Till his retirement in 2019, Terry Beck worked with Mackenzie Investments for almost 20 years as the operations manager. He divested his investment before he left.
Regardless of this, a couple weeks ago, he reveals that he received a letter from his ex-corporation informing him that his SIN was compromised in a data breach.
In a letter dated April 27, Mackenzie told clients that InvestorCOM Inc., a third-party vendor, had been affected as a result of a cyber security breach involving data transfer provider GoAnywhere. One of the letters, which CTV News Toronto investigated, claimed that customer account numbers, names, and addresses had also been stolen.
On Monday, a Mackenzie spokesperson explained in a statement how the company now uses SINs in order to determine and provide notifications to its clients.
“Companies may use SINs as an identifier for reasons such as consolidating investor holdings so that fees associated with their account are reduced[…]They may also share a client’s SIN as a unique identifier to third parties such as a dealer, group plan sponsor, and third-party service providers,” the spokesperson said.
Beck acknowledged the need to combine a client’s accounts, but he questioned why a random sequence of numbers couldn’t serve in place of a highly sensitive form of government identit
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