For Immediate Release
May 30, 2018 – TORONTO - Today, the Canadian Bankers Association launched a white paper that reveals how digital ID could become a reality in Canada. The study demonstrates that a federated digital ID model would significantly enhance the protection of personal data and enable Canadians to verify who they are safely, quickly and securely, while maintaining privacy by only revealing the information necessary for any transaction.
“A federated digital ID approach – one interconnected network – would transform the way Canadians identify themselves to government, businesses and each other, with ease and rock-solid security,” said Neil Parmenter, President and CEO, Canadian Bankers Association. “We hope to kick start an important conversation between the private and public sectors to define a pathway to building a digital ID model that positions our country as a world leader in this increasingly important field.”
Developed in collaboration with Canada’s best and brightest talent from banks, telecommunications companies, law enforcement and government, a federated digital ID model would:
- Save costs and eliminate the duplication of identity collection between the public and private sectors.
- Reduce fraud by removing weaknesses in Canada’s current physical ID systems and greatly limiting exposure to online fraud and identity theft.
- Improve regulatory compliance by streamlining how governments monitor and report complex transactions.
- Enhance privacy and transparency for Canadians by putting the control and visibility of who accesses their most important information back in the hands of consumers.
- Make Canada future ready to adopt leading cyber security practices in the digital economy.
The white paper concludes that a key factor in establishing a robust Canadian digital ID system is modernizing the regulatory framework in order to accommodate and encourage innovative solutions.
White paper and materials
About the Canadian Bankers Association
The Canadian Bankers Association is the voice of more than 60 domestic and foreign banks that help drive Canada’s economic growth and prosperity. The CBA advocates for public policies that contribute to a sound, thriving banking system to ensure Canadians can succeed in their financial goals. www.cba.ca.
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For more information:
Director, Media Relations and Social Media
Canadian Bankers Association
Tel: (416) 362-6093, ext. 238