Published: Wed, May 30, 2018
Finance | By Cynthia Curry

Fraudsters Claim To Hack Two Canadian Banks

Fraudsters Claim To Hack Two Canadian Banks

The Simplii banking brand is owned by Canadian Imperial Bank of Commerce, who says they learned of an potential issue with security measures.

"We're taking this claim seriously and have taken action to further enhance our monitoring and security procedures", said Michael Martin, senior vice president of Simplii Financial, in the same May 28th, media release. 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.

Some fraud suspects may have electronically accessed certain personal and account information for 40,000 clients. Offering 24/7 access to online, mobile and telephone banking as well as access to a national network of over 3,400 CIBC ABMs, Simplii Financial delivers a simple and easy way to bank.

Bank of Montreal (BOM) confirmed it was breached late yesterday, believing the attack had originated from outside of the country.

"On Sunday, May 27, fraudsters contacted BMO claiming that they were in possession of certain personal and financial information for a limited number of customers", said Bank of Montreal in a statement on its website.

Canadian lenders including Toronto-Dominion Bank, Royal Bank of Canada, Bank of Nova Scotia and National Bank of Canada said they haven't been targeted.

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BMO also said it has notified and is working with authorities as it continues to assess the situation.

The Office of the Privacy Commissioner said Monday that it has been notified by both financial institutions, but that it is not launching a formal investigation at this point.

"We became aware of unverified claims that customer personal and financial data may have been accessed by a fraudster and a threat was made to make it public". "But this is deeper financial information".

Hackers have threatened to release personal information for almost 100,000 customers of two Canadian banks unless the lenders paid a $1-million United States ransom for its safe return.

In November, ride-sharing company Uber said hackers stole names, email addresses and cellphone numbers of millions of riders.

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