Recovering your account

Overview

If you suspect that your Wealthsimple account has been accessed without your permission, it's crucial to take immediate steps to secure your account and prevent further unauthorized activity. This article outlines the signs of a compromised account and the actions you should take to protect your information.

Follow these next steps

If you believe your Wealthsimple account has been compromised, follow these steps:

1. Change your password immediately through the Wealthsimple app or on web.
2. Contact us directly through our chat, and you'll be connected to our specialized team to help as quickly as possible.
3. Review recent transactions in your account.
4. Check your security settings to ensure nothing has changed.

Recognize the signs of a compromised account

Be alert for these common signs that your account may have been compromised:

• You receive login notifications that you did not initiate.
• You notice login events from unfamiliar devices or locations.
• You receive an unexpected trusted device approval request.
• You can't log in to your account with your usual credentials.
• You aren't receiving emails from Wealthsimple (this might indicate that an unauthorized person has accessed your email account and muted Wealthsimple emails).
• You see unauthorized transactions on your bank statement.

What to do if your account has been compromised

Take these additional steps to protect your personal accounts and information:

Protect your email account

Your email address is used to access your Wealthsimple account, so securing it is essential to prevent further unauthorized transactions.  

• If you can log in to your email account: Update your password and two-factor authentication (2FA) settings.
• If you can't log in to your email account: Contact your email provider immediately to update your password or disable your account.

Protect your bank account

Update your login credentials and 2FA for all bank accounts linked to your Wealthsimple profile. If you suspect your bank account has been compromised and notice unauthorized transactions, contact your bank immediately.  

Protect your identity 

If someone gains access to your Wealthsimple account, they may be able to see personal information such as your legal name, Social Insurance Number (SIN), address, email, phone number, and portfolio holdings.

If you believe your identity has been compromised, immediately file a police report with your local police. The authorities can provide you with a case number and collaborate with financial institutions to gather more information.  

Below are some additional resources to help protect your identity:

• RCMP Identity Theft/Identity Fraud
• Canadian Anti-Fraud Centre

Protect your trusted devices

If you have a trusted device enrolled, review and remove any devices you don't recognize. Follow the steps to remove a trusted device.

Protect your investments from transfer fraud

Someone with access to your account details may try to move your investments to another institution. The outgoing transfer lock adds an extra layer of protection. While it's on, we block requests from other financial institutions to move your investments out of your Wealthsimple account. It's off unless you turn it on. You turn it on or off yourself, on web or in the Wealthsimple app, once it's available to you. Learn more about the outgoing transfer lock.

If you get an "Outside transfer attempt" notification for a transfer you didn't ask for, contact us right away.

Recovering your account

After our team completes its investigation, a member of our Account Integrity team will contact you with the next steps to recover your Wealthsimple account. Once you regain access, please update your password and update your 2FA method.