CIBC Customer Shocked After Unauthorized $260K Mortgage Appears on Her Account

A British Columbia resident, Hailey Leo, is seeking answers after discovering someone took out a $260,000 mortgage in her name without her consent. Despite reporting the issue, she says CIBC failed to notify her of multiple fraudulent changes to her personal banking information.

Unauthorized Changes Raise Serious Concerns

Leo’s troubles began on February 14, 2025, when she logged into her CIBC online banking account and noticed unauthorized changes.

Her address and phone numbers had been altered to an Alberta location, but she received no alerts or notifications from CIBC about the modifications.

After contacting the bank, CIBC’s fraud department froze her account and later opened a new account in her name, assuring her that the issue had been resolved.

However, just 11 days later, Leo encountered further issues. She was locked out of her online banking account again, with no warning or explanation from CIBC.

Fraudulent Mortgage and Credit Line Discovered

After contacting CIBC, Leo was stunned to learn that someone had taken out a $260,000 mortgage and a personal line of credit using her name. The fraudulent mortgage was linked to an address in Fort Saskatchewan, Alberta, the same location to which her personal details had been changed.

“How did this happen? I didn’t apply for a mortgage,” Leo said. “The bank told me the fraudulent details had returned to my account, just like before.”

CIBC Responds, but Questions Remain

CIBC issued a brief email statement claiming:
“We looked into this matter and can confirm no fraud or identity theft occurred. This was a processing issue limited to a single account which we are working to resolve.”

However, consumer protection experts remain skeptical.

Cybercrime consultant Claudiu Popa criticized the response, stating it fails to reassure customers and only raises more concerns about banking security.

“It’s just a generic statement,” Popa said. “It doesn’t address the core issue. Banks must do more to protect consumer data.”

Security Risks in Online Banking

Financial fraud is becoming more sophisticated. Even with security measures like multi-factor authentication, hackers find new ways to exploit vulnerabilities.

Popa urged banks to educate customers on cyber threats rather than shifting responsibility to them. He also advised affected consumers to take immediate action rather than waiting for a bank’s internal investigation, which could take weeks or months.

What to Do if Your Banking Information is Compromised

Popa advises anyone facing similar issues to:

Contact regulatory authorities, including the Ombudsman for Banking Services and Investments, the Office of the Privacy Commissioner of Canada, and the Financial Consumer Agency of Canada.
Request an official statement from the bank clearing your name to protect your credit score.
Move funds to a secure bank account with a different institution.
Monitor financial accounts for unusual activity and report any issues immediately.

Customer Loses Trust in CIBC

Leo says CIBC has assured her that an investigation is ongoing. However, she has lost faith in the bank’s ability to protect her financial information.

As a result, she moved her funds to another financial institution.

“My biggest concern is security,” Leo said. “Is our information really safe?”

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Unauthorized Changes Raise Serious Concerns