Monday, 15 October, 2018

Hackers say they have client data from BMO and CIBC

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
Cristina Norman | 30 May, 2018, 18:55

The bank said it was contacted on Sunday by the hackers themselves, claiming to be in possession of customer data.

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 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.

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.

"We're taking this claim seriously and have taken action to further enhance our monitoring and security procedures", said Michael Martin, Senior Vice-President, Simplii Financial.

The risks are clearly on the rise, said cybersecurity expert Satyamoorthy Kabilan at the Conference Board of Canada. The message sent to Simplii customers on Monday stated that fraudsters may be reaching out, sending messages requesting personal information.

The OPC has not opened a formal investigation.

The Office of the Privacy Commissioner said Monday that both financial institutions have notified it about the issue.

Both banks recommend that customers be vigilant and check banking statements for any irregularities or indicators of potential fraud. "But this is deeper financial information".

The attacks against BMO and CIBC-owned Simplii, where data from up to 90,000 clients may have been stolen, are the latest in a number of high-profile ransom attacks and has prompted banking officials to try and reassure the public about the safety of their accounts.

Hackers who stole information on thousands of Canadian bank users have demanded $1 million-worth of the cryptocurrency XRP to not release the data trove. It's not clear if they are trying to extort money from the banks in exchange for not publishing the data, and if so, how much they are requesting.

New federal data breach regulations which would require mandatory reporting of security breaches are set to take effect on November 1.

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