Bank fraud victims want Ottawa to make big banks pay more

We lost $40,000. I lost more than $5,000 to these scammers, $700,000. Over and over, Canadians who reach out to GoPublic say they're victims of bank fraud, a growing problem that costs Canadians hundreds of millions a year, losses the banks often refuse to reimburse. Well, that's what was withdrawn from my account. $10,000, $25,000, $100,000. Ralph Moore lost over $450,000 after trusting a deepfake like this that he saw online. Today in Ottawa, Canadian Prime Minister Mark Carney unveiled a new government investment platform. Over 10 months, he made withdrawals from his TD bank account until it was virtually drained. How could $450,000 be allowed to be given away by a bank who'd been dealing with my dad for decades? TD declined to comment, citing Moore's privacy, but said in a statement that protecting customers is a top priority. Employees at TD did warn Moore he may be getting scammed, put some temporary restrictions on his account, but ultimately didn't stop him from losing most of his life savings. It is outrageous with the known number of frauds and number of problems with this that a bank has decided that that's all they're going to do. This lawyer says Canadians need to learn from other countries, like the UK, where legislation passed two years ago puts banks on the hook for most fraud. Putting more liability on banks would be a big incentive for banks to develop better security measures. The federal government says it's working on new protections, but stops short of promising to make the banks liable. We need to consult. There's many actors in that. There's the telecoms, there's the banks, there's other people in that ecosystem. Meantime, a new national survey found 87% of Canadians believe banks should have to reimburse fraud victims, except in cases of gross negligence. The Trade Association for the Big Banks told GoPublic making banks reimburse fraud victims could unintentionally cost Canadians and the economy.