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

30 May, 2018, 18:55 | Author: Natasha Holloway
  • CIBC’s Simplii says ‘fraudsters’ may have breached as many as 40,000 accounts

Bank of Montreal followed CIBC, revealing that it too had received a tip that hackers had stolen data from the bank's customer base.

Specifically, Bank of Montreal and Simplii Financial, which is CIBC's direct banking line, announced on Sunday and Monday that fraudsters had accessed a number of its customer's accounts.

Simplii Financial advises that clients who notice suspicious activity should contact the company. Just like Simplii, BMO said it was contacted by the fraudsters on Sunday. We are committed to protecting our clients and helping them, "said BMO representative Paul Gammal.

We took steps immediately when the incident occurred and we are confident that exposures identified related to customer data have been closed off", stated the bank. The hackers say they used the algorithm to get account numbers, which allowed them to pose as authentic account holders who had simply forgotten their password.

Both banks recommend that customers be vigilant and check banking statements for any irregularities or indicators of potential fraud. As a result of this, the bank implemented additional online security measures and started an investigation to determine the veracity of the claim.

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"We are monitoring the situation closely with the Office of the Superintendent of Financial Institutions", she said in an emailed statement.

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

Wallis said he could not comment on whether the hackers had attempted to extort CIBC "except to say that it is our practice not to pay ransom demands as it encourage further fraudulent activity".

Simplii and BOM described the way they became aware of customer data being stolen using different wording and clearly left some facts out.

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. Previously, companies which had been hacked had been alerting the public on their own timeline.

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