Desjardins begins paying compensation to victims of identity theft

2024-01-17 06:49:52

Compensation intended for Desjardins customers who were victims of identity theft began to be paid on Tuesday. The first payments were made by Interac e-transfer, and others will be sent by mail by Thursday. Here are some elements to help you see more clearly.

What is it about ?

As part of the class action linked to the theft of Desjardins data revealed in 2019, the institution’s clients whose claim request for “identity theft” has been approved are beginning to receive their compensation. Around 28,300 people are affected.

“The amount paid by the administrator is a maximum of $1,000, as indicated in the memorandum of understanding. This is a lump sum amount that is the same for everyone,” underlines Jean-Benoît Turcotti, spokesperson for Desjardins. In fact, the exact amount paid is more like $935.45, said an agent from the firm RicePoint, the independent administrator responsible for distributing compensation, when contacted by The duty.

Why is the compensation $935.45 rather than $1000?

The amount paid to claimants is calculated in proportion to the number of requests, according to the explanations obtained by The Duty from a RicePoint agent. Thus, the compensation envelope of $27 million reserved for the first year of claims was divided by the number of people who requested compensation and who were eligible for it. This brings the sum to approximately $954 per person. However, from this, we must also subtract 2% intended for the Collective Action Assistance Fund. The final amount is therefore $935.53 per claimant.

How can I receive this compensation?

Please note: all Interac transfer communications were made by email; no text messages were sent.

To receive your due, you must correctly answer one of the three security questions that were presented when you submitted your claim. This answer can only be composed of letters and numbers; there can be no accent, space or symbol. If you enter the wrong answer three times, your payment will be blocked.

Please note that you will not be asked for any information other than the answer to your security question. The procedure is identical to the usual method of cashing an Interac transfer by email.

What to do if you forgot the answer to your security question?

If you no longer remember the answer to your security question, you will need to contact RicePoint at 1 888 886-7164. In the email confirming your eligibility for identity theft compensation, you should have received a claim number. Have it on hand to prove your identity to the RicePoint agent who will explain the procedure to you. A new electronic transfer or check will then be sent to you by the end of March 2024.

Moreover, you do not need to exhaust your three attempts to answer the security question to call a RicePoint agent, specifies the Desjardins spokesperson. You can do this upfront to avoid waiting for another payment.

Is it too late to seek compensation?

There is still time to do it. People who have suffered identity theft can submit a claim until October 20, 2025, since payments are distributed in three phases, i.e. before January 18 of the years 2024, 2025 and 2026. To check if you are eligible and To make a request, you can consult the official Desjardins settlement website.

Note, however, that it is too late to make a “waste of time” claim. The compensation, of a maximum amount of $90 per affected customer, was distributed last July.