"We warned BMO and Simplii that we would share their customers informations if they don't cooperate".

One customer, interviewed by CBC News, confirmed that $980 had been fraudulently transferred from his Simplii Financial account on Saturday, May 26.

After getting hold of personal information of around 100,000 customers of two Canadian banks, some adamant hackers have demanded $1 Million ransom in Ripple (XRP), else they will reveal the stolen vital data to the world.

BMO said the breach originated outside Canada, and that the fraudsters themselves tipped off the bank.


"We are conducting a thorough investigation", spokesman Paul Gammal said in an emailed statement on Monday. 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.

Simplii said Monday it learned of the potential issue on Sunday and has implemented additional online security measures such as enhanced online fraud monitoring, adding it is working with the relevant authorities.

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

While reports indicate the Office of the Privacy Commissioner of Canada has been notified, no official statement has been made at this stage.


As it stands, it does seem as if neither bank wish to cough up the ransom, suggesting that they are confident in their own security protocols and will ensure that the data of their customers is protected, although it does seem they are a little too late for that. In this case, the bank believes that both cases are related, and hackers are outside of Canada.

The bank is now investigating if the claim is true, but in the meantime, it says it deployed "enhanced online fraud monitoring and online banking security measures" to prevent abuse of customers' data.

The banks are now in the process of contacting potentially affected customers.

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


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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