DUCA fraud occurrence - funds stolen from saving accts on Nov 14 | Page 2 | DUCA Credit Union | Discussion forum

I had a similar problem at Meridian a couple of months ago. No indication that there was a problem at our end. It did get reimbursed quickly (minus fees for 3 etransfers). Almost wondering about insiders going rogue.

iotama said
I think one of the solutions is that data retention laws need to be strengthened much more than now, if security cannot be guaranteed (which it cannot, hackers will hack whatever is there.)

So when we close accounts, our data must be wiped cleaned and FIs audited regularly by the regulator to ensure it is. And even while we have accounts, only the minimum requirements of data to keep the accounts in good condition should be mandated and maintained, not so much as now (as FIs are getting bolder and bolder in requiring more and more personal information, and more worryingly, sharing it with so many other players.)  

There simply is not much financial penalty against institutions for loss of personal data. If the same penalties were applied against data as for dollar amounts, you can bet your house that the FIs would take immediate action. Until such time, little will be done to secure personal data.

The amount of personal info demanded varies greatly between institutions. Some demand pictures to be scanned, others demand in-person visits. I personally avoid some FIs I find to be too onerous. When Tang demanded I scan my driver's licence in order to change eFT linkages, I refused. I did not need to do so when opening the account and I will not do so, now. Thus, I am forced to use other FIs to transfer money.

canadian.100 said
Do u notice now when u call into DUCA, the agent asks many questions to validate u. They sure have greatly increased security since the fraud which is under investigation. Would be interesting to know the extent of this fraud. DUCA probably does not want to disclose. I asked and the agent evaded giving much of an answer.  

I spoke to a CSR at DUCA yesterday. According to her at least, the outage was directly related to some upgrades that glitched when they were pushed.

I also visited a Duca Office yesterday morning , and no one seemed to know anything. Told me the outage was directly related to the upgrade. They seemed genuinely surprised at the news of the illegal transfers.

canadian.100 said

DUCA Member Connect 1-888-900-3822 can confirm the frauds occurred and an investigation is ongoing. Unless perhaps DUCA wants to avoid any publicity so
employees are told to “express surprise” if someone asks.  

it could be its not a wide spread fraud as in not a massive hack of any kind.
If its not a hack, they prob dont have to officially announce the news to anyone including staff.

I find it interesting that the official spiel is presenting it as a "glitch" and "outage" during some "update" being made.

Almost like ensuring that the public's outtake should be "it was an error which only happened because we were trying to strengthen your security"... and not someone hacking into, or defrauding deliberately (thus potentially far more serious implications for the institution.)

I am NOT saying that a glitch/outage is not what happened. It very well may have been just an unintentional error, not malicious at all. But not issuing a clear statement will only lead to more speculation, and more importantly a dent in confidence.

iotama said
I find it interesting that the official spiel is presenting it as a "glitch" and "outage" during some "update" being made.

Almost like ensuring that the public's outtake should be "it was an error which only happened because we were trying to strengthen your security"... and not someone hacking into, or defrauding deliberately (thus potentially far more serious implications for the institution.)

I am NOT saying that a glitch/outage is not what happened. It very well may have been just an unintentional error, not malicious at all. But not issuing a clear statement will only lead to more speculation, and more importantly a dent in confidence.  

Many here were speculating the outage was a direct result of what happened with at least the OP. My call to them yielded that the outage was actually not related to a fraud event, but a glitch as part of their upgrades. I don't think any poster here can prove otherwise and that this event was sufficiently widespread where DUCA needed to provide a statement. Server outages can and do happen during data migration, upgrades, etc, so their "spiel" is in line. And further in line is the DUCA email on the subject referring to "working with our banking system provider" to restore the outage.

I e-mailed GIC direct yesterday to inquire about all their GIC rates and Monarch Wealth e-mailed back. They said all their rates are with DUCA. To get the best rates for the most part you'd have to put in $50-$100K. With $25K the rates dropped a bit. Anyway, I didn't text back and I deleted their e-mail.