Desjardins begins paying compensation to victims of identity theft

Compensation to Desjardins customers who were victims of identity theft began to be paid on Tuesday. The first payments were issued 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 starting 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, according to an agent from the firm RicePoint – the independent administrator responsible for distributing the sums – contacted by THE Duty.

Why is the amount $935.45 rather than $1,000?

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 package of $27 million reserved for the first year of claims was divided by the number of people who requested and were eligible for compensation. This brings the amount to approximately $954 per person. However, from this, we must also subtract an amount of 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” was sent.

To receive your due, you must correctly answer one of the three security questions that were presented when submitting your claim. This answer can only consist of letters and numbers. There cannot be accents, spaces or symbols.

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 one for 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 must have received a claim number. Have it on hand to identify with the RicePoint agent, who will explain the procedure to you.

A new electronic transfer or check will be sent to you by the end of March 2024.

Besides, you don’t need to exhaust your three attempts to answer the security question to call a RicePoint agent, specifies Mr. Turcotti of Desjardins. You can do this upfront to avoid waiting for another payment.

Is it too late to make a claim?

There is still time to do it. People who have suffered identity theft can submit a claim until October 20, 2025, with three periods of payments issued before January 18 in the years 2024, 2025 and 2026. To see if you are eligible and to apply , you can consult the official Desjardins regulations website.

Note that it is too late to make a “waste of time” claim. These compensations, of a maximum amount of $90 per affected customer, were distributed last July.

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