Liberals will direct banks to maintain new fraud detection measures
Canada's Federal Government has said that they will direct Canadian banks and financial instutions to instute new fraud detection and prevention measures.
The announcement came as part of a pre-budget announcement on Monday. Among the proposals are a requirement that banks obtain consent from account holders before enabling specific transfers and payment capabilities that have been used in acts of fraud.
"We've got to do something, our people are hurting, they're going after seniors, they're going after vulnerable people," Finance Minister Francois-Philippe Champagne said in a press release announcing the policy. "It's going in the budget and therefore it's going to happen."
The proposals would also allow account holders to disable features that they don't want to use and to adjust their transaction limits.
The government also wants to establish a Financial Crimes Agency as well as voluntary Economic Abuse Code of Conduct with the collaboration of the banks to set clear guidelines for situations of financial abuse.
