Dozens of Quebec entrepreneurs feel like they’ve been abandoned by the National Bank for a month. They were robbed of hundreds of thousands of dollars hacker and experience an ordeal when the time comes to get a refund.
The bank refuses to say more, but assures that it is not someone from the inside who is guilty. Additionally, she often refuses to refund her customers because they end up in big trouble.
“There is no evidence that this is internal fraud. A few dozen business customers fell victim to the scheme. Our teams are in contact with them,” Alexandre Guay, spokesman for the National Bank, confirmed to the Journal.
The Sûreté du Québec has received complaints on the issue since at least September 18, but has refused to confirm that an investigation is underway.
“A police officer contacted us. As usual, our teams are working fully together,” says Mr. Guay.
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In Beauce alone, at least three businesses were wiped out at once. It is her checking account at the National Bank that is being targeted.
One of these three entrepreneurs lost $250,000 on September 14th. He refuses to have his name published in the newspaper because it could impact his customers.
In Montreal, Pascal Gosset of Muze was robbed of $60,000 on September 14th. His company sells and buys electric vehicles.
Pascal Gosset is the entrepreneur behind the company Muze. Photo from Muze website
“On the morning of September 18, I realized my account was empty. The bank has been deceiving me ever since. They say they are investigating and refuse to refund me. I’m losing everything,” he said.
Modus operandi
The hackers’ approach is always the same: the entrepreneur logs into his account and then finds that it has been emptied or almost empty.
They work lightning fast via bank transfer, always between 11 p.m. and midnight. For example, fifteen transactions in five minutes and hundreds of thousands of dollars are gone.
“It’s strange. That an amount of $250,000 is transferred without any questions asked? “The bank has to ask itself questions,” says Steve Waterhouse, a cybersecurity expert.
For this former deputy minister in charge of information security for the Quebec government, the way bank transfers are made needs to be reviewed.
“There are not enough questions being asked about the legitimacy of the person making a money transfer request,” he says.
According to him, there are bad business practices in all banks that need to be corrected.
One thing is certain: all of these entrepreneurs are victims of fraud and shouldn’t have to pay a cent, argues Steve Waterhouse.
Ongoing investigation
According to our interlocutors, Nationale would always do the same thing to the victims: we will reimburse you the amounts that we can recover.
Pardon? The entrepreneurs react to this offended. They can barely keep their businesses afloat, are out of a dollar and can’t pay their suppliers. They are ridiculed in front of their customers and their reputation is damaged.
However, they become victims of fraud. “I invest my money with them because I have trust. But I realize my money is not safe,” says Steve Boivin.
The owner of Auto Tech Steve Boivin & Fils, a mechanic shop in Sainte-Foy, Quebec, was robbed of $75,000 on September 20.
Since then, Mr. Boivin says he has received virtually no news from the bank saying it is conducting its investigation.
Entrepreneur on his knees
“The bank doesn’t care about us at all,” says Pascal Gosset, who had to withdraw RRSPs to keep his business afloat rather than go bankrupt.
The person who had $250,000 stolen was offered $125,000 by the National Bank. He also had to sign a release.
“I almost said yes, I don’t have a cent left. But I said no. My company has no debt. They offer me 50 cents on the stack and the debt. No thanks. I want my money, all my money.”
In short, he refuses to take responsibility for the fraud that he believes was attributable to the bank.
A National Bank employee even told him: “You know, sir, the hackers are always a little ahead of us.”
Why do you charge your customers fees? he wanted to answer her.
Almost a month after the events, the bank accounts of the attacked companies are still empty.
“We are still waiting for an answer. It’s unbelievable how long the last month seemed to me,” breathes Pascal Gosset exhausted.
– In collaboration with Francis Halin
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