TORONTO — Canada’s 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.
“We think solving this problem — about proving it’s me and making it harder for the bad guy to (pretend to) be me — is a problem of our age that we have to solve,” 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.
Verified.Me goes a step further by making it easier for individuals to provide proof of their identity, using the information they’ve 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 person’s 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 driver’s licence.
But currently only a limited number of financial products or services are available through Verified.Me.
“The current capabilities … on Day 1 are registering their insurance with Sun Life, for example, and checking their credit score with Equifax,” said Greg Elcich, CIBC vice-president for enterprise innovation.
“But this is about building out an ecosystem around identity,” he said. “This service will save Canadians time with everyday tasks that they do…That’s the real vision here.”
CIBC, Desjardins, RBC, Scotiabank and TD said they’d 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, RBC’s vice-president for digital products, said the financial institutions want to build a Canadian digital identity ecosystem.
“There 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.”
He said Canada’s financial institutions invest heavily in cybersecurity to protect consumer data and privacy.
“This has been a core underpinning of the (Verified.Me) platform, where it’s been designed with privacy and security in mind from the get-go,” 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.
“Unless it’s easier and more convenient than using your card, people will continue to use the same payment methods that they have today,” McFarlane said.
But the challenge, he added, is to “get the authentication requirements right while still keeping an eye on fraud and making sure you’re still safe and secure.”
Companies in this story: (TSX:CM, TSX:RY, TSX:BNS, TSX:TD, TSX:BMO, TSX:NA, TSX:RCI.B, TSX:T, TSX:SLF)
David Paddon, The Canadian Press
Connect with us Facebook
CMHC defends mortgage stress test changes amid calls for loosening rules
Donor-advised fund can be used to establish charitable legacy, experts say
Nevada court orders former Vancouver man to pay back $21.7 million to investors
CMHC says Canadians debt levels hit record highs at end of last year
Markham uses Collision to put spotlight on land parcel designed for innovation hub
Do your homework before investing in a cottage
Ontario to make it easier to build secondary suites, rental housing
FOMO pushing millennials into debt
Bank of Canada’s Poloz says mortgage market should offer more product choices
Canada’s banks officially launch SecureKey’s Verified.Me digital identity network
- CMHC defends mortgage stress test changes amid calls for loosening rules
- Donor-advised fund can be used to establish charitable legacy, experts say
- Nevada court orders former Vancouver man to pay back $21.7 million to investors
- CMHC says Canadians debt levels hit record highs at end of last year
- Markham uses Collision to put spotlight on land parcel designed for innovation hub
5 Mortgage Secrets2 years ago
5 SECRETS THE BANK DOESN’T WANT YOU TO KNOW ABOUT YOUR MORTGAGE
Buying a Home12 months ago
6 Reasons to get Pre-Approved for a Mortgage Early
5 Mortgage Secrets1 year ago
THE PENALTY COVER UP Mortgage Secret 3 of 5
Finance10 months ago
When is a Variable Rate Mortgage the Smart Choice?
Credit10 months ago
What Happens to My HELOC When I Sell My Home?
Buying a Home1 year ago
3 Documents You Didn’t Know You Need for Your Mortgage Approval
5 Mortgage Secrets1 year ago
THE POSTED RATE SCAM Mortgage Secret 2 of 5
Buying a Home12 months ago
5 Steps to a Guaranteed Mortgage Approval