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Scott McFarlane and three different customers of TD Bank and victims of fraudulent credit card activity are accusing the institution of denying their claims without a thorough investigation.
After having his wallet stolen at a concert in Vancouver, long-time TD customer McFarlane immediately called the bank and shut down his accounts. A year later McFarlane is still dealing with the bank’s ombudsman and fraud department.
The fraudster’s were able to access $5,000 from MacFarlane’s account and despite the initial acknowledgement that there was eight mismatches on the PIN, TD Canada Trust subsequently denied McFarlane’s claim, stating there was no mismatches on the pin, therefore leaving McFarlane responsible for the transactions.
Coincidently PIN technology has been criticized in the past as no longer being secure enough when it comes to banking transactions. Steven Murdoch, a researcher with the computer laboratory at Britain’s Cambridge University, has said that PIN and chip security is actually 15 and 20 years old. Murdoch also mentioned a specific piece of technology that can fool a card into accepting any random PIN entered on a merchant’s card terminal.
Through the Office of Information and Privacy Commissioner for B.C., McFarlane requested transcripts of his phone calls with the bank, after having tried for several months to get more information about his claim denial involving TD Canada Trust.
TD offered Scott McFarlane a “one-time goodwill” gesture in the amount of $2,569.68, but he declined. McFarlane was insulted by the offer.
There have been other cases of this type of situation with TD Canada Trust, although according to the bank, they have been resolved adequately.
Read the full story over at CBC British Columbia.