National Banking Law Review 40.1
The Supreme Court of Canada released a short
decision on December 10 confirming unanimously that
it is the bank’s customer who bears the risk of loss of an
amount that the bank transferred by electronic payment
order from the customer’s account to a third party as
a result of a phishing scam. The decision adopts the
reasoning of the Québec Court of Appeal and specifies
that it would not have been different if the customer’s
account had been in positive balance. In this case, the
customer’s account was in a debit position.
Richter, Christopher; Geva, Benjamin; Angelus, Matthew; and Monas, Eli, "Supreme Court Clarifies Risk of Loss Due to Fraudulent EFTs" (2021). Articles & Book Chapters. 2821.