CIBC warns of new glitch with processing software

CIBC warns of new glitch with processing software

Toronto — For the second time in less than a year, the Canadian Imperial Bank of Commerce is reporting a software glitch that affected numerous customer transactions.

According to CIBC spokesperson Rob McLeod, the bank

experienced a problem last month which prevented the successful completion of customer transactions. McLeod couldn’t say whether these transactions were wiped out altogether or could be completed once the problem is corrected, but he did say the software responsible for transaction processing was at fault.

McLeod said he didn’t know how many CIBC account holders were affected by the problem.

In a statement, CIBC said branches were open for business but that “”service levels will be impacted by the systems issue.”” Telephone banking, online banking and automated teller machines were all operational, but could not complete some functions such as providing account balances.

— Neil Sutton

Concern about ID theft growing in Canada: Survey

TORONTO — Four in five Canadians think identity theft is a serious problem in Canada and that concern is growing as the number of people with personal experience with the crime increases, according to a new telephone poll conducted for Intersections Inc. and Carlson Marketing Group Canada Ltd. by Ipsos-Reid.

The survey, called the Identity Theft Index Canada (ITIC), found that one in four Canadians reported that they have been, or someone they personally know has been, a victim of identity theft. Among those who have been a victim or personally know someone who has been a victim of identity theft, 70 per cent said the identity theft resulted in unauthorized credit card purchases, the most frequent, but least costly form of identity theft fraud for consumers. However, significant percentages of these respondents reported more serious frauds, including takeover of existing credit card accounts (43 per cent), the opening of new credit card accounts (36 per cent) or new loans (22 per cent), unauthorized bank account access (42 per cent) and the use of the victims’ personal information in other types of frauds, such as to obtain government benefits or medical care (24 per cent).

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