Understanding Wire Transfer Problems in Canada

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A Mississauga man faced severe business disruptions after more than $16,000 went missing following a rejected wire transfer. Adam Skoczylas told CTV News that he facilitates vehicle purchases through online auctions but faced significant problems when a client’s US$11,800 wire transfer from Bank of Montreal to Wells Fargo disappeared.

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Skoczylas said the transfer was rejected without explanation, and despite expectations of a prompt return, weeks went by with no reimbursement. The issue was resolved after CTV contacted BMO on Skoczylas’s behalf.

However, significant delays and complications associated with wire and e-transfers have caused many Canadians grief. Scammers have tricks to dupe Canadians into sending money, or sometimes the money simply goes missing, as reported by Global News.

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In 2022, RBC customers reported missing funds despite confirmation emails of successful transfers. After going public, impacted parties received refunds due to a technical issue.

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More than 140 BMO customers lost $1.5 million in unauthorized wire transfers due to cybercriminals accessing their accounts. BMO claims the transfers appeared legitimate, occurring on customers’ devices without failed login attempts.