Document forgery is more common than you’d think in the financial industry: former CIBC employee

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Employees in Canada’s financial industry are speaking out about falsifying documents, saying that acts like forging and photocopying customer signatures are more common than most people would think.

“It was easily 85 per cent of the back sales team doing it,” says a former CIBC financial services representative.

The former bank employee told CBC News that when she couldn’t meet sales targets, her manager told her to forge customers’ initials so it appeared they had agreed to purchase insurance when they applied for a credit card, and then cancel the agreement a week later.

In its annual enforcement report released last week, the Mutual Fund Dealers Association of Canada (MFDA) says “signature falsification” was the primary allegation in 130 cases opened last year, more than double than in 2015.

The report states that financial consultants usually forged signatures for the client or consultant’s “convenience.” It wrote the number of forgery cases has increased due to improved detection by compliance departments within financial firms.

Read more at CBC News

This article is summarized by Canadian Fraud News Inc.