This week, Canada’s consumer watchdog said it has received more than 400,000 complaints from Canadians since the Financial Transactions and Reports Analysis Centre (FINTRAC) started collecting data on online banking fraud in 2015.
The complaint against Bank of Nova Scotia, for instance, is believed to be the largest in the country.
Bank of Canada spokesman John Cote said the bank was working closely with FINTRAC to provide an update on its compliance efforts.
He said the company is working to update its anti-fraud policies and policies on third-party credit reporting.
FINTRADAC’s annual report is due Thursday, and the regulator is also looking into complaints against some other financial institutions.
The new complaints include cases in which a consumer may have been misled by a third-parties credit reporting agency about the status of their credit history.
It is possible that some of those complaints may be related to the issue of third-Party Credit Reporting Agency fraud.
The regulator said the vast majority of complaints are related to fraud, not credit card fraud, and they are not related to financial institutions or banks.
The complaints were collected over the course of four years.
In total, more than 1.2 million complaints were made, according to FINTRAP, the federal regulator that enforces the financial privacy laws.
FINRAC did not say how many of the complaints involved credit card debt.
The financial privacy act allows consumers to complain about fraud in the form of letters to the company or to their bank.
The law was updated last year to clarify that consumers cannot sue a third party in court.
If a consumer thinks that their credit is being misrepresented by a bank, financial institution or credit reporting company, they can go to the consumer redress bureau and file a complaint.
But the regulator says it does not recommend that consumers file a claim directly with the bank or financial institution.
The consumer redress service is the only federal regulator charged with regulating credit card issuers and the financial industry.
FINRA regulates the insurance industry, which has been the subject of a number of recent scandals involving mortgage brokers, credit card companies and mortgage brokers.
In the latest case, a Toronto man says he lost $2 million in a fraud scheme involving a mortgage broker in 2016.
The broker, who is not named in the complaint, allegedly gave misleading information to consumers in order to obtain the money for their mortgages.
FINSA also has been investigating allegations that a Toronto mortgage broker defrauded homeowners by promising them a lower down payment on a home, then cancelling the mortgage without providing any proof of the payment.
The bank has been in talks with the broker and is also investigating.
A federal court judge has ordered the bank to pay the man $7.5 million.
The case is being heard in the court of appeals in Toronto.
FINREAS regulator said it is aware of the new complaints and is investigating them.
The government is also undertaking a comprehensive review of its financial privacy and credit reporting laws, said Bank of Montreal vice-president and general manager of consumer and financial affairs David St. Laurent.
“We are looking at this very carefully,” he said in an interview.
“This is something that we have been aware of since 2014, but we don’t want to get ahead of it.
We are taking it very seriously and we have made it a priority.”
The bank is also working with the consumer agency to identify the best practices that are in place to help protect consumers, he said.
St. Louis University’s law professor David Eberly said the case highlights the importance of financial privacy for consumers.
“It’s not just that people should be able to see how their credit reports are being used.
It’s the right to be able not to have those reports used against you, that is the key concern,” he told CBC News.
“People are worried about being robbed, that they are being defrausted, and there’s a concern that there are other people out there, people who are not aware of how the credit reporting agencies are being run and the other people who have a financial interest in making those reports, Eberl said.