RBC customer loses $10,000 after falling victim to bank draft fraud

Vancouver resident Mark Milburn has used bank drafts in the past as a safe guaranteed form of payment but says he’ll be wary of using them in the future after falling victim to fraud.
“How is any business going to be able to trust a bank draft anymore,” said Milburn.
Back in early January, the Vancouver resident was selling a $10,000 luxury watch on Facebook Marketplace. He says he’s used the social media platform multiple times without issue.
However, to be certain and before he sold the watch, Milburn says he went in person to RBC where he’s a customer asking the teller to check the authenticity of the bank draft. Milburn says the RBC teller assured him the draft was valid.
Consumer Matters reporter Anne Drewa explains what happened next.
For more info, please go to globalnews.ca/news/10261508/rbc-customer-loses-10000-falling-victim-bank-draft-fraud/
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[@user-sg1zd5db4h]

"we remind clients to take precautions" - yeah, that's why the victim asked his bank to check. And they told him it's fine!

[@Chaim127]

There is immense pain in losing a large amount of money but to garner courage to speak about it says a lot about the person’s great character.

[@Edgardo477]

Got scammed this past week out of 2.25 Bitcoin.

[@jaidenSalinas]

My husband and I was scammed twice last year, totaling losses over $550k. It was a lengthy process involving federal intervention to get our money back. We need more people like Retrievebackteam taking a stand against these criminals. Much love and support from California.

[@DrealOtis00]

@@jaidenSalinas I got scammed out of my retirement money but I was new to it. thanks for sharing will definitely get in touch with them

[@DrealOtis00]

I got scammed out of my retirement money but I was new to it. thanks for sharing will definitely get in touch with them

[@cbarfoot8456]

If the bank released it that 100% on RBC. Lack of knowledge from staff. Sorry RBC you need to eat this one.

[@someone28]

It's also someone in TD who is printing these drafts for scammers. Their IT guys should not have difficulty figuring out who it is.

[@stephenn88]

It is a real draft. Did you not watch the video

[@chrislim7976]

It's a fake. What part don't you understand.

[@stephenn88]

You clearly don’t own a explorer

[@chrislim7976]

We're talking about a bank draft. You clearly think an explorer is something to flex about. LOL

[@lindalee621]

Actually Mark should verify the draft in TD instead of RBC.

[@minhazshahriar1046]

99% possibility TD will not verify on the spot or over the phone and only when it has been deposited and will only be verified when other bank asks for verification.

[@KijjiSale]

@@minhazshahriar1046 no you are wrong we can put the draft in our system and see if it is real or fake in our bank

[@edhoss5531]

Then you have to be a customer of TD. There are too many red tapes in Canada dealing with banks. It is a nightmare.

[@lindalee621]

@@edhoss5531 exactly.

[@lindalee621]

@@edhoss5531 exactly.

[@romrumrira]

A cheque or a draft...no matter what...go to THE ISSUER not the RECEIVER....this is important !!!!!

[@evalangley3985]

NOT CHANGING ANYTHING! THEY VERIFY AFTERWARDS... YOU GENIUS!

[@HemiJB91]

I sold my truck for 35gs in 2017. Bros dad came to pick it up and gave me a bank draft. Told me it was good as cash. It was my first time, and was having second thoights. I made the guy come with me too the bank and verified before giving the keys

[@lostcountryyy]

Love it

[@ginamango3724]

Smart moved😊

[@michaelngfinance]

What's the point of using a bank draft??????

[@hendrylyly3662]

he should have gone to TD bank to verify the Bank draft

[@christopher480]

how about dont accept them....cash only.....hold then item till the funds clear.

[@elena2125]

So now it's on the customer to go from bank to bank to verify if their products are legitimate???

[@MentionBiscuit]

What scares me is that the funds did clear and then they pulled it back. That’s crazy! Could happen to anyone

[@erlinmkantor-champion8120]

Funds did not clear, TD has to clear the funds.

[@evalangley3985]

HE SHOULD, HE COULD, THE BANK SHOULD HAVE, THE BANK COULD HAVE...

[@davidparkes7226]

This guy has his own business and has used bank drafts himself ? He should know plain and simple if it’s drawn on the same bank they can verify funds if a different bank 3 days hold until it clears ! I don’t believe for one second a teller and manager said it was OK !

[@kyungshim6483]

If he is selling things on FB marketplace he ought to check and take phone of the buyer's ID. Merchants back in the day used to do that when accepting bank cheques from buyers.

[@alanj9978]

Well, then he'd know that Abdul whatever scammed him, but it wouldn't get his money back.

[@Moo2oob]

I don't understand why he is on the hook for $10,000? He tried to deposit a cheque and it bounced. Unless he did something with the money before the cheque cleared but usually there's a hold placed on the deposit by the bank before it clears. Granted, he's out one Rolex watch.

[@kellyhou9594]

I think it depends on the bank end. I had the occasion that my RBC bank (receiver) would call the TD bank (issuer) about the bank draft. I also had the experience that my RBC bank would hold the fund for 4 days.

[@philipmontreal9135]

What you said here is the true experience and as the proper procedure it should have been- I am a retiree from one of the banks mentioned here. Either situation existed- for either it will still be held for few days until it can be 100% cleared OR someone from the deposit (receiving) institution (in this case it is RBC) needs to call the issuing bank (TD in this case) to verify and then could still have a choice to either hold or without holding the fund as to which party the risk will be held against is to be determined.

[@kellyhou9594]

@@philipmontreal9135 You are absolutely right. I feel so bad for the person got scammed. The bank should be responsible for this loss. There was check scam and I can never imagine there is bank draft scam too since we users believe it is as good as cash.

[@liztewliztew]

I used to work for one of the Canadian Big Banks up until 2015. For a few years before I left, we had become more stringent with the acceptance of money orders, drafts and certified cheques because of fraud…2015! If, as a former bank employee, I knew this to be a problem back in 2015, why did RBC so quickly accept that draft in 2024. Should have told the client to walk the draft over to TD to doubly verify the validity of that draft, especially considering the purpose for that draft…to pay for an expensive product.

[@edwardnygma6691]

Yeah, I don't know why people are blaming Mark. You'd think a bank teller and a manager asking you if you want to "clear the funds" would be verification enough.

[@almontoya5703]

@@edwardnygma6691 No, never ask your bank employees, even if it's the manager. Go and ask the bank issuer to confirm if it's legit.

[@edwardnygma6691]

....So what if it was "flawless"? I watched the report. How long is the disclosure agreement? Do you know what the word "clear" means? If someone says to you, "these funds are clear," that says the funds are 100% yours to do with what you want. If by "clear", the bank for some strange reason meant (using their own misleading definition of "clear"), "the funds will be in your account, UNVERIFIED; the funds may or may not be REMOVED at any given time by the issuing bank," then they ABSOLUTELY should have said that. His bank is their to PROTECT his money. That's why he pays for their services. Stop blaming him for the bank's lack of transparency.@@DiscreetPete5050

[@sparklebutt1119]

Very good advice!

[@edwardnygma6691]

The original poster used to work at a bank and even they're saying it's the bank's fault. Who the hell are you? Like, why would I listen to you? You sound like some guy who's jealous of another guy's Rolex.@@DiscreetPete5050

[@djmat001]

The five big banks make a record profit every quarter in Canada.

[@michaelngfinance]

With the technology that we have today, I am surprised that this type of error still happens. Banks will need to do something to help maintain confidence in the banking system. BTW: How much profit did RBC and TD made in 2023?

[@chrislim7976]

It wasn't an error.

[@michaelngfinance]

​@@chrislim7976 It was an error made by RBC by confirming that the fraudulent bank draft is good. It is clearly a misstatement. If they don't know the answer at that time, they should say so. The victim relied on that information to make a financial decision that resulted in him losing $10K.

[@sparklebutt1119]

Go to the bank with the person and watch the teller create the bank draft.

[@alexthornton672]

he did

[@freetimeflip6438]

​​@@alexthornton672no this plug lists like $10 000 items so women call him.Typical FB Seller. But he fell for the scam where a guy shows up when he thinks its a women. If its a women the watch is now in his nice new apartment. Number 1 rule is never bring customers to your building even if its an apartment. #2. E transfer or Cash only. Who would go to the bank and pay for a certified cheque when you just take out $6000 cash the guy will take for the $10 000 watch when he sees it. All other payment methods could be Charged back. This guy deserved to get ripped off now we hear him cry about it Made my day.

[@dixonpinfold2582]

@@alexthornton672 No he didn't.

[@chrislim7976]

​@@alexthornton672 LOLWUTT 😅

[@evalangley3985]

Really funny and really idiotic, especially for online transactions. In reality, the bank is accountable for being negligent for not authenticating the transaction. They got scam, but instead of taking ownership, like they do with their client anyway, they drop the consequence on the client... again.

[@gearhead-do1xh]

Why didn't he just go to TD and have them withdraw cash right from the TD teller? Lol 😂

[@delicious_seabass]

Don't even need cash. Could've gone to TD and got the seller to direct deposit into his RBC account.

[@evalangley3985]

It would have been the same thing, because they verify afterwards...

[@evalangley3985]

@@delicious_seabass HAHAHAHA... you know that a bank transfer could also trigger THE SAME THING!?

[@delicious_seabass]

@@evalangley3985 No, they would verify on the spot that the buyer has the funds in his account since its their bank, otherwise they would tell them there isn't enough in the account.

[@christopher480]

if his bank cleared it then it should be their responsibility not his

[@ydanytroi9897]

You only accept the bank draft if it was issued at the issuing bank (TD bank in this case) in front of your eyes, and the bank teller had to hand you that bank draft immediately right after. If the bank teller handed the bank draft to the scammer to put it his purse, the minute later the scammer would pull out a fake bank draft instead of a good one to hand it to you. Banks always encourage people to use bank drafts to save them the cost of managing cash. That's why they even want to move to Digital Currency. But CASH is KING.

[@catherineto]

Then go to the bank that the bankdraft was issued !

[@evalangley3985]

Not changing anything, same process, verify afterwards.

[@evalangley3985]

In reality, the bank is accountable for being negligent for not authenticating the transaction. They got scam, but instead of taking ownership, like they do when it is your fault with any other form of scams anyway, they drop the consequence on the client... again.

[@billjohnson7904]

WRONG, everyone knows you are responsible for your deposits. Why didn't this dummy ask for a CERTIFIED CHEQUE or direct bank transfer?

[@leebrendalee]

I’m shocked

[@TrustMe55]

Someone in our town was just scammed. They were buying a back loader $18,000. It was supposed to be delivered they wired the money. And it was a business that was supposed to be local, and the people didn’t even go and check the address out. Nothing was there

[@christopher480]

its their own fault.

[@TrustMe55]

@@christopher480 with that kind of money you got a check it out people are so used to ordering things online but $18,000 purchase that is really too bad. What a shame.

[@sagarmeena0210]

its no different then bouncing a check.

[@minimaxmiaandme.4971]

Big difference!

[@evalangley3985]

Yes it is different... a bouncing check is still legit. This is not. The system should be able to trigger that the origin of the funds doesn`t exist.

[@HalifaxComputersRepair]

always do the deal at the police station .....so they have good look at his face lol

[@ivannightly1919]

the guy across the hall had 5k put into his account as a check, he thought that he had the money 7days later the check didnt clear and hes out the money same type of thing

[@minimaxmiaandme.4971]

No, it isn't. A bank draft is the same as cash.

[@Trust_but_Verify]

@@minimaxmiaandme.4971 Similar to a fake certified check. A legitimate bank draft is same as cash, otherwise it's just a piece of paper.

[@oldesarge]

Like what the hell else was the guy to do? RBC YOUR manager CLEARED it YOU are responsible. FML.

[@charmander777]

Too bad the watch ⌚️ wasn't a fake

[@dingdong8242]

I highly doubt Mark was the mark .

[@johnnyv5995]

Consumer ALWAYS on the hook, unreal.

[@roachtoasties]

Every time I hear the name "Facebook Marketplace" I think of fraud. Since the TD Bank branch was right across the street, he should have gone over there. Their computer system should have immediately known if the check was valid or not. Get the $10,000 from there and then walk back across the street to RBC to deposit it. Have someone from the bank to walk with you, if he thinks the guy is going to beat him up and take the money.

[@rogerbec5766]

Banks hold insurance checks for up to 5 days before releasing funds. Why not these ?

[@robertalkemade989]

fakebook

[@estheriijeanlouis8688]

So that almost just like any good old cheques nothing more special.

[@winstonsmith935]

Well look on the bright side, my bank account was frozen after my wife died, I was trying to sort out the estate affairs, imagine having your Bank Account Frozen. In half a day my Lawyers had RBC straightened out.

[@bobowon5450]

100% rbc should be responsible for this. They said it was good, they are the ones who should pay that 10k because they promised the funds

[@almontoya5703]

This is on Mark 100%! Don't believe what your bank says unless it's the bank that issued the draft. It's common sense. Sorry bud, you will have to eat it. Tough lesson to learn.

[@miraclo3]

No you are absolutely incorrect. The bank looked it over and told him to not worry and it looked good end the manager went as far as clearing the funds before he gave the guy the watch. That was 100% on the bank when they verbally confirmed the authenticity of the bank draft before electronically verifying it. I'm also 100% confident you wouldn't be backing the banks if this happened to you.

[@almontoya5703]

@@miraclo3 like I said, never trust the bank to determine if it's a fake check. In his situation, he should have gone to the TD Bank right across the street to verify. As to whether the RBC employees are responsible, he’ll need a lawyer and find out what the RBC’s policy is and find out if he can take legal action. I will never accept bank drafts unless I have to but I would always verify them from the issuer and at the same time have his ID. No ID, no checks

[@kyleklmondwa9042]

Meh anyone Rich enough to wear a $10k watch on their wrist is also not gonna be out in the streets for getting scammed out of $10k. That guy learned a lesson.

[@evalangley3985]

Sorry, but this is the job of the bank to VALIDATE the transaction and AUTHENTICATE the transaction. He came in and ask if it was legit and they told him yes... NOT HIS FAULT! THE BANK FAULT`S!

[@evalangley3985]

@@kyleklmondwa9042 And you guys are clueless about the law. The bank have a professional responsibility here. This scam is going around for more than 20 years. The employees should know by now especially when a client want you to verify if the draft is legit... IN YOUR FACE... at the bank counter.

[@nicholas2275]

Why would any one take a bank draft or cheque in this day and age over market place lol

[@briankroger7879]

The bank teller was a DEI hire. Enough said.

[@AuntieIris-BedtimeStories]

this is ridiculous.

[@andg5194]

How did this happen? Scammer got a hold of blank TD draft papers and printed the numbers and name on it?

[@doinitforfun888]

These are scumbag scammers, never do business with people without getting 2 pieces of identification and meeting them at a police station.

[@dixonpinfold2582]

Watches with a value running to the five figures strike me as vulgar anyway, suited to show-off trash reeking of cologne. They're really just jewellery for the shallow, vain and insecure.

[@SunnyR-yi9te]

RBC Shame

[@gpasprimus6505]

People will soon miss cash only days scamming is rising like taxes and prices

[@freakyflow]

$10K for a watch..Ok 10K for a watch on facebook...Ahh Not feeling good...10K for a watch from facebook without cold hard cash in my hand from the bank...Not going to happen ...I mean come on Nothing would leave my hand with out the bank saying Yes Confirmed you have 10K in the account No one can touch it .....

[@Yelllowchild7]

He’s Rich living in Vancouver and selling $10k watches Now he’s a cry baby

[@huntercallan1458]

The bank should either have faxed the draft over (standard operating procedure these days) for verification with the issuing bank (TD), otherwise the bank assumes liability as its employees (teller and manager) cleared it without taking precautions. RBC should be on the hook for it.

[@ang807]

Seller maybe not so "innocent"? Lol 😅

[@dstylez1171]

Call the beekeeper...😂...i have been scammed like this many times...no one ever helped out...they are all fake

[@bhikaribaba34]

Banks advice - Take precaution - like what? Sell fake Rolex in the first instance. When the funds clear then hand over the real one 😀

[@alyssiagladue5857]

This happened to me last August 2023,

[@JesseSkwierawski]

typical sloppy reporting

[@aham-nezesochukwuma6550]

Why don't folks use escrow payments for transactions?

[@riachardpaul943]

My RBCbank told me it takes at least 4 days for a bank draft to clear.

[@ElaineBarker-b1y]

I had the same problem with RBC was framed lot of money informed the bank immediately was told I woid get a full refund then when thay had the fraud department for the back called told me sorry I was not getting returned lost all my money no food and passed out braking 4 toes and fracturing my foot RBC sead there is nothing that can do even though thay wee the ones that informed me that their was suspicious activity going on with my neck withdrawals I'm devastated

[@lostcountryyy]

RBC needs to recoup Mark's funds. End of story.

[@chrislim7976]

Why. You have a fake document. It has nothing to do with RBC

[@lostcountryyy]

@@chrislim7976 They make record profits annually even during pandemics and recessions. Whats 10k compared to a billion dollars. come on..

[@Ont785]

The banks policy is as follows… Rather than cashing the bank draft immediately, they hold it for 4 business days.. The issuer can then cancel it leaving you high and dry. The funds should be “held” as well, but they’re not. The issuer van cancel it. If you’re selling a car, you’re out of luck…

[@cliffm8112]

Bring me cash. Thank you

[@koda3967]

Cash can be counterfeit. 🤷‍♀️

[@zello371]

Sometimes Bank never offer 10 k from the tellers tis mistake from the bank

[@DavidGS66]

An escrow service should be used for big transactions, which RBC claims to provide.

[@G123-g7k]

Do you see who is working in the banks in this country? People who has no experience they are getting jobs because of their family members and friends that work for the company.

[@stephanienguyen6992]

Someone is working for Big Banks, in order to get Draft Bank copy

[@here2287]

ban bank draft

[@realbigmanting]

If he was at a bank with the buyer why wouldnt you just get him to give you cash vs a bank draft? It means he went through the line. Take cash!

[@evalangley3985]

So basically... RBC got duped and scam... but Mark is paying the bill... because they could not validate the bank draft with TD... because they didn`t do their JOB!

[@kunzaxe]

They OK the draft the are liable not the customer

[@ang807]

I would like to say RBC allowed misrepresentation on signatures without proper identification and remortgaging without sufficient proof of employment/income. I list my home

[@dingdong8242]

Mark must have orchestrated the whole thing he is blinking way to much.

[@InterestbearingCBDC]

Ask your MP for your interest-bearing central bank digital currency today.

[@power4things]

Haven't you noticed, it's ALWAYS your fault. Company, bank, whoever, they know nothing, too bad, so sad. File a report and do the govt's job for them. That'll help. NOT.

[@Butterfly-rd4je]

Banks need to take responsibility. Why have money in the bank process if u cant feel safe😮😮

[@westbccoast]

Horrible bank, shame on you RBC

[@zello371]

This problem from the bank

[@kimberleymansfield1099]

Why no red flags when someone other than person you were selling to shows up? Why not walk across the street to have TD verify and cash the draft, before handing over a Rolex?? I mean come on, so many of these complaints about being victimized and scammed out of money are due to STUPIDITY

[@adamboyd6992]

cash is king!!!

[@koshka02]

The RBC teller should pay out of pocket for the customer. Completely unacceptable and appalling. Do better RBC.

[@alielzein8226]

sounds like to me RBC was in on it

[@ledaoto6867]

Rbc is very bad service 🤬🤬🤬

[@Sampawende]

Soooo he theoretically lost $20,000 (10k own to the bank + the watch)…. I don’t know if the watch was really worth 10k but he clearly lost it. That makes way more than $10,000 of money lost.

[@liztewliztew]

Well, that all depends. If he took the money out of his account, then yes. If he didn’t withdraw the money from the account, then RBC will just withdraw that deposit as funds not cleared, but he will still be out the value of the watch.

[@dixonpinfold2582]

That makes no sense. He lost the watch only. The $10k went into his account and then was taken back out, the net effect of which is nil. I suggest you get a trusted person to go over your plans when you're about to make major transactions, just to be on the safe side.

[@almontoya5703]

He had withdrawn 9,000 prior to depositing the fake check. So, technically his account balance was -9000 before. It's misleading. He's the one that lost $10k from the scam.

[@almontoya5703]

@@dixonpinfold2582 HIs account balance was -9000 before depositing the fake check. So he owes the bank because he withdrew $9000 prior to depositing the 10k fake check

[@lookissjaxin]

Nice troll 🧌

[@ang807]

I would go to the issuing bank to check the legitimacy and/or would deal with wite transfer over $1000.

[@kforest2745]

Oh this is another rich. ALL THE “SMART TECHNOLOGY” pitched today for consumers, but BUSINESSES don’t pay for technology that protects consumers no way no how BUSINESSES don’t confirm anything until AFTER the consumer commits to how banks DEFAULT. 🙄 HOW FKN CONVENIENT FOR BOTH CRIMINAL AND BUSINESS. BTW the guy who provided the draft works with someone on the inside. And the owner of the watch got what he deserved he was clearly greedy enough to sell something at that price so irresponsibly like that to someone he doesn’t even know made himself national made it clear he’s caught up in the times

[@PerAllwin1963]

It’s the guy’s fault! Not the bank’s! First he was foolish to take a draft “delivered” to him by the fraudster. He should’ve gone to the buyer’s bank at TD and saw the draft being purchased. Second, he could’ve taken the draft with the fraudster to a local TD and have it verified FIRST. He did none of these things! Sorry, but he was a fool.

[@nawewan]

The RBC Bank manager cleared it lol

[@NoSuffix]

I found out that the only way to be 100% sure about a bank draft or money order is to meet the other party at the exact issuing branch of that bank. If you see that the bank draft was issued by a bank teller behind the counter, you can basically be sure it is genuine. To be even more secure, you can line up right behind the other party and ask the bank teller to verify the bank draft right away or even cash it at that point.

[@chrisspicer-c5g]

10k for that watch??? He's ripping him off!!!

[@PSUASIANSHOWS-zz2vc]

Marco Cheung

[@oldskool1979]

Cash is king.

[@mukundpanchal9935]

If Mark as he said has done due diligence, then RBC surely is responsible for the failure. Yes, it does mean that banks are shirking away from their responsibilities to their customers. Maybe it's time the big banks business needs adjustments.

[@benfurber4126]

Stick to email transfers can't go wrong

[@annmielzcarek]

Should have taken cash 😂

[@Method9]

If you care about the climate move your money out of RBC. They are the worst.

[@MangoFlamingo]

BANKKKK RUNNN

[@normlor]

ARE WE NOT INSURED BY ALL CANADIAN BANKS FOR THIS KIND OF SICK ACT??!!

[@chrislim7976]

Lets hope it was a fake Rolex to that Chinese buyer with the fake draft which is already a red flag. (LAM KA FAI) Just another day...LOL

[@DaKrawnik]

Trusting complexion...

[@nastyvinylcunter1366]

10k 😂 no wonder the prices are inflated. Those go for 7k.

[@doublekush420]

the true crime here lol

[@dixonpinfold2582]

Curious about your claim, I went to eBay Canada. Sorting by price, I found many hundreds of listings for the Explorer model at $10k or higher. Which I thought was odd, since quite a few were listed for $7,500-8,500. Then I realized that the watch is available in multiple sizes, larger-diameter ones costing more. Btw, not one was offered at $7k.

[@nastyvinylcunter1366]

@@dixonpinfold2582 once you factor in eBay auction costs and processing costs the markup is easy to see.

[@nastyvinylcunter1366]

​@@dixonpinfold2582using eBay or chrono 24 is unwise. Few know where to go for fair offerings.

[@evalangley3985]

If you don`t know the model by serial number, then you don`t have a clue.

[@TwinntechFreeTV]

FB

[@klausschwab6808]

YOU GOT CONNED HAHAHAHAHA bro u trusted a "bank teller" they are wagies

[@THEOneAndOnlyDOCTORofHUMANICS]

Are banks now scamming money from, not just their own customers, but also from customers of other banks, perhaps so as to appease their shareholders?!? Professor-Marty.

[@justinaldrich1719]

LMFAO