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THIEVES USE CANADA SAVINGS BOND DATABASE TO STEAL $100,000

Source: CBC News

Posted on April 7, 2006

      The Bank of Canada has shelled out $100,000 to reimburse Canada Savings Bonds investors victimized by thieves who used personal information in a CSB database to cash bonds.

      The central bank - which administers the CSB program - says it has beefed up security to prevent something like that from happening again, but it wouldn't detail the steps taken.

      "We have strengthened all procedures and are continuing to see where further safeguards can be implemented," Bank of Canada spokesman Dale Fleck said.

      Last December, the Bank of Canada was told of a problem with the accounts of 14 customers who bought bonds through payroll savings programs. The tipoff came from EDS Canada, the IT outsourcing firm that manages the savings bonds database for the central bank.

      RCMP and the Ottawa Police Service launched an investigation. At a news conference Friday, the Mounties said they had arrested two people Friday morning.

      In eight of the cases, the suspects used client information to redeem other people's bonds.

      "The alleged crimes centre on the theft of banking data, account details and the personal information of bondholders," the RCMP said in a release. The Mounties say the suspects are former employees of EDS Canada.

      The Bank of Canada outsourced all its data and support services to EDS Canada in 2001 and transferred 500 bank employees to the private company.

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