had anti-malware software on his computer. He's hired a lawyer but has yet to get his money back. "It's been quite frustrating," he said. "The bank is basically saying … 'We're not responsible for anything.'" TD would not comment on this case, when asked by Go Public.

  • Patricia Widdis of Breslaw, Ont., told Go Public that hackers accessed her RBC account and redirected her Visa payments, stealing $12,000 in May 2018. The bank was able to get $7,000 returned, but she is still out $5,000 and feels betrayed. "They said, 'You made the payments yourself,'" said Widdis. An RBC spokesperson wrote that potentially unauthorized transactions are analyzed "on a case-by-case" basis.

Threats 'very problematic'

Most Canadians are unaware that more criminals and are hacking into financial institutions in Canada and around the world, says security expert Limor Kessem.

"These threats are very real and very problematic," said Kessem, an adviser based in Tel Aviv with IBM X-Force, an international team of investigators who track global security threats to the financial sector.

Banks sets Hamilton reception record as Tiger-Cats down Alouettes 38-26

  Banks sets Hamilton reception record as Tiger-Cats down Alouettes 38-26 They call him Brandon "Speedy" Banks for a reason. Banks caught three touchdowns on 201 yards to lead the Hamilton Tiger-Cats to a 38-26 victory over the Montreal Alouettes on Saturday afternoon in a potential CFL East final preview. Banks caught three touchdowns on 201 yards to lead the Hamilton Tiger-Cats to a 38-26 victory over the Montreal Alouettes on Saturday afternoon in a potential CFL East final preview.

The revelation this week that international hackers have stolen as much as billion from banks around the globe has renewed questions about the systemic risk cybercrime poses to the financial sector. Having teetered on the brink when individual banks collapsed during the housing crisis

Hackers have stolen as much as billion from banks around the world, according to a prominent cybersecurity firm. In a report scheduled to be delivered Once familiar with the banks ’ operations, the hackers could steal funds without raising alarms, programming ATMs to dispense money at specific

"In the beginning," she said, "we would see that a banking trojan [a type of virus] would be targeting banks through their customers," such as GozNym, a malware attack she helped uncover and that was shut down in May, as part of an international law enforcement operation.

a group of people sitting at a table: Lidhar tells CBC Go Public's Erica Johnson he was 'totally shocked' to find out that unauthorized transactions were occurring while he was at his bank branch, dealing with a previous fraud.© Provided by Canadian Broadcasting Corporation Lidhar tells CBC Go Public's Erica Johnson he was 'totally shocked' to find out that unauthorized transactions were occurring while he was at his bank branch, dealing with a previous fraud.

GozNym targeted two financial institutions based in Canada — which Kessem won't name — and 22 U.S. banks, credit unions and popular e-commerce platforms, stealing sensitive personal and financial information, including online banking login credentials such as usernames and passwords.

It's estimated GozNym stole over $100 million from some 40,000 victims. It's an example of the sort of malware that might be responsible for the hacks against Lidhar, Hamilton and Chapman.

"And then we have a different type of attack," said Kessem. "Cybercrime groups that will invade the banks' actual infrastructure and get into their payment systems and start compromising them internally."

Banks 'should be liable'

It all points to the need for financial institutions to take responsibility when hackers steal customers' money, says Parsons, the public policy researcher.

"They can't just provide us tools or push liability upon us and then walk away," he said. "One of the ways of correcting this would be to shift the liability structure. So rather than punishing customers … the banks themselves should be liable, so that they're encouraged to build way better security and protect their customers from this sort of fraud."

Brandon Banks, Cody Fajardo and Dane Evans named CFL top performers

  Brandon Banks, Cody Fajardo and Dane Evans named CFL top performers TORONTO — Hamilton receiver Brandon Banks, Tiger-Cats quarterback Dane Evans and Saskatchewan quarterback Cody Fajardo are the top performers for Week 20 of the CFL season. Banks complied a personal-best 201 receiving yards on 11 receptions and three touchdowns to lead the Ticats to a 38-26 road victory over Montreal on Saturday. He broke Luke Tasker's franchise record for catches in a season (104) with his fourth catch of the game, and now has a league-leading 112 receptions heading into the final week of the season.Banks provided a deadly target for Evans, who completed 80.6 per cent of his passes for 379 yards and a career-high four touchdowns.

Hackers are thought to have infiltrated security systems by sending a phishing email containing malware called Carbanak to hundreds of bank No banks have admitted they have had money stolen - a problem that US President Barack Obama is attempting to tackle by introducing legislation

Another way hackers gain trust from users when distributing ransomware is proving that they can actually recover their files. Trustwave tried to estimate how much money it costs a hacker to buy or rent these exploits, add these services to Here's one post on a web forum for stolen bank accounts.

In the U.K., says Parsons, banking fraud was such a big problem, the government made banks responsible for financial losses to customers.

"And as soon as the banks had to take those losses, all of a sudden … fraud plummeted because the banks invested massively in security," said Parsons.

a woman wearing a black shirt: Limor Kessem is a global security adviser with IBM X-Force based in Tel Aviv, Israel. Her team specializes in tracking and mitigating threats that affect the banking sector in North America.© Provided by Canadian Broadcasting Corporation Limor Kessem is a global security adviser with IBM X-Force based in Tel Aviv, Israel. Her team specializes in tracking and mitigating threats that affect the banking sector in North America.

He says Canada's next government needs to follow the U.K.'s example.

"If banks themselves won't do it, then it's an area where legislation needs to be seriously considered. We can't rely on customers to know about every kind of security vulnerability, to track every website that has breached passwords," he said. "That's just absolutely absurd and not a feasible solution to the problem."

Go Public asked the Canadian Bankers Association — which represents Canada's largest banks — whether its members would consider assuming liability when hackers break into the online banking systems they have created. A spokesperson did not address that question, but wrote, banks "have no higher priority than the security of their customers' money and conduct comprehensive investigations of all fraud cases, some of which are complex and take time to investigate the specifics of the case."

All the banks involved in these cases have told Go Public that customers are responsible for taking precautions to ensure their devices, accounts and information are protected.

Sunjit Lidhar says he's stopped doing online banking and now heads to his bank branch instead — a hassle he says is worth it, for peace of mind.

He says he wrote to Go Public to let people know that banks could hold them responsible when hackers strike.

"I just want people to know that this is something that's very real," says Lidhar. "It's not safe. And that's something they [the banks] need to work on."

Submit your story ideas

Go Public is an investigative news segment on CBC-TV, radio and the web.

We tell your stories, shed light on wrong-doing, and hold the powers that be accountable.

If you have a story in the public interest, or if you're an insider with information, contact [email protected] with your name, contact information and a brief summary. All emails are confidential until you decide to Go Public.

Ford government attacks red tape in new bill, but environmentalists say it goes too far .
The Ford government's first new legislation after a long summer break is aimed at reducing red tape and modernizing regulations, but there are worries that some of the proposed changes could weaken environmental protections.The bill, called the Better for People, Smarter for Business Act, was introduced on Monday at Queen's Park.

—   Share news in the SOC. Networks

Topical videos:

usr: 14
This is interesting!