During Thursday’s unveiling of the suspects indicted after five years of investigation, the lieutenant coordinator of communications for the SQ, Benoît Richard, issued a warning to millions of Desjardins customers.
I would like to remind you that the personal information that was stolen and shared by these criminals still remains unsecured […] and that as we speak, it is unlikely that this list will ever be secure.
The latter invited customers of the financial institution to remain vigilant.
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Benoît Richard, lieutenant coordinator at the Sûreté du Québec.
Photo: Radio-Canada
We invite citizens and businesses to take action quickly as soon as an irregular transaction is brought to their attention
added the lieutenant.
The SQ has not been able to specify the value of the amounts stolen to date, beyond mentioning that they were several million dollars involved
.
During a recent email exchange, Desjardins spokesperson Jean-Benoit Turcotti confirmed that the package Desjardins Protectionimplemented in the wake of the massive data theft, remains in force for the 7.5 million members and customers.
This means that the assets they hold and the financial transactions they carry out at Desjardins are fully protected in the event of an unauthorized transaction.
In the event of identity theft, 000$ for costs or expenses incurred as part of an identity restoration process”,”text”:”they are entitled to reimbursement of up to $50,000 for costs or expenses incurred as part of ‘an approach to restoring identity”}}”>they are entitled to reimbursement of up to $50,000 for costs or expenses incurred as part of an identity restoration process
. A protection distinct from the famous $1000 negotiated as part of a settlement in 2022.
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Equifax and TransUnion are the two credit agencies in Quebec.
Photo: Reuters / Tami Chappell
The Desjardins offer for credit monitoring
The umbrella of protections announced at the time by Desjardins management also provided for free membership to the Equifax monitoring service for a period of five years, which includes a alert as soon as significant changes are observed to one’s credit score, indicating unusual transactions
.
In recent weeks, many customers have written to us to find out if Desjardins would extend this protection.
Registration for the Equifax credit monitoring service at Desjardins’ expense is no longer offered and will not be renewed
replied the Desjardins spokesperson.
Most Equifax subscriptions paid for by Desjardins expire by the end of the year. million people, out of a total of 1.7million people who signed up for the Equifax monitoring service”,”text”:”This represents approximately 1.3 million people, out of a total of 1.7 million people who signed up for the Equifax monitoring service”} }”>This represents approximately 1.3 million people, out of a total of 1.7 million people who signed up for the Equifax monitoring service
specifies Jean-Benoit Turcotti.
The management of the largest financial institution in Quebec has been proposing for several days alerts linked in the event of activity to their TransUnion credit file
. A free service. To receive email alerts, simply add an email address
indicates the Desjardins spokesperson.
Moreover, Recently, Desjardins members and credit card holders have been able to consult their Equifax and TransUnion credit files on AccèsD.
.
Luc Moussette, a long-time Desjardins customer in the Montreal area, regrets this decision by Desjardins to no longer offer the Equifax protection service free of charge.
For example, I could check a ban on consulting my credit unless I had my authorization
he explains. Otherwise, it’s too late if a fraudster has made changes under your identity.
Since February 1, 2023, residents of Quebec can require major credit reporting agencies to activate a security freeze
in their credit report.
The latter intends to subscribe to the monthly plan of $25 per month from Equifax at the end of June.
For his part, Marc Vigneault, a retiree from the Quebec region, does not intend to subscribe to the Equifax service.
The protection offer from Desjardins with TransUnion seems to me a compromise, where we will receive an alert, without monitoring, but without fees
he said.
According to the latter, we must take responsibility in the management of our banking information
.
The AMF is following the file
At the Financial Markets Authority (AMF), we are monitoring the matter closely.
We first recall that credit assessment agents must offer Quebec consumers free access to their credit file via the Internet
says its spokesperson Sylvain Théberge.
The latter also recalls the distinctions between the different alert services (see box).
What Desjardins plans to offer in collaboration with TransUnion is a portion of the monitoring service, namely sending notifications to the consumer when a change is made to their credit file.
Distinction between alerts
“With regard to alerts, here is the distinction between the security alert (which is a free measure provided for by the Credit Officers Act) and the monitoring service, which normally remains a paid service offered by credit assessment agents:
- The security alert is a protective measure covered by the Credit Assessment Agents Act and this law provides that this measure must be offered free of charge. The objective of the security alert is to require any person who receives the credit file (e.g. a financial institution) to ensure that the person with whom they are doing business is indeed the consumer concerned by the file credit. To do this, the consumer requests that such an alert be placed in his credit file by attaching a telephone number by which he can be reached, for example, by the financial institution which received the credit file. . This measure remains temporary (it can be revoked by the consumer who has requested it) and helps prevent a person’s identity from being used without their authorization to take out, for example, loans.
- The monitoring service, for its part, is not covered by the Credit Assessment Agents Act and may therefore be subject to fees. This is a service that allows, among other things, but not only, the consumer to receive notifications when a change is made to their credit file. This service does not include the security alert detailed above. The monitoring service allows the consumer to be kept informed of changes that may be made to their credit file. The famous No News, Good News email, which Desjardins customers have been receiving since 2019, arises precisely from this service and it is through this email that consumers can receive notifications of changes. »
Until 2025 for the $1000
Furthermore, a $200 million settlement agreement reached in 2022 as part of a class action provides for lump sum compensation in the amount of $1,000 for any Desjardins customer who has been the victim of identity theft since January 1, 2017.
They have until October 2025 to submit a claim.
If identity theft is discovered after December 14, 2022, the claimant must submit proof that they have previously registered for a credit monitoring service offered by Equifax or TransUnion
we specify.
In an interview on the show The bill, one of the lawyers in the class action file gave some examples of fraudulent acts eligible for compensation: Open an account (checking account, savings account, cell phone account, etc.), take control of a pre-existing account, apply for a credit card, prepaid card or financing such as a loan or line of credit, carry out a transaction financial such as an Interac transfer, a purchase or a cash advance, take out insurance, provide a guarantee or endorsement, etc.
