Advertisement
Both banks are also vowing to return 100 per cent of money lost to 'fraudsters'
TORONTO — CIBC’s direct banking brand Simplii Financial has joined BMO in offering free credit monitoring for tens of thousands of customers whose personal and financial information may have been accessed by “fraudsters.”
A CIBC spokesman says the bank is replacing affected clients’ bank cards* and taking additional steps to monitor and protect the approximately 40,000 Simplii clients who may have been impacted by the breach.
BMO said yesterday it was offering free credit monitoring, and will additionally block online and mobile access to accounts of those affected, which the bank believes is fewer than 50,000.
Both banks are also vowing to return 100 per cent of any money lost by impacted customers through the incident.
BMO said it learned of the potential breach on Sunday when it was contacted by individuals claiming to be in possession of its clients sensitive information and threatening to make it public.
CIBC learned of the potential issue on the same day, and says it continues to reach out to those that have been impacted to offer support.
Affiliate (monetized) links can sometimes result in a payment to MoneySense (owned by Ratehub Inc.), which helps our website stay free to our users. If a link has an asterisk (*) or is labelled as “Featured,” it is an affiliate link. If a link is labelled as “Sponsored,” it is a paid placement, which may or may not have an affiliate link. Our editorial content will never be influenced by these links. We are committed to looking at all available products in the market. Where a product ranks in our article, and whether or not it’s included in the first place, is never driven by compensation. For more details, read our MoneySense Monetization policy.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Economists share how the temporary tax cut and relief cheques may play into Canada’s growth picture.
Here’s how to get your free ticket to attend the MoneyShow virtual expo.
Nvidia beats earnings expectations as investors eye demand for Blackwell AI chips.
The world’s biggest cryptocurrency topped USD$98,000 on Nov. 21. As it inches ever closer to six figures, investors wonder:...
Canada’s inflation rate rose to 2% last month, up from 1.6% in September, but a December interest-rate cut is...
Why Canadians are still feeling the squeeze of high food costs, and what to do about it.
If you’re one of the many Canadians looking for Black Friday and Cyber Monday discounts, here’s how to know...
A new Desjardins report predicts rent inflation will slow in the next few years.
High demand has made it challenging to get tickets for Taylor Swift and other big artists in Canada, and...
