Low Sign Up Prompts Desjardins To Offer Identity Theft Protection To All Members After Data Breach

A month following a data breach that has affected more than 2.9 million members of Montreal-based financial and credit union, Desjardins, the company said that they are extending the coverage of their credit and identity theft protection to all members. This time, the coverage is for life.

In a press release published July 15th, the company said that all Desjardins Caisse members are automatically qualified to avail a lifetime worth of protection against identity theft and are not only available to personal members, but also business members, who are currently not served by any industry solutions.

“Today, we’re sending a message to all of our members. Don’t worry–we’ve got you covered. If your identity has been stolen, give us a call. Desjardins is here for you. And we’re going to continue to support you like we always have. That’s what we’re here to tell you,” said Guy Cormier, President, and CEO of Desjardins Group. “Our teams have been working non-stop to put this coverage together for you. All Caisse members are automatically covered as of this morning. You don’t need to sign up, and you’ll only ever have to deal with Desjardins.”

Last month, the credit union from Canada experienced a data breach when one rogue employee advertently shared financial information of their members to a third party. Around 2.7 million personal members and 173,000 business members were affected by the data breach, according to the investigation conducted by the Laval police. The cause of the data compromise: “an ill-intentioned employee who acted illegally and betrayed the trust of their employer.”

The organization clarifies that the company was not in any form targeted by a cyberattack, and they have not seen a spike in fraud cases involving their members’ accounts in recent months. All of the data breaches were attributed to the recently fired employee who shared financial information of members to individuals outside the organization maliciously. Furthermore, they said that AccèsD passwords (for both personal and business accounts), security questions and PINs were not part of the compromised data.

As part of their efforts to help affected accounts secure their financial data and to mitigate the possible effects of the data breach, Desjardins also offered those who are concerned with a 5-year credit monitoring plan, paid for by the organization. The service includes daily access to your credit report, alerts of critical changes, and identity theft insurance.

They advised the affected members that the letter they received includes a personal activation code which they can use to activate their credit monitoring plan with Equifax before October 31, 2019.

However, it seems like registering to the protection plan with Equifax proved terribly difficult. As of Monday, only 13% of the affected account holders have signed up to the monitoring plan set up by Desjardins.

Reports reveal that this is because of the difficulty of the registration process with Equifax. The Equifax website has frequently crashed due to the demand, and some customers reaching the company by phone have waited for hours on hold. Customers have also reported having trouble getting service in French.

As an additional measure, Cornier said that instead of having their customers sign up, they are now offering them the protection by default because they don’t want the majority of their customers to be unprotected.

“People with money invested at Desjardins should be able to sleep easily,” he said.

The identity theft protection plan includes protection of assets and transactions, identity theft assistance and restoration, as well as monetary compensation in the event that one protected member becomes a victim of identity theft.

“Starting today, all Desjardins Caisse members have a new type of coverage that will reimburse them up to $50,000 for expenses related to identity theft. This could cover salary loss, document notarization, legal or accounting fees, and other types of related expenses,” the company said.

“Members don’t have to do a thing; they’re already covered. If they think their identity has been stolen, all they have to do is contact Desjardins.”

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