A long-awaited change to Canadian banking is coming. What to know - National | Globalnews.ca
globalnews.ca
Change is in the works that will give Canadian consumers and businesses significantly more control over their financial data, in what’s known as open banking.

cross-posted from: https://lemmy.ca/post/17302131

A long-awaited change to Canadian banking is coming

Open banking works by giving consumers the option to share their banking data with other firms. The most common use is granting access to budgeting or money management apps and companies, so that a customer can pool different bank accounts and credit cards into one place.

Ah yes, finally what we’ve been missing in our financial system! 🤭

  • Xavier
    3·
    8 months ago

    Great, someting I don’t particularly need. Rather, I am perplexed if other institution/companies would require us to allow them access to all our financial data (which, until now, was kept as exclusive “property” of the bank).

    Before all that, can they enable 2-factor/multifactor authentication beyond dumb SMS verification (SIM jacking, phishing, and telecom social engineering make that option not particularly secure)?

    Ideally, I would like to register multiple hardware keys (Yubico or other Fido2 CTAP2 or U2F compliant key) to authenticate myself on a banking app or bank website.

    No bank in Canada offers that as of now, but they already internally use PKI / PIV access card or even Yubikey to securely connect their employees for work-from-home situations or whatever is the latest tech to comply with security regulations.