In this article:
Overview
The Wealthsimple account guarantee reimburses you for direct monetary losses from unauthorized transactions on your account. To qualify, you need to enable and use passkeys on all your devices and comply with all terms and conditions. This guarantee is included at no extra cost.
Eligible accounts
The account guarantee applies to the following individual and joint personal accounts:
- Chequing
- Non-registered and registered Trade and Managed accounts
- Crypto
- Margin accounts (including portfolio line of credit accounts)
These aren't included:
- Business accounts
- Credit cards
- Prepaid cards
- Self-custody wallets
- Wealthsimple Predict
Account guarantee eligibility
To be eligible for reimbursement under the account guarantee, you need to meet the following requirements:
- Enable and use passkeys on all devices you use to access Wealthsimple.
- Report unauthorized activity immediately, and no later than 10 days after receiving your monthly account statement containing the unauthorized transaction.
- Fully cooperate with any investigation by Wealthsimple or law enforcement, including signing a loss declaration form if required.
- Only access the Wealthsimple Digital Platform on a device that is secure and contains up-to-date operating systems and software, including anti-virus and firewall software, and otherwise take steps to ensure your device is free from malware and viruses.
- Not use a device that contains software that has the ability to reveal or compromise your credentials, including but not limited to use of a device that contains malware.
- Comply with all terms and conditions.
What isn't covered
The following aren't covered under the account guarantee:
- Transactions you authorized, consented to, or contributed to, including scams where you were deceived into approving a transaction.
- Incidents involving malware, compromised devices, or remote desktop or screen sharing apps.
- Business accounts, credit card accounts, Wealthsimple Predict, and self-custody wallets.
- Indirect, consequential, special, aggravated, punitive, or exemplary damages, such as missed payments, NSF fees, or lost profit or revenue.
- Any situation where you haven't complied with all terms and conditions.
Understand unauthorized transactions, authorized transactions, and scams
An unauthorized transaction is a transaction that happened without your permission or knowledge, such as when someone else gains access to your account and moves money.
An authorized transaction is a transaction you made or allowed, but where there was later a problem, such as a duplicate charge, a missing item, or a merchant dispute.
A scam is when you did authorize the transaction, but only because you were tricked, pressured, or misled by a fraudster.
Report an unauthorized transaction
If you think someone accessed your account without your permission, contact us immediately at 1-855-255-9038 or via chat on the Wealthsimple app or website. We'll review your account activity, and if we confirm an unauthorized transaction and you've met the account guarantee terms and conditions, including passkeys enabled and used on all your devices, we'll reimburse you.
Frequently asked questions
I already use Face ID or fingerprint to log in. Does that mean my passkey is active?
Not necessarily. Biometric login shortcuts through Apple, Google, or a password manager aren't the same as a passkey. Those shortcuts sit on top of your password rather than replacing it. To confirm your passkey is active, go to Settings in the Wealthsimple app, then Security, then Passkeys in both the app and on web.
Why do I need a passkey to guarantee my account?
Setting up a passkey reduces the the risk that someone will gain unauthorized access to your account, since there's nothing to guess, steal, or phish. By setting up a passkey and taking steps to keep your money safe, we're glad to offer you additional peace of mind in the form of an account guarantee.
Can I have more than one passkey?
You can have up to 5. To manage or add a passkey, go to Settings, then Security, then Passkeys. Tap the plus or pencil symbol to add or edit your passkeys.
How is this different from CDIC coverage?
CDIC coverage protects eligible deposits held at CDIC member institutions in case of a member institution's failure. It does not cover fraud losses. Learn more about CDIC coverage.
How do I enable passkeys?
You can enable passkeys in the Wealthsimple app or web in your profile settings, using your device's biometrics. See Log in with a passkey for step-by-step instructions.
Can Wealthsimple change or cancel the account guarantee?
Wealthsimple reserves the right to amend, modify, or revoke the account guarantee at any time, subject to applicable law. If notice is required, we'll provide it through the Wealthsimple app or electronically.
I think someone accessed my account without my permission. What should I do?
Contact us immediately at 1-855-255-9038 or via chat. We'll review your account activity, and if we confirm an unauthorized transaction and you've met the account guarantee terms and conditions, including having passkeys enabled on all your devices, we'll reimburse you in full.
Does my dispute process change if I have a prepaid card?
No. The process for disputing a transaction on your prepaid card stays the same. See Dispute an unauthorized transaction from your Wealthsimple prepaid Mastercard for details.
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