Two-factor Authentication Shouldn’t Be a Requirement at Canadian Banks We Already Have the Financial Consumer Agency of Canada – October 10, 2019, – October 10, 2019,
In my personal opinion, Two-factor Authentication should be an option not a requirement at a bank. I f you want the feature it should be available, but it shouldn’t be a requirement and if it was up to me it would be a feature consumers would pay to use. Because when these options become requirements consumers get hit with the bill and in many instances, Two-factor Authentication can be an inconvenience, because as an example if a person loses their phone, it will be challenging for that person to get their money, transfer their money or even log into their online banking account.
Banking alerts vs. Two-factor Authentication
A banking alert in my personal opinion is a far superior option than Two-factor Authentication, whether the alert is an email, a text message or even a call, alerts are often superior to Two-factor Authentication. In Equifax as an example, many of us have alerts set up to warn us if there are any breaches to our credit. Sure Two-factor Authentication is a good option to have, but it’s not the be-all-end-all solution, it’s actually quite inconvenient, I have Two-factor Authentication set up on accounts and also have notifications set up on my account, both are fine and in my instances both are optional.
The Government and banks having the ability to take your money away
When your money is with the bank or any financial institution, it’s not yours, and when the government adds layers and layers of regulations to your cash and makes you pay for this security, I don’t like it, if other people like it, that’s fine, personally I don’t want the government getting involved in how I bank. If Canadian banks want or don’t want to do something, I have the right to pull my money out of that bank, but Federal regulations required for Two-factor Authentication(2FA)? I’ll pass on that one because in case people forget, Two-factor Authentication also requires its own maintenance. Two-factor Authentication is a software created by a private FOR-PROFIT entity that Banks will be forced to pay for Now, when the government FORCES the bank to do something, then the bank can justifiably pass those costs onto consumers.
In many Canadian provinces, banks were FORCED to meet minimum wage requirements and in case consumers haven’t noticed banks have passed those costs onto consumers, the government also forced banks to adhere to government regulations and guess what, banks passed those costs onto consumers. That’s how things work in the real world, this Two-factor Authentication scheme isn’t free, in these other countries where Two-factor Authentication is forced entities are getting rich off this, which is usually why they exist. Once the government forces a private enterprise to pay a private entity for a service that used to be optional, consumers get left with an inflated bill that they can’t OPT-OUT of.
The cost of living in Canada is expensive because morons assume that Government edicts don’t cost Canadian taxpayers any money. This government edict proposal, similar to a carbon tax is going to make a few people rich at the expense of the majority. It’s absolutely disgusting that the writer at the CBC makes no mention of how much Two-factor Authentication will cost banks or consumers.
Why is this online banking security feature common in other countries, but not Canada? | CBC
The dumbing down of the public needs to stop, it’s really annoying how a State Broadcaster refuses to give 2 sides of the story. Canadian taxpayers fund the CBC it’s not like they’re private, they’re State-owned and they need to do better, this is blatant, there’s no government agency called “Two-factor Authentication company” and even if there was it would be financed by the taxpayer, which means we would at the very least need to know how much it costs and if it costs more than it ould if the private sector did it. I’m absolutely disgusted by this, if this is State broadcasting the CBC should be defunded. In the event your personal information is compromised you’ll want to consider taking the following steps.
In the event that your personal information has been compromised, the Financial Consumer Agency of Canada (FCAC) is encouraging you to take the following steps to reduce the risk of harm.
Change your passwords immediately
Review your bank account and credit card statements on a regular basis to make sure they are accurate and contain no unauthorized transactions
Report any unauthorized transactions immediately to your financial institution
Order and review your credit report immediately. If there are accounts that you don’t recognize, it could mean that someone is using your identity to apply for a credit card, line of credit, mortgage or other loan
If you become a victim of fraud
Contact your financial institution and any other company where you think your account may have been compromised
Contact Canada’s two credit bureaus, Equifax and TransUnion and ask them to place a fraud alert on your credit report file to tell lenders to contact you and confirm your identity before they approve any applications for credit
File a report with your local police
Notify the Canadian Anti-Fraud Centre (1-888-495-8501)
Why is this online banking security feature common in other countries, but not Canada? | CBC