Security Expert Wants Legislation to Protect Victims of Online Bank Fraud

Chief executive officer, CEO, of 876 Solutions, Trevor Forrest, is calling for legislative measures to provide improved protection for customers of banks who fall victim to online fraud.

His comments come in response to recent reports of an ongoing scam targeting customers of Scotiabank. While the bank has confirmed a fraud attempt affecting some debit cardholders, it insists the issue is not widespread.

Robian Williams has more in this report.

Several affected customers have taken to social media to share their experiences, raising concerns about the security of their banking information.

According to the National Security Operations Centre, NSOC, fraudsters have been compromising debit and credit cards, using them to set up unauthorised Google Pay accounts and make small transactions.

While no formal complaints have been filed, NSOC says anecdotal evidence suggests the scam is becoming more prevalent.

One affected customer, Diana McCaulay, says she fell victim to the scheme.

Ms. McCaulay says she was not given a clear timeframe for when her stolen funds would be refunded.

In response, Scotiabank says its Fraud Monitoring Unit continuously monitors and assesses potential threats. The bank notes that it has made significant investments in cybersecurity, allowing it to prevent the vast majority of fraud attempts.

Despite this, CEO of 876 Solutions, Trevor Forrest has acknowledged the challenges of tackling online fraud in the banking sector. But he insists more must be done to protect customers and ensure they recover their stolen funds quickly.

Ms. McCaulay is also advocating for guaranteed standards that confirm how quickly customers who are not at fault should be reimbursed when their accounts are compromised.