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


TORONTO — Fraudsters may have electronically accessed certain personal and account information for approximately 40,000 Simplii Financial clients, the online bank warned Monday.

Simplii, which is the Canadian Imperial Bank of Commerce’s direct banking brand, said it learned of the potential issue on Sunday and has implemented additional online security measures as it continues to investigate.

The changes include enhanced online fraud monitoring and online banking security measures.

“We’re taking this claim seriously and have taken action to further enhance our monitoring and security procedures,” Simplii’s senior vice-president Michael Martin said in a statement.

“We feel that it is important to inform clients so that they can also take additional steps to safeguard their information.”

Simplii will be contacting clients and that customers who notice any suspicious activity should contact the bank.

It adds that clients who are victims of fraud because of the issue will receive 100 per cent of the money lost from the affected bank account.

Simplii said there is no indication that clients who bank through CIBC have been affected.

CIBC launched Simplii in November and absorbed the accounts of some two million President’s Choice Financial account holders. CIBC had provided the back-end banking services for PC Financial for nearly 20 years, but last August the bank struck a deal with PC’s parent company Loblaw to go their separate ways.



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The Canadian Press


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