A post in the unaffiliated r/Wealthsimple community surfaced a new account guarantee from Wealthsimple. Wealthsimple's legal terms say it will reimburse direct monetary losses caused by unauthorized transactions in eligible personal accounts when the client uses passkeys on every device and meets all security responsibilities.
Eligible accounts include personal chequing, non-registered and registered trading and managed accounts, crypto, margin, and portfolio line of credit accounts. Credit cards, prepaid cards, business accounts, Wealthsimple Predict, and self-custody wallets are excluded. Card transactions instead follow the applicable card-network protections and dispute process.
The Reddit title is broader than the legal coverage. The guarantee does not cover a transaction the client authorized after being deceived by a scammer, indirect losses such as missed-payment or NSF fees, malware or remote-access incidents, or losses where the client did not meet the terms. Suspicious activity must be reported immediately and no later than 10 days after receiving the monthly statement containing the unauthorized transaction.
Passkeys are not merely an optional security bonus here: Wealthsimple requires them on every device used to access the platform. The company also reserves the right to change or revoke the guarantee, subject to applicable law, so the current legal terms remain the authority before relying on it.