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What Does TD Bank Have To Say About It’s Ongoing Scam Speculation & Recommendations To Secure The Bank

Can you believe that, according to the federal government, telemarketing fraud costs Canadians more than $100 million annually? While many businesses, like TD Bank Financial Group, utilize telemarketing as a legal sales strategy, scammers may scam you with attractive but fraudulent offers.

In fact, scams today are flourishing when it comes to TD bank. The pandemic has created perfect conditions for increasing banking scams over the past two years. Perhaps it is due to the change in the everyday behavior of people after Covid 19, such as the shift to remote working, increased home deliveries in the world of e-commerce, and especially, the sudden shift of banking transactions onto digital channels as branches closed and banks switched to digital media to provide their services. 

TD bank scams have left people with nothing but to wonder, is TD bank safe? How these scams work can take many ways. These frauds can happen when scammers call people with fraudulent offers to defraud them while posing as legitimate companies, charities, or causes. For instance, a fraudulent telemarketer can try to intimidate you into paying money for a promotion, bargain, prize, or lottery that you have reportedly won, or they might ask you for sensitive information like your credit card pin or data. How sad! 

TD bank scams are indeed on a spike. You won’t believe that many Moore County residents in and around the Pinehurst region recently discovered a box of brand-new checks from TD Bank with their names and personal information printed. Do you know what the hilarious part is? These checks were issued under accounts that they did not even open. According to a victim“, I get TD bank scam emails when I don’t have an account.” Insane! 

Are you wondering how to protect yourself from TD bank scams and what steps they take to fight against these as a company? Continue reading; this article is all about it!

About The TD Bank

TD Bank

Before we move over to scams, you may not know details regarding TD bank; let us help you! 

The Toronto-Dominion Bank Group is the collective name for The Toronto-Dominion Bank and its affiliates “TD” or the “Bank.” TD serves more than 26 million customers in three core divisions that operate in various locations in financial hubs worldwide, making it the sixth largest bank by assets in North America. Also, some retail services are provided by TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; retail services are provided by TD Bank, America’s Most Convenient Bank, TD Auto Finance U.S., and TD Wealth (U.S.); and wholesale banking services offered by TD Securities.

Although with more than 15 million active online and mobile users, TD is one of the top global providers of financial services online, it has been attacked by many scams. Let’s discover how!

TD Bank Building

Scam Attacks On TD Bank

1. Emails & Text Messages

Now, the TD bank text messages scams and TD bank scam emails could be linked to phishing. In its literal meaning, phishing is an example of social engineering attack often used to steal user data such as login credentials and credit card numbers. The scammer often masquerades themselves as a trusted entity and traps the victim into opening an email or a text. Phishers frequently use emotions like fear, urgency, and curiosity and are constantly innovating to seem more sophisticated than ever,

According to a new survey from TD Bank Group in honor of this year’s Fraud Prevention Month, four in ten Canadians (37%) have been the target of fraud attempts in the past year. Most fraud attempts occur over the phone (64%), followed by emails and text messages (58%). Unbelievable! 

How does it work? The scammer may send you an email message that appears to be from a reputable source, such as a bank, social networking site, or online store, for example. You should not respond to the email message. The communication attempts to trick you into disclosing important and sensitive personal data, such as passwords, credit card numbers, and bank account information, to the message’s sender. For example, you can be sent to a website that appears authentic but was created solely to collect your personal information. Fake emails are frequently written in a hurry and with a sense of urgency. 

emailing on laptop

Watch out for red flags such as misspelled words, poor grammar, urgent requests, threatening financial consequences, and logos that don’t seem right. To determine if an email is authentic, open a new tab and navigate directly to the company’s official website; without clicking on any of the links contained within the suspected email. As a general rule, never click on links in these emails, react to them, seek to unsubscribe from them, and never provide personal information.

Hence, do not respond to such TD bank scam emails that appear to be from TD Bank Group and that you suspect are fake. You should also avoid clicking any links or opening any documents. Lastly, you can alert authorities by visiting their online reporting page and sending a copy of the email to [email protected]

2. Investment Traps

Yes, investment scams are also a thing. How attractive is an investment offering a significant payment, rapid cash, and a higher guaranteed profit than ever? Investment Scammers act as telemarketers and financial advisors to steal your money. A scammer may deceive you or provide false information about a legitimate investment opportunity. 

Group of diverse people having a business meeting

Moreover, depending on your situation, scammers may ask you to put your money into stocks, bonds, notes, commodities, foreign currencies, or even real estate and later deceive you or provide false information about a legitimate investment opportunity. Even weirder is that they appear to be highly well-educated and professional, leaving no doubts regarding their authenticity. 

One in four surveyed Canadians (26%) claim to have sought online investment advice from strangers, including through social media and direct messaging platforms. Before making an investment decision that could result in significant financial loss due to fraud, customers are advised to conduct an in-depth study on information sources by TD fraud specialist Sophia Leung, Head of Protect Platform, which manages fraud strategy and cyber-threats.

“Investment scams can have a huge impact on victims where they are misled into giving large sums of money, at times almost their entire life-savings, toward phony investment opportunities,” adds Leung. She says that given the continued reliance on technology and communication devices, Canadians should continue to use caution when obtaining investment advice from strangers.

Can you believe that according to the Canadian Anti-Fraud Centre, investment scams cost Canadians a total of $163.9 million in 2021, making them the most expensive reported scam in the nation then?

Money-flipping scam

3. Business Security Alerts

TD Bank wants to warn consumers about the sharp rise in businesses falling for e-mail-based fraudulent wire transfer schemes. 

The nature of the scams differ, but they all have the same objective: sending an email that appears to be a valid request for a wire transfer to a particular account when, in fact, the request is false, and the destination account is under the fraudster’s control. The email is addressed to a firm employee and frequently gives the impression that it comes from someone in a higher position within the same organization. 

Nevertheless, customers are cautioned by TD Bank not to organize wire transfers exclusively over email. Before initiating a wire transfer with them, all requests should be verified again using a method that cannot be accessed by email hackers and manipulated. Lastly, please refer to your customer agreement for information on your account’s terms and conditions.

Lock Privacy Settings

Man Admits His Role In The $6 Million TD Bank Fraud!

Before you think about what authorities have done until now regarding TD bank fraud investigations, let us tell you that a Pennsylvanian man confessed his involvement in a fraud that affected not only TD bank but also 12 other financial institutions in the South Jersey-Philadelphia region. 

Only one targeted institution, Cherry Hill-based TD Bank, was named in a criminal complaint. The criminal is Ayanniyi Alayande, 47, of Darby, and he has been accused of defrauding banks of $6 million over almost four years. Damn!

It came under investigation that members of the ring allegedly grabbed business checks from the mail and altered the payees’ names. According to the U.S. Attorney’s Office for New Jersey, they opened bank accounts in the payees’ names using fake passports and visas. 

Basically, the defendants withdrew the money from ATMs or bought money orders using debit cards linked to the fake accounts after the banks credited all or part of the amounts to the accounts but before the checks had cleared.

According to the U.S. Attorney’s Office, the ring used the stolen money to purchase money orders, which they then used to buy used cars from Pennsylvania auction houses. Later, they exported the vehicles to Nigeria and other African nations to launder the stolen funds and to increase profits by selling the cars at the higher market values obtained for vehicles in these foreign countries.

According to investigators, the network was active between June 2016 and March 2020, shifting its operations from New Jersey to Pennsylvania, then to Maryland and Rhode Island.

Nevertheless, Alayande agreed to give up his ownership of nearly $90,000 money orders confiscated from a Philadelphia storage facility as part of his plea deal. However, the other accused are awaiting trial.

If you have been scammed through online, then contact us to get your money back!

What is TD Bank Doing To Secure its Clients’ Accounts?

Why exactly are TD bank scams increasing drastically? According to the TD survey, 52% of Canadians feel exposed to fraud, and 82% think the risk is increased by more significant internet activity. 

System Lock

However, according to 51% of Canadians, their friends and family are not even aware of the scam and its prevention measures. Therefore, TD bank recommends discussing any fake phone calls or texts you may have received with your family and loved ones. By sharing your fraud-related experiences with others to enlighten and increase awareness, you can assist in protecting others. Lastly, to keep you and your family safe and informed, keep reading and sharing the materials and tips on TD fraud! 

In addition, if you have ever been a victim of business alerts or before you fall for one, please pay attention to TD fraud alerts. You can get text notifications alerting you to unusual activity on your banking accounts using free services like TD Fraud Alerts. Wow!

Also, the number one key is protecting your PIN and passwords. Remember that nobody, not even your family, should have access to your PIN or passwords. You would never be asked for this information by your bank. Never divulge private information to a third party or account/login credentials, whether in person, over the phone, or online.

Do you know what the best part is? You can lock or block your credit card when required; use the TD app to freeze a lost credit card. Or stop international purchases while you aren’t leaving Canada. Tada!

Account Security

Learn To Bounce Back From a TD Bank Scam - Contact Funds Trace Today!

What is Funds Trace? Let us answer for you; Funds Trace is the optimal asset recovery agency. It is a recovery business equipped with industry specialists who can file your case, trace your scammer and recover your stolen funds in less than a month. They also ensure that the scammer restores 100% of the stolen funds to the victim.

It is not a myth; they really have recovered hundreds of thousands of dollars from scammers in the past two years – and this is just the beginning. Let them take control of the situation and fight your recovery battle for you!

Put an End To These Scams!

Although, according to the TD bank fraud investigations, TD bank takes responsibility for helping protect its consumers’ personal information and adheres to standards set by the industry to identify fraud and aid in its prevention, you should remember at all times that scammers can use the same tricks on repeat, so to stay a step ahead of scammers and avoid scams in the future, feel free to check out Funds Trace blogs, articles, and other resource materials on all types of scams. Stay Safe!

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