BMO cuts ABM withdrawal limit to $500 to combat debit-card fraud
Last Updated: Tuesday, June 24, 2008 | 12:14 PM ET
CBC News
Related
Internal Links
External Links
(Note: CBC does not endorse and is not responsible for the content of external sites - links will open in new window)
The Bank of Montreal is scaling back the daily amount customers can withdraw from automated banking machines in a bid to curb fraud losses.
The $1,000 limit is being cut to $500 per day, said BMO director of communications Ron Monet. The change will only apply to customers who normally never withdraw the daily maximum limit.
"It's another feature, part of an overall effort to reduce our customers' exposure to debit-card fraud," Monet said. "As a financial institution as well it protects us."
In 2007, bank-card fraud totaled nearly $160,000, an increase of 11 per cent from the year before. But Monet said for the first time this year, BMO had observed a decline.
"In recent years there has been a growth of debit-card fraud, although we've experienced a decreasing phenomenon over the past quarter or so in the past year," he said, noting the bank has swapped all of its older ABMs with newer, more secure machines.
Share Tools
Top News Headlines
- Teen struck by lightning in Ottawa dies
- The victim of a Friday lightning strike during a storm in east Ottawa has died, CBC News has learned. more »
- Montreal protesters march in peaceful defiance
- The clanging of pots and pans sounded throughout Montreal's downtown core Saturday night and into early Sunday morning, as thousands of protesters marched on in peaceful — but loud — defiance of Bill 78. more »
- Syrian children massacred by the dozens, UN says
- More than 90 people have been killed by regime forces in a district of central Syria, with the head of the UN team in the country confirming at least 32 children and 60 adults were killed in an artillery attack. more »
- Missing Winnipeg children found in Mexico
- Two Winnipeg children reported missing and possibly in Mexico have been found alive, according to unofficial reports from an agency that works to find missing people. more »
- Teen struck by lightning in Ottawa dies
- Missing Winnipeg children found in Mexico
- Quebec tornadoes cause millions in damage
- Pope's butler arrested in Vatican leaks scandal
- What a Greek euro exit could mean for Canada
- Everest team unable to bring down Toronto woman's body
- Montreal protesters march in peaceful defiance
- Woman's remains found in hockey bag on Cape Breton river
- WWE apologizes to Brazil over Canadian's flag stomp
