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Retired B.C. couple loses $17,000 in TD banking fraud, denied reimbursement
🇨🇦 Canada /Crime & Justice

Retired B.C. couple loses $17,000 in TD banking fraud, denied reimbursement

From Global News · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • A retired British Columbia couple lost $17,000 from their TD bank account due to fraudulent withdrawals.
  • The couple, long-time TD clients, deny sharing their banking credentials or device access, stating they received no transaction alerts.
  • TD refused reimbursement, citing the couple's responsibility for safeguarding their information, a conclusion also upheld by the Ombudsman for Banking Services and Investments.

A retired couple in British Columbia is speaking out after losing $17,000 to what they describe as a "TD banking nightmare." Rene and Cecilia Diguangco, who have banked with TD for over three decades, discovered multiple fraudulent withdrawals from their Home Equity Line of Credit account between September and October 2024.

Is this what we get from trusting this bank?

— Cecilia DiguangcoThe couple expressed their feelings of betrayal after discovering the fraudulent withdrawals from their TD account.

The couple vehemently denies sharing their banking credentials or allowing unauthorized access to their devices. They expressed shock and distress, particularly noting the absence of any transaction alerts from TD, which they usually receive for even minor transfers. "Usually, if someone sends us some money or we send some money to another person, we get notified, but this transaction we didn't get any single notification," Rene stated.

Both of us were shaking and I said, ‘ What are we going to do?’

— Cecilia DiguangcoShe described the couple's reaction upon realizing the extent of the fraudulent withdrawals.

Despite their long-standing relationship with the bank and the unusual circumstances, TD concluded that the fraudster had knowledge of the couple's online banking credentials. The bank refused to reimburse the funds, placing the responsibility on the couple for not safeguarding their information. This decision was later upheld by the Ombudsman for Banking Services and Investments, leaving the couple feeling betrayed and hurt. "I feel deep inside it hurts. You can't get it out of your head," Rene added.

Usually, if someone sends us some money or we send some money to another person, we get notified, but this transaction we didn’t get any single notification.

— Rene DiguangcoHe highlighted the lack of alerts from TD regarding the suspicious transactions.

Advocacy groups like Democracy Watch are calling for stronger consumer protections in Canada's banking sector, citing examples from the U.K. and Australia where the burden of proof is shifted to banks. While Canada recently passed Bill C-15 to combat financial fraud, critics argue its consumer protections remain insufficient, failing to automatically compensate customers unless banks can prove due diligence.

She doesn’t even know my PIN and I don’t know her PIN.

— Rene DiguangcoHe emphasized that they do not share sensitive banking information, even between themselves.
DistantNews Editorial

Originally published by Global News in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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