A Montreal-area man, Christopher Michaels, was shocked to discover that one of his cheques had been deposited twice, raising concerns about his bank’s security practices. Michaels, who noticed a $150 cheque on his bank records that he did not remember writing, initially thought it was for his snow removal company. However, he soon realized it was a cheque he had given as a wedding gift nearly two years earlier.
The cheque was first cashed in July 2022 and then again in December 2023, with both deposits made using a mobile application that allows customers to deposit cheques by taking a photo. Michaels reported the issue to his Royal Bank of Canada branch and filed a police report, but he was disappointed that the bank did not detect the double deposit on its own.
Banking security expert Chester Wisniewski explained that banks lack a system to effectively detect double cheque deposits, putting the responsibility on customers to monitor their accounts closely. Despite the convenience of mobile banking apps, Wisniewski noted that banks prioritize cost savings over preventing fraud, leading to instances like Michaels’ double deposit slipping through the cracks.
After CBC News contacted RBC about Michaels’ case, his $150 was reimbursed, and he received an apology. Michaels emphasized the importance of regularly reviewing bank statements and promptly reporting any unfamiliar charges to prevent similar incidents from occurring. He urged financial institutions to improve their security measures to protect customers’ funds effectively.