SCOTIABANK ACCUSED OF FAILING TO REPORT $10M THEFT OF CANADIAN ARTISTS' FUNDS

A significant financial crime has been reported by the Foundation Assisting Canadian Talent on Recordings (FACTOR), alleging that Scotiabank failed to report the theft of $9,772,875.33 from their account ¹. The stolen funds were meant to support Canadian artists.

According to FACTOR, the theft occurred on June 12, 2024, via a one-time fraudulent wire transfer from their Scotiabank account on ScotiaConnect. FACTOR claims that Scotiabank issued a digital token to the unauthorized intruder on January 18, 2024, without alerting FACTOR to this fact.

FACTOR has taken swift action, reporting the incident to law enforcement on June 14, 2024, and retaining expert investigators to conduct a thorough investigation. The organization has also stated that it will vigorously pursue the recovery of the stolen funds and defend against any allegations made by Scotiabank ¹.

Scotiabank has not publicly commented on the allegations. However, the bank's website provides information on how to report fraudulent activity and protect against financial crimes.

The incident highlights the importance of vigilance in protecting against financial crimes. FACTOR has assured that it has taken considerable steps to ensure the security of its systems and accounts.

As the matter is still before the courts, FACTOR is limited in what it can say publicly. However, the organization remains committed to supporting Canadian artists and ensuring that those responsible for the theft are held accountable.

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