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Treasury Fraud: Risk Management in A Digital World

Your accounts can be compromised whether you use an online-only or traditional bank. According to the Federal Trade Commission, there will be over 33,000 bank fraud reports in 2021. However, you may be able to prevent a bank account attack by strengthening your own security protocols. 

Less than a month after TD BankNorth customers in New Hampshire were notified that their Visa debit or credit cards may have been compromised, word of a phishing email scam targeting the bank’s customers has surfaced. The bank, headquartered in Portland, Maine, has $119 billion in assets and 1,100 east coast locations.

Customers at TD BankNorth are being warned about an email scam that could infect computers. According to the email messages, the notes are from TD BankNorth President and CEO Bharat Masrani. Personal information is requested in the email. According to the bank, clicking on a link in the note infects a customer’s computer with a programme that sends the customer’s information to the hacker.


Victims around the world lost around $529 million from being swindled by their cyber sweetheart. report

If you have been a victim of a scam or have any suspicion that malicious actors have your personal data, then you need to consult with us so that we can help you.

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Fraudulent Attacks on Businesses Are on The Rise

This means that businesses of all sizes must learn how to identify online security threats. However, this goal may appear to be a moving target. While most businesses can respond to traditional fraud, fraudsters are constantly developing more sophisticated attacks.

According to Accenture’s annual Cost of Cybercrime report, US companies are at risk of losing $1.7 trillion to cybercrime over the next five years. In 2018, the average cost of cybercrime per company increased by 29%. That means that, on average, US businesses now lose $27.3 million per year to cybercrime.

Phishing, business email compromise (BEC), malware, and ransomware are all common attacks that can be avoided if employees know what to look for. When attacks do occur, they can be the result of an employee clicking an unsafe link by accident, responding to a fraudulent email and disclosing personal information, or visiting an unsafe website.

Phishing Scam

Every year, millions of Americans file complaints about fraud, identity theft, and other consumer issues. You could be part of a movement to protect yourself and others if you report scams. Every report usually contains useful information.

Unfortunately, the number of people falling victim to bank scams has increased in recent years. The Federal Trade Commission (FTC) received 2.2 million fraud reports in 2020 alone, with Americans losing $3.3 billion in fraud losses.

But how do fraudsters gain access to your bank accounts? The majority of people have received a suspicious text or email purporting to be from their bank, or they have noticed unusual login attempts on their account. These are indicators that you are the target of a bank scam. You don’t want to dismiss them.

Any bank scam seeks to gain access to your bank account. Unfortunately (for scammers), they cannot access your account without your assistance. Bank scams require you to give a scammer your personal financial information, install malware on your devices, or use unverified checks and other banking materials. 

online banking

According to the FTC, identity theft was the most commonly reported type of fraud in 2021. When scammers gain access to your personal information, for example, through phishing, they can do one or more of the following:

  • Get into your bank account and spend or transfer all of your money.
  • Make new bank accounts in your name and make several loans in your name.
  • Go on a shopping spree with your money.
  • Utilize your government benefits, such as unemployment compensation.

Scammers may gain access to your emails and social media accounts as well. They will then contact your friends and loved ones and attempt to carry out bank scams on them as well, taking advantage of their trust in you.

Scam Attacks on TD Bank in 2022

Text message phishing attempts are becoming more common. This scam is similar to previous bank scams in that it simply records all input entered into the provided fields. 

TD Bank,Chinatown, DC

Once all of the required information has been collected, the fake website redirects victims to the real TD login page. This enables any victim to access their bank account. This section stores the bank card/access card as well as the password.

The next step in the phish was to get a customer to send them their verification code. This allows the scammer to access the account without requesting a pin or bypassing the code. This step ensures that the scammer receives the correct credit card number.

Financial fraud continues to have an impact on Canadians, and as technology becomes more integrated into daily life, fraudsters are targeting Canadians in new ways. According to a recent TD Fraud survey, nearly one-third of Canadians have been personally victimized by financial fraud, with the majority (83%) losing up to $5,000.

Canadians are concerned about financial fraud, both for themselves and for their loved ones. Almost six in ten (59%) of survey respondents are confident in their own ability to keep their finances safe from fraudsters, but they are concerned that older family members lack the same fraud savvy. Despite these concerns, less than half (45%) of respondents reported having discussed financial fraud with their elderly relatives.

“Fraud does not discriminate; attacks can occur at any time and through any channel, including phone, text, and email,” said Tammy McKinnon, Head of Financial Crimes and Fraud Management Group, TD Bank Group. “As scams evolve, it’s critical that we encourage conversations that increase Canadians’ knowledge and understanding of financial fraud and help equip our loved ones with the information they need to avoid it.”

TD Bank

When asked what worried them the most about financial fraud, nearly half of seniors (45%) said it was becoming a victim of identity theft. Millennials, on the other hand, stated that having their money stolen was their top concern (39 per cent).

According to Jennifer Carlson, TD BankNorth’s spokesperson, the bank has “no way of knowing for sure how many customers received the email, because it wasn’t sent by us.”

Carlson adds, “We are aware of the scam and are working with law enforcement agencies to investigate and shut it down.”

After reporting the emails to law enforcement, the bank issued an alert on its website’s home page on June 4. The bank refused to say whether the phishing email resulted in the theft of customer information or money.

Carlson advises recipients of this email not to follow the instructions or take any action requested in the email. “Instead, contact our Phishing and ID Theft Hotline,” Carlson advises. Anyone who receives one of these emails should contact the bank at 1-800-893-8554.

TD Banknorth is headquartered in Portland, Maine, and is owned by the Toronto-based TD Bank Financial Group. Following the acquisition of Commerce Bancorp Inc. by TD Bank Financial Group in March, it was announced that the operations of TD Banknorth and Commerce Bank would be combined under the brand name TD Commerce Bank. TD Banknorth and Commerce Bank now manage over $119 billion in assets and operate nearly 1,100 locations from Maine to Florida.


With how easy it is for scammers to acquire your data, it’s reasonable to be alarmed. Protect yourself and your loved ones by getting advice from experts. We will guide and even help you get your money back from scammers.

What Did the Bank Do About The Scammers and User Privacy?

Client security is a top priority at TD Securities. They actively fight fraud by providing daily transaction matching and cheque interception, dual authentication for payments, and internal programmes to detect suspicious wire transfers. 

TD Bank Group has also established the TD Fusion Center, a new operations hub in Toronto dedicated to the detection and prevention of global cyber threats. The Fusion Center takes a proactive approach to protecting TD and its customers, with members from cybersecurity, fraud management, and incident response working together to ensure a collaborative response to any issue.

“There will always be fraudsters, but with the right defenses in place, you can keep them out of your organization. You want to be a difficult target, “Iarocci says While the risks and dangers of fraud are obvious, empowering colleagues to detect and respond to it can help prevent attacks.

Stay Safe

All TD Credit Cards and TD Access Cards come with free TD Fraud Alerts. TD Fraud Alerts text messages  will contain specific information to assist you in identifying the transaction, such as:

  • Last two digits of your TD Access Card, personal or business TD Credit Card, or Authorized User’s Card; and Transaction information, such as the dollar amount, transaction type, and merchant name.
  • TD will never request personal information in response to a TD Fraud Alert text message, nor will you be asked to click on any links in your response.

You will receive free TD Fraud Alerts to your mobile phone at any time and from any location, alerting you to suspicious activity. If you receive a TD Fraud Alert, you can respond immediately by text message to confirm whether or not you recognise the transaction and avoid the inconvenience of having your Card blocked unnecessarily. Furthermore, if the team does not receive a response to the TD Fraud Alert, they will call you. You have the option of responding to the text message or the voice call. Lastly, Your Card or an Authorized User(s) Card is instantly unblocked or blocked.

If you’ve been a victim of Banking Scam you can contact us for support.

Scam People

What is the Bank’s Advice/ general advice to avoid bank related scams?

TD provides the following tips and advice to people who want to learn how to protect themselves and their loved ones from becoming victims of fraud:

  • Pay attention to your fraud alerts – Banks are now communicating with their customers via text messaging. Signing up for free services such as TD Fraud Alerts allows you to receive texts notifying you if TD detects suspicious activity in your personal banking accounts.
  • Have conversations with family and friends – Financial fraudsters are increasingly targeting seniors. Educate your family members on the most common scams, like emergency scams that try to convince grandparents into sending funds to their grandchild in a foreign nation, or romance scams that use legitimate dating websites to extract money from someone looking for companionship.
  • Keep your PIN safe – Only you should know your PIN; no one else, including your bank, should. Never give your PIN out in person, over the phone, online, or by mail.
  • Be cautious and confirm that the request is genuine – If you get an email from a relative asking for money because they’re in trouble somewhere else, or if you get an unexpected and too-good-to-be-true cheque, it’s probably fraud. Take the time to do some research to see if it’s genuine – it’s always a good idea to know who you’re doing business with.
  • Check your statements, online accounts, or banking apps on a regular basis – doing so will help you detect fraudulent transactions faster. Money management apps, such as the TD MySpend app, can be a useful tool because they provide real-time notifications of spend transactions, making it easier for customers to identify a fraudulent transaction quickly.
  • Install antivirus software and security patches in your software. Engage an external consultant/provider on a regular basis to review your network and web applications for security flaws that an attacker could exploit.
  • Don’t be afraid to call to confirm the legitimacy of an email. Any changes to account information should be regarded as a red flag. Never give out your login information to anyone. No reputable financial institution will request these details over the phone or via email.
  • Don’t put off reviewing transactions until the end of the month. Reconcile your transactions on a daily basis, and report any unusual transactions to your bank right away. Reduce human error by assigning different people to issue cheques and reconcile bank statements.

The Bottom Line: Bank Scams Can Be Avoided.

You put in a lot of effort to save money and build your financial future. And nothing is worse than having your hard work undone by a scammer or hacker.

Whenever someone requests your financial information, consider whether they are legitimate and why they require it. In most cases, this is enough to deter a potential scammer from targeting you further.

do you need help?

A lot of those who contact us have questions and concerns about their personal and business data being compromised. We aim to arm you with the legal and technical know-how in the fight against scams. Also, we will be able to refer you to top scam recovery agencies.

Please fill up the form. Rest assured that our support team will get in touch with you

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