Open banking, which is designed to allow customers to easily share data held by their banks with third parties, has been attracting considerable attention in recent months. The Standing Senate Committee on Banking, Trade and Commerce conducted a study on open banking this spring with a report released in late June. I was invited to appear before the committee to discuss regulatory concerns, particularly with respect to privacy and data protection. Given that it is a holiday week in Canada for Canada Day, this week’s podcast adopts a different approach with excerpts from that appearance, including my opening statement and the ensuing discussion with several senators on the need for regulatory reforms.
The podcast can be downloaded here and is embedded below. A transcript of the appearance can be found here. Subscribe to the podcast via Apple Podcast, Google Play, Spotify or the RSS feed. Updates on the podcast on Twitter at @Lawbytespod.
Senate Report – Open Banking: What it Means for You
Transcript of Senate Standing Committee on Banking, Trade and Commerce
Senate Chamber, June 19, 2019
Open Banking, What Is Open Banking
PwCCanada, Canadian Banks: CEO Spotlight with Darryl White, CEO of BMO Financial Group
My take about online banking is similar to banking and sending sensitive or confidential information using WiFi or mobile devices, the folks who do that do not understand the risks they are running.
Banks already share too much information for my comfort. My wife and I avoid using credit as a way to maximize our privacy and physical security by minimizing the permitted basis for obtaining Credit Reports about us. Most of our purchases are made in cash. Sharing a charge card account with my wife is not a concern, but we keep refusing bank requests to increase the limit, to minimize the potential for “in dispute” charges being recorded against the account.
Chip and Pin security is more like smoke and mirrors. After the Target and Home Depot hacks USA residents found EMV “verified Card Holder present” fraudulent charges from South America showing up on their monthly statements, despite never being there and despite the cards not having the Chip supposedly needed for that certification.
We bought 2 of 3 new vehicles since we married without loans and will do the same again this month. We bought a home in 1982 with a 16% (bargain compared to 21%) assumable mortgage and paid it off in 5 years and 9 months.
How did Jason Monaco’s legal action against CIBC turn out?
I am quite hesitant about this open banking because of security issues. http://www.americanelectricofjacksonville.com/
This is one of the reasons why I don’t recommend online banking at all times. I always prefer the ones with OPT encryption.