Bank Scam in Canada: Why UK Victims Get Refunds and You Might Not

 

Canadian Money Brief · Scam Watch · October 24, 2026

Two people got the same phone call. Both were told a bank fraud investigator needed their debit card as “evidence.” Both handed it to a courier. Both watched money vanish from their accounts.

One of them had the entire loss refunded within days. The other was told the loss was on him. The difference wasn’t the scam, the bank or the carelessness. It was the country.

What it means for you

Canadian banks are not legally required to reimburse you when you’re tricked into handing over money or card access. Unless that changes, your best protection is knowing the script and acting fast. The checklists below take about two minutes to read.

Same scam, two countries, two outcomes

CBC’s Marketplace investigated this week and compared two victims of a bank-impersonation scam. In Canada, Asif Mohammed lost $7,200 this spring and never got all of it back. The caller claimed his card was needed as evidence and said his case had been passed to Toronto police, then sent a “courier” to his worksite. He handed over the debit card (he says he didn’t give out the PIN). Minutes later his wife texted that money was leaving the account. When the couple reported it to the real Tangerine, they were told they would be responsible for the losses.

In the UK, Samantha Bradshaw lost £11,000, nearly $21,000 Canadian. Her bank called within days to say the whole amount was covered under Britain’s reimbursement rules.

How the rules differ

	United Kingdom	Canada
Must banks reimburse scam victims?	Yes, in most cases. Exceptions apply for extreme negligence.	No legislative requirement. Finance Canada told CBC this in 2025, and the minister did not commit to one this week.
Who pays?	Sending and receiving banks each cover half of the refund.	Usually decided case by case. Many victims are told they’re responsible.
Claim limit	Up to £85,000 per claim under rules in force since Oct. 7, 2024.	No scam-reimbursement framework to compare.
Speed	Bradshaw’s refund came within days.	No set timeline.
Ordinary card fraud	Covered by separate rules.	Protections exist; CBC reports victim liability is generally capped at $50. Scams where you hand over access are treated differently.

Table summarizes CBC Marketplace and CBC News reporting plus public information on the UK rules. Check your own bank’s policy for specifics.

Will Canada follow Britain?

Marketplace asked Finance Minister François-Philippe Champagne directly whether Ottawa is considering forcing banks to reimburse scammed customers. He said the government is working to better protect Canadians but didn’t commit to reimbursement.

The pressure is building. CBC’s Go Public has heard from dozens of bank-fraud victims, and a survey by consumer group Option consommateurs found that 87 per cent of Canadians think banks should reimburse victims unless the customer was grossly negligent. Advocates argue that making banks liable gives them a financial reason to build better defences.

There’s a real counter-argument, too. Critics say reimbursement can simply shift costs onto banks and, eventually, customers through fees. A scammer who spoke to Marketplace argued the same, and the UK experience is still being debated. Either way, nothing has changed in Canada yet.

If it happens to you: the first hour

1Call your bank using the number on your card

Not the number the caller gave you, and not one from a text. Say you’ve been scammed and ask them to freeze the account, cancel the card and try to stop or recall any transfers. Speed matters most.

2Change your online banking password and PIN

If you shared a PIN, one-time code or login details at any point, tell the bank exactly what you shared. It affects how they classify the claim.

3Report it to police and the Canadian Anti-Fraud Centre

File a police report and report to the CAFC (1-888-495-8501 or antifraudcentre-centreantifraude.ca). Banks often ask for a report number.

4Write everything down

Date, time, phone number, what the caller said, what you handed over, screenshots, a courier description. Ask the bank for its decision in writing.

5If the bank says no, escalate

Use the bank’s formal complaint process, then its external ombudsman (OBSI or ADR Chambers, depending on the bank). The Financial Consumer Agency of Canada also takes complaints about banks’ practices.

6Watch your credit

If you shared ID details, consider placing fraud alerts with Equifax and TransUnion.

Before it happens: the rules to keep

• Your bank will never collect your card by courier or ask for your PIN or one-time codes. Nor will the police.
• Hang up and call back on the number printed on your card, even if the caller ID shows your bank. Caller ID can be faked.
• Be suspicious of urgency and of requests to keep the call secret or to move money to a “safe account.”
• Turn on transaction alerts and consider lowering daily e-Transfer and withdrawal limits.
• Talk to older relatives. Consumer groups say seniors are frequent targets of the bank-investigator script.

The bottom line

Canadian scam victims are covered by a patchwork, and it often comes down to how a bank reads your case. Until Ottawa decides whether to copy the UK, treat any call about “fraud on your account” as the scam itself: hang up and call the bank yourself.

Sources: CBC News Marketplace (Oct. 23, 2026); CBC Go Public on bank-fraud liability; CBC News reporting on bank investigator scams (2025); public information on the UK Payment Systems Regulator reimbursement rules. This article is general information, not legal or financial advice. Policies vary by bank and by case. Contact your institution directly.