Then his longtime bank, Tangerine, helped itself to money Smith had in his tax-free savings account to recoup what it had lost in the scam. "I only had $800 or so in my chequing account at the time, but after depositing the Sobeys cheque, I had over $4,000," he said. WATCH | Bank raids fraud victim's account:Justin Smith's bank raided his account — to cover a payment made to fraudsters Business Video 2:09 Go Public report investigates the banking rules that allow seizure of funds from different accounts. Shortly after the fake Sobeys cheque bounced, Tangerine took just over $3,000 from Smith's account. In that case, the victim's bank, the Bank of Montreal, spotted the fraud and didn't send the payment.

Source: CBC News November 23, 2020 09:00 UTC