Tuesday, 14 August, 2018

BMO and CIBC's Simplii warn fraudsters may have accessed clients' data

The CIBC sign in Toronto's financial district on Feb. 26 2009. THE CANADIAN PRESS  Nathan Denette The CIBC sign in Toronto's financial district on Feb. 26 2009. THE CANADIAN PRESS Nathan Denette
Scott Davis | 30 May, 2018, 18:57

CIBC and BMO are warning customers of a personal information data hack that took place on Sunday, May 27.

The thieves have also shared accurate personal information about two Canadians, each a customer of each respective bank, in order to back up the veracity of their claims.

The Bank of Montreal said hackers contacted the bank on Sunday claiming to be in possession of the personal information of fewer than 50,000 customers and threatened to make it public.

Bank of Montreal said it's conducting a thorough investigation, spokesman Paul Gammal said.

Bank of Montreal said it believed the attack originated from outside the country and was confident the exposures that led to the theft of customer data had been closed off.

The bank advises its customers to monitor their accounts for signs of suspicious activity, and also to ensure that they do not use simple passwords. The bank plans to reach out to customers who may be affected, and said it has implemented "enhanced online fraud monitoring and online banking security measures".

"We are continuing to work with cybersecurity experts, law enforcement and others to protect our Simplii clients' data and interests".




It adds that clients who are victims of fraud because of the issue will receive 100 per cent of the money lost from the affected bank account.

While reports indicate the Office of the Privacy Commissioner of Canada has been notified, no official statement has been made at this stage.

It's not clear whether money was stolen from customers' accounts, but both banks are saying any stolen money will be reimbursed.

The bank is now investigating if the claim is true, but in the meantime, it says it deployed "enhanced online fraud monitoring and online banking security measures" to prevent abuse of customers' data.

The email further explained that the hackers had used an algorithm to create account numbers, which had then been used to pose as genuine account holders and get the related security questions reset by the banks.

In November, ride-sharing company Uber said hackers stole names, email addresses and mobile phone numbers of 815,000 Canadian riders and drivers as part of a worldwide data breach.

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