Full Breakdown
TD Bank Customer Loses $9,800 in Bitcoin Scam After Fraudulent Call
By Drooid · · How we work
Core Event
In March, Binh Tran, a part-time employee at a Superstore on Prince Edward Island, answered a phone call from an individual claiming to be from TD Bank’s fraud-prevention department. The caller instructed her to withdraw cash for “safety” and to stay on the line while she completed the transaction. Following the instructions, Tran withdrew $9,800 from a teller, deposited the cash into a bitcoin verification machine, and subsequently lost the entire amount to a cryptocurrency scam.
Bank’s Position and Response
The bank explained that it does not reimburse customers for losses resulting from scams that involve a signed withdrawal form, which it says transfers responsibility to the customer. TD also reiterated its security policies, noting that the bank will never request customers to assist with investigations, provide passwords, or share one-time security codes. The statement included tips for protecting against fraud, such as not trusting unsolicited calls even if the phone number matches the bank’s website.
Victim’s Reaction and Next Steps
Tran expressed that she had verified the phone number against the bank’s official listing and believed the call to be legitimate. She described the lost funds as her “retirement nest” and emphasized the personal impact of the loss. Dissatisfied with the bank’s decision, Tran intends to appeal to the federal banking ombudsman, though she remains uncertain about the progress of that investigation.
Data and Context
The incident involved a total loss of $9,800, nearly $10,000, which Tran had saved over time. The scam leveraged a bitcoin machine for verification, a method increasingly used by fraudsters to convert stolen cash into digital assets that are difficult to trace. TD Bank highlighted that fraudsters often pressure victims to purchase gift cards or cryptocurrency, a pattern reflected in this case.
What’s Next
Tran’s appeal to the federal banking ombudsman will determine whether the bank’s liability policy can be challenged. Meanwhile, TD Bank continues to promote customer-education initiatives aimed at preventing similar scams.