Open banking, a new real-time payments network will provide criminals with new vectors for exploitation
Perhaps you’ve received a phishing e-mail from a purported Nigerian prince promising a big payout from his frozen account in exchange for a small fee and your banking information. Or maybe it was a text message urging you to click on a link because your debit card has been frozen or to accept a surprise e-transfer.
When it comes to financial fraud, we ain’t seen nothing yet. Open banking and a new real-time payments network are coming to Canada, and they will provide criminals with new vectors for exploitation. That’s why the banking industry is urging the federal government to combat financial fraud by implementing an anti-scam action plan that takes a multi-industry approach.to the House of Commons standing committee on finance.
Sure, such changes ought to be examined. But the government must also think laterally because financial scams often involve other companies including tech platforms, wireless carriers and residential internet service providers. To its credit, the government is examining how to increase transparency and accountability for financial fraud.
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