BARRHEAD — A local couple is speaking out after losing $45,000 to unauthorized e-transfers, only to be told there’s no way to recover the stolen funds.
Fred and Ronali DeBock say the ordeal began on the evening of Oct. 25, 2024, when they logged into their ATB Financial online banking account to pay a VISA bill. Instead, they discovered an unexpected e-transfer for $7,800 to an unfamiliar name. Attempts to reach customer service after hours were unsuccessful, and when they returned home later that night, they were met with six additional email notifications — each showing new e-transfers of slightly less than $8,000.
In total, more than $45,000 had vanished from their account in a matter of hours.
Despite immediately freezing the account and meeting with a bank representative the following day, the DeBocks were told that the transfers appeared legitimate, as they were completed using the correct login credentials, password, and a one-time mobile passcode.
A letter from ATB Financial dated Feb. 24, 2025, confirmed their request for reimbursement had been denied.
“No one has helped us get the money back,” said Fred DeBock. “Not the bank, no bank authority, no lawyer, and not the RCMP.”
Although one of the recipients initially reached out to return the first unauthorized e-transfer, and the couple was refunded that portion, the remaining funds remain unrecovered. The DeBocks say the incident has been devastating, not only financially but emotionally, as they continue to investigate what happened, with little support.
“We’ve spent months trying to understand how this happened, and we’ve been left with nothing,” Fred said. “It’s been overwhelming trying to pay bills and survive with that much money gone.”
The couple was shocked to learn their account allowed a $25,000 e-transfer maximum per transaction with no daily limit – something they say they were never made aware of.
Online banking access was locked, and the account was frozen shortly after they reported the fraud. While an appointment was quickly arranged with ATB, the DeBocks faced challenges paying bills due to the freeze and eventually made the decision to switch banks.
There was no additional communication from the bank through November and December, prompting the DeBocks to file a formal complaint on Jan. 14. As of March 26, a third-level investigation had been launched by ATB Financial.
The DeBocks have since learned that they are not the only victims of this type of fraud.
According to the Canadian Anti-Fraud Centre, more than 34,000 Canadians reported being victims of fraud in 2024, with total losses estimated at $638 million. That’s up from 42,316 victims and $578 million in losses in 2023. In total, the centre processed 49,432 reports of fraud in 2024, compared to 63,847 the previous year.
Canadians are urged to report incidents of fraud through the Anti-Fraud Centre’s website: antifraudcentre-centreantifraude.ca.
Protecting yourself from fraud
Cybersecurity experts recommend several key practices to help reduce the risk of online banking fraud. Installing antivirus software on your personal computer is a strong first line of defense, with several reputable free options available. It's important to use strong, unique passwords for each of your online accounts and to reset them regularly. Enabling two-factor authentication — especially for financial accounts — adds an extra layer of security. Setting up real-time alert notifications can help you monitor suspicious activity as it happens. Most importantly, staying informed about common fraud tactics, such as phishing and social engineering, makes it easier to recognize and avoid scams.
The Government of Alberta also offers free online cybersecurity training and resources at alberta.ca/cybersecurity-in-alberta, including tip sheets and training modules on malware and ransomware.
