Banking – Follow To Know

1.6 Million Canadian Banking Records Shared With IRS | CBC News

January 23, 2019January 23, 2019 mdbincbi

The Canadian government has shared more than 1.6 million Canadian banking records with the U.S. Internal Revenue Service since the start of a controversial information-sharing agreement in 2014, CBC News has learned. In 2016 and again in 2017, the Canada Revenue Agency provided the IRS with information on 600,000 Canadian bank accounts each year. That’s a sharp increase from the 300,000 records shared in 2015 and the 150,000 records shared in 2014, the year the sharing began. Read full story here: 1.6 Million Canadian Banking Records Shared With IRS |…

Pilot Project Demos Credit Cards With Shifting CVV Codes To Stop Fraud | Ars Technica

December 28, 2018December 28, 2018 mdbincbi

US-based PNC Bank is in the middle of a pilot project that aims to test out credit cards with constantly changing card verification values (or CVVs) to reduce online credit card fraud. The dynamic CVV is displayed on the back of such a card in e-ink, and changes according to an algorithm supplied by Visa. Read full story here: Pilot Project Demos Credit Cards With Shifting CVV Codes To Stop Fraud | Ars Technica

Hidden Camera Reveals How Bank Employees Mislead And Upsell On Pricey Credit Card Insurance | CBC News

November 6, 2018 mdbincbi

A Marketplace hidden camera investigation is raising questions about how bank employees are selling a pricey and controversial product marketed to help with credit card payments if you lose your job or get sick. It’s called credit card balance insurance, or balance protection insurance — and if you’ve signed up for a credit card, chances are you’ve been asked to buy it. But many experts say the insurance comes with high fees — typically a percentage of a cardholder’s outstanding balance — and so many exclusions it can be hard…

‘Open Banking’ Holds Promise But Cybersecurity Fears Loom For Canadian Banks – National | Globalnews.ca

November 30, 2017 mdbincbi

TORONTO – As banks work to fortify their cybersecurity defences amidst a growing number of data breaches, they are also exploring the promise of so-called “open banking,” a concept that could finally disrupt the staid financial services industry. Customers have increasingly moved away from physical branches towards online and mobile apps, but banking has yet to reach its “Uberization” moment, one that breaks down traditional models to usher in new innovations, as Uber has done for the taxi industry. Open banking – granting third-parties like financial technology startups access to…

Some Canadian Bank Record Information Being Sent Directly To IRS – Politics – CBC News

April 25, 2017 mdbincbi

Thousands of reports containing confidential Canadian banking information records have been sent directly to the U.S Internal Revenue Service, without the Canadian government’s knowledge. According to information obtained by CBC News under a U.S. Freedom of Information Act request, 31,574 such reports have been sent directly to Internal Revenue Service over the past two years under the U.S. Foreign Account Tax Compliance Act (FATCA). That is in addition to about 469,827 reports that the Canada Revenue Agency has transferred to the IRS under a Canada-U.S. agreement negotiated in the wake of the adoption…

‘We Are All Doing It’: Employees At Canada’s 5 Big Banks Speak Out About Pressure To Dupe Customers – Business – CBC News

March 15, 2017 mdbincbi

Employees from all five of Canada’s big banks have flooded Go Public with stories of how they feel pressured to upsell, trick and even lie to customers to meet unrealistic sales targets and keep their jobs. The deluge is fuelling multiple calls for a parliamentary inquiry, even as the banks claim they’re acting in customers’ best interests. In nearly 1,000 emails, employees from RBC, BMO, CIBC, TD and Scotiabank locations across Canada describe the pressures to hit targets that are monitored weekly, daily and in some cases hourly. “Management is down…