Desjardins says personal data of 2.9 million members breached | Zag Bank | Discussion forum

Unless specifically stated, I would say no because Zag Bank was a fully separate subsidiary, with entirely different banking systems and an online banking interface. Its I.T. infrastructure and databases were completely separate. So, unless the Desjardins' release specifically mentions Zag or other subsidiaries, I would say no.

On a related note, Zag Bank has wound down substantially all of their non-registered and registered GICs, save for maybe $200-300,000 in mostly RRSP/TFSA GICs, and maybe $15-25,000 in non-registered GICs. On mortgages, they've got maybe $100-200 million in mortgages outstanding, so I could very easily see them be fully wound down by the end of 2021 or 2022, if not sooner depending if they decide to sell off the remaining run-off mortgage portfolio to a larger player (i.e., First National, or to Desjardins itself) as a play to capture new business come renewal time. RBC Royal Bank did this with Ally when they closed Ally HISAs immediately at closing and had RBC Royal Bank assume any registered plan GICs. RBC Auto Finance also assumed the auto finance loan operations of Ally Canada. With regard to Ally mortgages, in a separate transaction, which were mostly securitized off-balance sheet, were sold (i.e., servicing rights and administration) to MCAP. Before the end of 2014, RBC was able to fully dissolve ResMor Trust Company.

Cheers,
Doug

For those whose info was compromised, Desjardins initially offered to cover the cost of Equifax’s credit monitoring plan for a year, but have quickly upped the offer to five years of coverage. They are sending letters out to those concerned. Their phone lines are overcome.

From CTV: Desjardins Group is facing a legal backlash after a class-action lawsuit has been initiated in connection with a data breach affecting nearly three million members.
The proposed class action, filed in Quebec Superior Court on Friday, alleges the co-operative financial group was negligent in safeguarding its members' personal and financial information.

What impact will this have?

Of the three Desjardins clients I know, 1 was compromised.
Wonder if this will have a major impact on bank’s viability or if a run could occur.

Brimleychen said
Desjardins to offer all members free, lifelong protection after data breach
 

Yes, but does that apply to clients of the now defunct ZAG bank??

Were clients of ZAG implicated in the breach?

Stephen

AltaRed said
I've not been notified from Desjardins so assume Zag was not compromised.  

Not being notified just means you weren't one of the 40% of the clients whose identity was stolen. That doesn't necessarily mean other Zag clients are in the clear, although common sense says they would be since it's a different bank. It'd be interesting to find out if a Zag client's identity was stolen for possibly some other reason if Desjardins would pay to defend them and assist them. I'm a Desjardins credit union customer who didn't get the email either, but I certainly will keep my account active just in case I get my identity stolen in the future. I might even take out one of their credit cards, which is why I had opened up the account to begin with, but hadn't gotten around to applying for the card yet.

My wife just received a letter today from Desjardins today.

Desjardins has conducted an internal review and analysis, and found that an ill-intentioned employee had access to the personal information of our members and clients who have or had a caisse (banking) account, credit card or point-of-sale financing (in-store Accord D financing and auto and leisure vehicle loans). No credit cards or other payment methods, like Interac or debit cards, have been compromised.

Our review shows that the affected data may include some of your personal information. We want to assure you that you won't suffer a financial loss if any unauthorized transactions are made in your Desjardins accounts as a result of this situation. Additional security measures were put in place as soon as the situation was detected. Our top priority is to ensure the protection of our members' and clients' personal and financial data.

Please read the enclosed information very carefully. It explains how we're here to help protect you.

Marie-Andree Alain
Chief Privacy Officer
Desjardins Group

They recommend my wife signs up for Equifax & they will cover the cost for 5 years. I think I have this in the wrong topic.Nothing to do with Zag.

Briguy said
https://www.cbc.ca/news/canada/montreal/desjardins-data-breach-1.5183297

It was revealed that over 40% of members of Desjardins had their information stolen by an employee including names, addresses, birth dates, social insurance numbers, email addresses and information about transaction habits.  

It was later revealed that ALL individual members are affected (including myself...):

https://www.cbc.ca/news/canada/montreal/desjardins-data-breach-1.5344216

That was not the end "Desjardins announced the leak also affects credit card holders and other financing clients with the company.":

https://globalnews.ca/news/6278790/desjardins-data-breach-credit-cards/

toto said
I had read that identity thieves that breached Desjardins, got the cerb payments deposited in multiple fake accounts.  

Theres' quite a few people who I know took CERB knowing they fall outside of qualifications.. Business owners leaving half their operations open and claiming CERB... etc.. This program will never be audited unless conservatives gain power and even then I don't know if we really want to know how bad the fraud really was.. Write it off and move on might be the best strategy...