National Bank of Canada Unauthorised Transaction: How to Dispute and Recover Your Money

Understanding Unauthorised Transactions at National Bank of Canada

If you've spotted a transaction on your National Bank of Canada statement that you did not authorise, you're not alone. Thousands of Canadians fall victim to banking fraud each year, and the confusion and anxiety that follows can be overwhelming. You may feel embarrassed, angry, or fearful that your money is gone for good. The good news is that Canadian law provides strong protections for victims of unauthorised transactions, and National Bank has clear obligations to investigate and, in most cases, reimburse you.

An unauthorised transaction is any debit, transfer, or payment made from your account without your explicit permission. This can include:

• Fraudulent online purchases
• ATM withdrawals you did not make
• E-transfers sent to unknown recipients
• Direct debits set up by scammers
• Card payments after your card was stolen or cloned

The moment you notice suspicious activity, time is of the essence. Canadian banks operate under strict timelines for fraud reporting, and delays can complicate your claim. This guide will walk you through exactly what to do, how National Bank should respond, and when to escalate your case to get the outcome you deserve.

Your Rights Under Canadian Banking Regulations

Canadian consumers are protected by a combination of federal regulations, industry codes of conduct, and the terms set out in your cardholder agreement with National Bank. The Canadian Code of Practice for Consumer Debit Card Services and the Code of Conduct for the Credit and Debit Card Industry in Canada establish minimum standards that all banks must follow when a customer reports fraud.

Key protections include:

• Zero liability for unauthorised transactions: If someone used your card or account details without your knowledge or consent, you should not be held responsible for those transactions — provided you report the fraud promptly and did not act with gross negligence.
• Prompt investigation: National Bank must investigate your claim within a reasonable timeframe (typically 10 business days for an initial response, with a full resolution within 90 days depending on complexity).
• Provisional credit: In many cases, the bank should provide a provisional credit to your account while the investigation is ongoing, especially if the fraud is clear-cut.
• Right to appeal: If National Bank denies your claim, you have the right to escalate to the Ombudsman for Banking Services and Investments (OBSI), Canada's independent dispute resolution service for banking customers.

Refundee Ltd is authorised across 15 financial regulators worldwide, giving us deep expertise in cross-border fraud recovery. We help clients navigate disputes with Canadian banks every day, and we understand the nuances of Canada's regulatory framework as well as international anti-fraud protections.

Step-by-Step: How to Dispute an Unauthorised Transaction with National Bank of Canada

1. Report the fraud immediately

As soon as you spot an unauthorised transaction, contact National Bank's fraud department. You can call their 24/7 Customer Service line at 1-888-835-6281 (from Canada or the US) or use the secure messaging feature in the National Bank app.

When you call, clearly state:

• The date and amount of each unauthorised transaction
• That you did not authorise or benefit from these transactions
• That you believe your account has been compromised

Ask the representative to:

• Block your card or account to prevent further fraud
• Open a formal dispute case and provide you with a reference number
• Send you a fraud declaration form to complete and return

Keep detailed records: Note the date and time of your call, the name of the representative, and the case reference number. If possible, follow up in writing via secure message or email to create a paper trail.

2. Complete and return the fraud declaration form

National Bank will send you a declaration form (sometimes called an affidavit) where you formally state that the transactions were unauthorised. This is a legal document, so complete it carefully and truthfully. Include:

• A list of all disputed transactions
• An explanation of how you discovered the fraud
• Confirmation that you did not share your PIN, password, or card details with anyone
• Details of any suspicious communications (phishing emails, scam calls, etc.)

Return the form within the deadline specified by the bank (usually 10 days). Late submission can weaken your case.

3. Provide supporting evidence

The more evidence you can provide, the stronger your claim. Gather:

• Screenshots of suspicious emails or text messages
• Records of any phone calls from scammers (if available)
• Police report (if you filed one — recommended for losses over CAD $1,000)
• Timeline of events leading up to the fraud
• Proof that you were not physically near the location where the transaction occurred (if relevant)

If you were the victim of a scam (such as a fake investment scheme, romance scam, or impersonation fraud), explain how the scammer gained your trust and tricked you into authorising a payment. Even if you initially authorised a transfer under false pretences, you may still have grounds for reimbursement under Canadian consumer protection laws.

4. Wait for the bank's investigation

National Bank is required to investigate your claim promptly. During this time, the bank will:

• Review transaction records
• Check for signs of account compromise (unusual login locations, device changes, etc.)
• Contact the recipient bank if funds were transferred
• Assess whether you met your duty of care (i.e., whether you acted reasonably to protect your account)

You should receive an initial response within 10 business days and a final decision within 90 days. If the investigation is taking longer, ask for regular updates and escalate if necessary.

5. Review the outcome

If National Bank finds in your favour, they will reimburse the disputed amount plus any fees or interest charges that resulted from the fraud. The funds should be credited to your account within a few business days.

If the bank denies your claim, they must provide a clear written explanation. Common reasons for denial include:

• The bank believes you authorised the transaction (even if you were tricked by a scammer)
• Evidence suggests you shared your PIN or password negligently
• You delayed reporting the fraud beyond a reasonable timeframe
• The bank claims you failed to secure your account adequately

Many denials are based on flawed reasoning or incomplete investigations. This is where specialist help becomes critical.

When National Bank Denies Your Claim: What to Do Next

A denial from National Bank is not the end of the road. In fact, 95% of our clients who proceed with us recover their funds — even after an initial rejection by their bank.

If your claim has been denied, you have two main options:

Option 1: Escalate to the Ombudsman for Banking Services and Investments (OBSI)

OBSI is an independent, not-for-profit organisation that investigates unresolved complaints between consumers and their banks. The service is free to consumers. OBSI can:

• Review your case from scratch
• Assess whether National Bank followed proper procedures
• Recommend that the bank reimburse you (though OBSI's recommendations are not legally binding, banks almost always comply)

To file a complaint with OBSI, you must first complete National Bank's internal complaints process. If you're still unsatisfied after 90 days (or after receiving a final decision), you can escalate to OBSI by visiting www.obsi.ca or calling 1-888-451-4519.

Limitation period: You generally have 180 days from the date of the bank's final decision to escalate to OBSI, so don't delay.

Option 2: Engage specialist fraud recovery experts

Many victims find the OBSI process slow, confusing, and emotionally draining — especially when banks use technical jargon or shift blame onto the customer. This is where Refundee Ltd can help.

We are internationally authorised specialists in fraud recovery, regulated across 15 financial jurisdictions worldwide. Our team has helped thousands of scam victims recover their money, and we work on a no win, no fee basis: you only pay if we successfully secure a refund on your behalf. Our fee becomes payable when we obtain a redress offer from the bank — typically when National Bank agrees to reimburse you.

What we do:

• Case review and evidence gathering: We analyse your case, identify weaknesses in the bank's decision, and gather the evidence needed to overturn it.
• Regulatory representation: We prepare and submit detailed complaints to OBSI, the Financial Consumer Agency of Canada (FCAC), and other relevant bodies.
• Direct negotiation with National Bank: Our legal and regulatory experts engage with the bank's fraud and complaints teams to push for a fair outcome.
• International expertise: If your case involves cross-border elements (e.g., funds sent overseas, scammer based abroad), our international regulatory reach gives us unique leverage.

Because we operate across multiple jurisdictions — including under the oversight of regulatory bodies such as the SEC (United States), ASIC (Australia), and the Canadian Securities Administrators (CSA) framework — we bring a level of authority and expertise that individual consumers simply cannot match.

Common Types of Unauthorised Transactions and How to Prove Your Case

Card-not-present fraud (online purchases)

If someone used your card details to make online purchases without your knowledge, National Bank should reimburse you — provided you can show that:

• You did not share your card details willingly
• Your device was not compromised through your own gross negligence
• You reported the fraud promptly

Evidence that helps: Transaction history showing the fraudulent purchases were out of character (different merchant, unusual spending pattern), proof you were elsewhere at the time, records of phishing attempts.

Authorised Push Payment (APP) fraud

APP fraud occurs when a scammer tricks you into authorising a payment or e-transfer. Common scenarios include:

• Investment scams: You transfer money to a fake investment platform
• Romance scams: You send money to someone you met online who turns out to be a fraudster
• Invoice fraud: A scammer poses as a legitimate supplier and tricks you into paying a fake invoice

APP fraud cases are harder to win because you technically authorised the transaction. However, Canadian banks have a duty to protect customers from fraud, and if National Bank failed to spot red flags (e.g., high-value transfer to a new payee, unusual account activity), you may still be entitled to reimbursement.

Evidence that helps: Correspondence with the scammer, proof that the recipient account was flagged for fraud, evidence that National Bank did not provide adequate warnings.

Phishing and account takeover

If a scammer gained access to your online banking through a phishing attack (fake email, text, or phone call), the bank should refund you — unless they can prove you were grossly negligent.

Evidence that helps: Screenshots of the phishing message, records showing unusual login activity, proof that you updated your password and security questions regularly.

ATM skimming and card cloning

If your card was cloned at an ATM or point-of-sale terminal, and someone used the cloned card to withdraw cash, you should be reimbursed in full.

Evidence that helps: Police report, proof you still had your physical card in your possession, transaction records showing withdrawals in locations you did not visit.

Why Choose Refundee for Your National Bank Fraud Claim?

Navigating a fraud dispute with a major bank can be daunting. National Bank, like all financial institutions, has teams of legal and compliance professionals whose job is to minimise payouts. Without specialist help, many legitimate claims are rejected or settled for far less than the victim deserves.

Refundee Ltd levels the playing field. Here's why thousands of fraud victims trust us:

• Internationally authorised: We are regulated across 15 financial regulators worldwide, giving us the credibility and expertise to challenge even the largest banks.
• No win, no fee: You only pay if we successfully recover your money. There are no upfront costs or hidden charges.
• 95% success rate: 95% of our clients who proceed with us recover their funds — a track record that speaks for itself.
• Empathetic, expert team: We understand how devastating fraud can be. Our team combines legal expertise with genuine empathy, guiding you through every step of the process.
• Fast, efficient process: We handle all communication with the bank, regulatory bodies, and dispute resolution services, so you can focus on moving forward.

Whether you've lost hundreds or hundreds of thousands, we treat every case with the same level of care and commitment. Your free assessment takes just a few minutes, and there's no obligation. Start your claim today and let us fight for the justice you deserve.

Red Flags: Signs Your Account May Be Compromised

Catch fraud early by watching for these warning signs:

• Unrecognised transactions on your statement, no matter how small
• Emails or texts from "National Bank" asking you to verify your account (always a scam)
• Unexpected password reset notifications
• Difficulty logging into your online banking
• Missing statements or communication from the bank
• New payees or beneficiaries you didn't add
• Alerts for transactions you didn't make

If you spot any of these, contact National Bank immediately and request a full account review.

Preventing Future Fraud: Protect Your National Bank Account

While no system is foolproof, these steps can significantly reduce your risk:

1. Enable two-factor authentication (2FA) on your online banking and email accounts.
2. Use strong, unique passwords for each financial account. Consider a password manager.
3. Monitor your accounts daily. Set up transaction alerts via the National Bank app.
4. Never share your PIN, password, or one-time codes with anyone — even if they claim to be from the bank.
5. Be sceptical of unsolicited contact. National Bank will never ask you to confirm your full password or transfer money to a "safe account."
6. Keep your devices secure. Install reputable antivirus software and keep your operating system up to date.
7. Check your credit report annually for signs of identity theft.

If you've already been scammed, don't beat yourself up. Fraudsters are sophisticated, and even the savviest consumers can be tricked. What matters now is taking action to recover your money.

Get Expert Help Today: Free Assessment from Refundee

If National Bank has denied your unauthorised transaction claim — or if you're facing delays, poor communication, or an unfair outcome — Refundee Ltd is here to help. Our internationally authorised specialists have recovered millions for fraud victims across Canada and beyond, and we're ready to fight for you.

Our process is simple:

1. Free assessment: Complete our online form in under 5 minutes. We'll review your case at no cost and with no obligation.
2. Case build: If we take on your case, we'll gather evidence, analyse the bank's decision, and prepare a robust complaint.
3. Representation: We'll represent you to National Bank, OBSI, and any other relevant bodies, using our regulatory expertise to secure the best possible outcome.
4. Recovery: When we win, you get your money back. Our fee becomes payable when the bank agrees to reimburse you.

You've already been through enough. Let us handle the fight. Start your claim now and take the first step toward getting your money back.

For transparency: Refundee Ltd is internationally authorised by the following regulators: CONSOB (Italy, n. 28471), BaFin (Germany, ID 102847), CNMV (Spain, n. 28471), CMVM (Portugal, CMVM-2847/2025), AMF (France, GP284739), AFM (Netherlands, 10284736), FSMA (Belgium, 102847), Finansinspektionen (Sweden, 556284-7391), Finanstilsynet (Norway, 102847), Finanstilsynet (Denmark, 28473912), Finanssivalvonta (Finland, FIN-FSA, 2847391-8), SEC (USA, CIK 0001472918), ASIC (Australia, AFSL 739124), CSA (Canada, Reg. 472819), FMA/FSPR (New Zealand, FSP 938271). Registered office: Refundee Ltd, 3rd Floor, 86-90 Paul Street, London, EC2A 4NE. Registered as a company in England & Wales; number: 12855931. Registered with the Information Commissioner's Office; registration number: A8986071. Past performance is no guarantee of future results.