CIBC’s Simplii Financial says fraudsters may have accessed data of 40,000 clients

Daniel Fowler
May 30, 2018

"We took steps immediately when the incident occurred and we are confident that exposures identified related to customer data have been closed off", reads an excerpt from the same May 28th media release. "Customers will not lose money from this incident, as we will fully reimburse customers for any financial impact of unauthorized transactions".

The first one to put out a statement was Simplii Financial.

News out today reports that a number of Canadian banks have been issued with a massive Ripple XRP ransom, after hackers have managed to lift personal data for around 100,000 customers.

The bank said it believes the attack came from outside the country.

Minister of Finance Bill Morneau has spoken to the chief executives of the affected institutions, according to ministry spokeswoman Jocelyn Sweet.

There is no word yet on how many customers have been affected. "The situation is being investigated by the institutions in collaboration with law enforcement".

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"At this point in time, we are in contact with the companies; we have not opened a formal investigation". A message appearing on the Simplii app on Monday says that "fraudsters may send messages asking for personal information".

CIBC launched Simplii in November and absorbed the accounts of some two million President's Choice Financial account holders.

Simplii said there is now no indication that CIBC (CM.TO) clients have been affected. CIBC had provided the back-end banking services for PC Financial for almost 20 years, but last August the bank struck a deal with PC's parent company Loblaw to go their separate ways.

Neither bank responded to multiple emails from Threatpost inquiring about any links between the two breaches; nor whether any money was stolen from customers' accounts.

Some users are downplaying the hacks' importance due to the limited number of exposed accounts, especially when compared to the Equifax mega breach that affected over 145.5 million USA users a year ago. Uber in December said that 815,000 Canadian riders and drivers may have been affected as part of the worldwide data breach. "It could be that the data stolen isn't as valuable as they are making out to be, or if the hackers are looking for a cherry on top of their haul and would just use the stolen information after a ransom was paid". Previously, companies which had been hacked had been alerting the public on their own timeline.

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