Ontario businessman loses $38K in cheque-cashing scam
CTV
An Ontario businessman says he has to pay about $38,000 after he was the victim of a cheque-cashing scam and failed to immediately report the fraudulent activity to his bank. The businessman says that the reason for the delay is because he doesn't use online banking.
An Ontario businessman says he has to pay about $38,000 after he was the victim of a cheque-cashing scam and failed to immediately report the fraudulent activity to his bank.
"I feel you work hard, you put your money in the bank, and that's why I don't have online banking because I'm worried about fraud," Joe John, owner of Guycan Machine Works in Mississauga, told CTV News Toronto.
John said he's always been nervous about online banking, so he only banks in person -- which is what he has been doing for the last 30 years for his business.
According to John, someone recently copied one of his cheques and created eight fraudulent ones. After uploading photos of the fake cheques into a mobile banking app, this individual allegedly deposited them, withdrawing $60,800.
TD Bank, which John banks with, launched an investigation and refunded two of the eight cheques. John said because he didn't report the fraudulent activity immediately, he is responsible for the remaining six cheques, which total $38,300.
In a letter from TD Bank, John was told, "Regrettably, your claim has been declined as we did not receive it within the required time period, which is detailed in your product agreement."
"TD Bank is saying they are not going to give me any money because I didn't report it right within 48 hours. How would I report it if I don't have online banking?" John said.
