Canada91裸聊视频檚 biggest banks marked the official launch of the Verified.Me digital identity network on Wednesday, following years of development and testing with their partner SecureKey Technologies Inc.
The banks see Verified.Me as the beginning of a more secure Canadian identity ecosystem for a world where technology is making it easier for criminals to steal personal data and use it to create false identities.
91裸聊视频淲e think solving this problem 91裸聊视频� about proving it91裸聊视频檚 me and making it harder for the bad guy to (pretend to) be me 91裸聊视频� is a problem of our age that we have to solve,91裸聊视频� SecureKey chief executive Greg Wolfond said in an interview.
The Toronto-based company is building on the success of its SecureKey Concierge service, in use since 2012, that allows consumers to use their banking credentials to gain easier online access to Canada Revenue Agency services.
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Verified.Me goes a step further by making it easier for individuals to provide proof of their identity, using the information they91裸聊视频檝e already provided to their financial institutions.
In essence, the Verified.Me smartphone app connects with participating financial institutions and removes many of the steps that are currently required to establish a person91裸聊视频檚 identity.
The platform also promises to give the users control over what information their banks will share with third parties that use Verified.Me to transact business with consumers.
In the long run, that could include applying for a mortgage, renting an apartment or obtaining a driver91裸聊视频檚 licence.
But currently only a limited number of financial products or services are available through Verified.Me.
91裸聊视频淭he current capabilities 91裸聊视频� on Day 1 are registering their insurance with Sun Life, for example, and checking their credit score with Equifax,91裸聊视频� said Greg Elcich, CIBC vice-president for enterprise innovation.
91裸聊视频淏ut this is about building out an ecosystem around identity,91裸聊视频� he said. 91裸聊视频淭his service will save Canadians time with everyday tasks that they do91裸聊视频hat91裸聊视频檚 the real vision here.91裸聊视频�
CIBC, Desjardins, RBC, Scotiabank and TD said they91裸聊视频檇 have Verified.Me running effective Wednesday while BMO Bank of Montreal and National Bank of Canada said they will join the network in the near future.
Investors in the Verified.Me consortium include the banks and the Desjardins co-operative, the Telus and Rogers communications companies, the Visa, Mastercard and Discover credit card businesses, and Intel, the semiconductor giant.
Rami Thabet, RBC91裸聊视频檚 vice-president for digital products, said the financial institutions want to build a Canadian digital identity ecosystem.
91裸聊视频淭here are quite a few nuances to how Canadians are accessing digital properties and accessing financial services digitally (that were) a key aspect of the design of the platform and to ensure that it met client needs in the future.91裸聊视频�
He said Canada91裸聊视频檚 financial institutions invest heavily in cybersecurity to protect consumer data and privacy.
91裸聊视频淭his has been a core underpinning of the (Verified.Me) platform, where it91裸聊视频檚 been designed with privacy and security in mind from the get-go,91裸聊视频� Thabet said.
Andrew McFarlane, managing director of Accenture Financial Services, said the lack of a consumer-friendly identity authentication service has delayed European take-up of newer ways to make payments with electronic devices.
91裸聊视频淯nless it91裸聊视频檚 easier and more convenient than using your card, people will continue to use the same payment methods that they have today,91裸聊视频� McFarlane said.
But the challenge, he added, is to 91裸聊视频済et the authentication requirements right while still keeping an eye on fraud and making sure you91裸聊视频檙e still safe and secure.91裸聊视频�
David Paddon, The Canadian Press
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