Latest news with #banks
CTV News
3 hours ago
- Business
- CTV News
CAA Tip of the Month: Getting the right insurance when buying a home
Northern Ontario Watch CAA advises Canadians to rethink mortgage insurance as traditional bank-offered policies may lack flexibility.
Finextra
10 hours ago
- Business
- Finextra
The next big ISO 20022 migration: Structured addresses
When the ISO 20022 coexistence period ends in November 2025, another milestone is created: the migration to structured addresses. What should banks be doing now to get ready? What are the main steps — and potential roadblocks — in moving to structured addresses? How can banks get their systems to work together smoothly? Can AI help with this transition — and if so, how? Beyond compliance, what else can banks do with better data? Think the ISO 20022 journey is almost over? Think again. A new migration starts in November 2025 – one that will trigger huge IT projects: Structured addresses. After November 2026, unstructured address information will be nixed – making way for structured and hybrid-address formats. This will force PSPs to undertake huge IT projects. In just one year (starting November 2025), PSPs will be compelled to rationalise their libraries of messy, unstructured customer address data. Indeed, next year's projects are all about data. Onboarding; customer initiation channels; account booking; reporting; statements – every piece of customer data will have to be processed in a structured or hybrid-address format. This means that fixing source information – across the ERP and TMS – will be critical. Though harmonisation between several disparate IT systems will be challenging, the work must start today. Fortunately, AI can support – be it by interpreting current data, knowing the 'to-be' requirements, performing gap analysis; or even creating scenarios, code, and test scripts. The potential resource efficiencies are stark. Ultimately, AI will be key to accelerating both the compliance journey and the data capitalisation process, which extends far beyond November 2025. Sign up for this Finextra webinar, hosted in association with Red Compass, to hear our panel of experts discuss why PSPs must now look beyond the November 2025 deadline for CBPR+ ISO 20022.
Bloomberg
11 hours ago
- Business
- Bloomberg
JPMorgan Reopens Fight With Fintechs, Crypto Over Fees for Customer Data
In late 2024, US regulators put an end to a longstanding fight between banks and technology companies over control of their customers' financial data: Customers have the right to demand, download and transfer their data, for free, per the Consumer Financial Protection Bureau's landmark open banking rule. Less than 10 months later, policymakers say they're going back to the drawing board, the country's biggest bank is planning to charge for access to customers' data, and executives at some of the biggest financial technology companies, crypto firms and retailers are furious.
National Post
15 hours ago
- Business
- National Post
FICO Survey Finds Canadians Increasingly Justify First-Party Fraud Amid Rising Inflation Rates
Article content TORONTO — FICO (NYSE: FICO) Global analytics software leader, FICO released new findings from the 2025 Consumer Survey: Fraud, Identity and Digital Banking CA highlighting Canadians' experiences with application fraud and their perceptions of how well banks are meeting their needs. The survey found that nearly one-third of respondents view first-party fraud—such as providing false information on financial applications—as acceptable in certain circumstances or even normal behavior. Many respondents cited the ongoing cost-of-living crisis as justification. Article content As inflation continues to stretch household budgets, some consumers may be more likely to falsify application details in pursuit of credit. This poses an ongoing challenge for banks, which must detect fraud without adding unnecessary friction for legitimate applicants. Strengthening fraud prevention strategies while preserving trust and accessibility will be key to meeting evolving customer expectations. Article content Identity verification is a crucial balancing act for banks Article content As more Canadians embrace digital banking, their expectations for more efficient and secure experiences are rising. According to the survey, 31% are now more likely to open a financial account online than they were a year ago. At the same time, many reported noticing an increase in identity verification checks. Nearly half (49%) reported experiencing more frequent checks during online purchases, and the same (49%) while logging into bank accounts. While these measures are important for security, they can also create friction: 15% of consumers have reduced or stopped using their checking accounts, and 17% have done the same with credit cards due to the difficulty of identity checks—slightly higher than in 2023. These trends suggest the importance of striking a balance. While security remains a top priority, banks also need to ensure that digital processes remain user-friendly and accessible to keep customers engaged. Article content 'Canadians are demanding seamless digital banking and verification processes,' said Adam Davies, vice president of product management at FICO. 'Nearly 20% of consumers will abandon a checking account if identity checks are too difficult or time-consuming. Banks must continue to make opening processes convenient and secure to attract new customers and build trust.' Article content Rising demand for banks to offer digital new account openings Article content 32% of Canadians say they are more likely to open a financial account digitally than they were a year ago. Across several product types, expectations for speed are high, over 40% of personal loan, credit card, and card loan applicants expect to spend less than 30 minutes opening a checking account. If the application process is too long and difficult, Canadians will abandon the application. These insights re-emphasize the needs for banks to optimize onboarding journeys to retain applicants and reduce abandonment rates. Article content Consumers are concerned with fraud and identity theft Article content Canadians continue to place high value on security. The survey found that 30% of consumers rank good fraud protection as one of the top three considerations when selecting a new account, while 71% rank it in their top three. Fingerprints and facial recognition were marked as a favorite security choice as 62% of consumers report that they either like or have a strong preference to use fingerprints, with 81% rating their security as good or excellent. Article content At the same time, Canadians are seeing a rise in stolen identities. 6% of Canadians reported their stolen identity was used by a criminal to open a financial account—equating to approximately 1.8 million victims and marking an increase from 5% in 2023 and 5.6% in 2020. Despite the rising risk, many Canadians underestimate their personal exposure. While 71% of consumers rank the use of stolen identity to open an account as a top three fraud concern, 40% believe it's unlikely to have happened to them, and 23% are confident their identity has never been used this way. This disconnect between concern about identity theft and personal risk perception suggests many Canadians may be unaware they've already been affected or that they are currently at risk. Article content For more details and insights regarding the survey results, download the 2025 Consumer Survey: Fraud, Identity and Digital Banking CA eBook. This survey was issued to 1,000 Canadian bank customers across age and income demographics. Article content For more information on how FICO can help financial services organizations exceed customer needs and expectations, visit About FICO FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting four billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency. Article content Article content Article content Article content Article content
Yahoo
15 hours ago
- Business
- Yahoo
FICO Survey Finds Canadians Increasingly Justify First-Party Fraud Amid Rising Inflation Rates
Canadians are committing fraud to gain credit during cost-of-living crisis TORONTO, July 30, 2025--(BUSINESS WIRE)--FICO (NYSE: FICO) Global analytics software leader, FICO released new findings from the 2025 Consumer Survey: Fraud, Identity and Digital Banking CA highlighting Canadians' experiences with application fraud and their perceptions of how well banks are meeting their needs. The survey found that nearly one-third of respondents view first-party fraud—such as providing false information on financial applications—as acceptable in certain circumstances or even normal behavior. Many respondents cited the ongoing cost-of-living crisis as justification. As inflation continues to stretch household budgets, some consumers may be more likely to falsify application details in pursuit of credit. This poses an ongoing challenge for banks, which must detect fraud without adding unnecessary friction for legitimate applicants. Strengthening fraud prevention strategies while preserving trust and accessibility will be key to meeting evolving customer expectations. Identity verification is a crucial balancing act for banks As more Canadians embrace digital banking, their expectations for more efficient and secure experiences are rising. According to the survey, 31% are now more likely to open a financial account online than they were a year ago. At the same time, many reported noticing an increase in identity verification checks. Nearly half (49%) reported experiencing more frequent checks during online purchases, and the same (49%) while logging into bank accounts. While these measures are important for security, they can also create friction: 15% of consumers have reduced or stopped using their checking accounts, and 17% have done the same with credit cards due to the difficulty of identity checks—slightly higher than in 2023. These trends suggest the importance of striking a balance. While security remains a top priority, banks also need to ensure that digital processes remain user-friendly and accessible to keep customers engaged. "Canadians are demanding seamless digital banking and verification processes," said Adam Davies, vice president of product management at FICO. "Nearly 20% of consumers will abandon a checking account if identity checks are too difficult or time-consuming. Banks must continue to make opening processes convenient and secure to attract new customers and build trust." Rising demand for banks to offer digital new account openings 32% of Canadians say they are more likely to open a financial account digitally than they were a year ago. Across several product types, expectations for speed are high, over 40% of personal loan, credit card, and card loan applicants expect to spend less than 30 minutes opening a checking account. If the application process is too long and difficult, Canadians will abandon the application. These insights re-emphasize the needs for banks to optimize onboarding journeys to retain applicants and reduce abandonment rates. Consumers are concerned with fraud and identity theft Canadians continue to place high value on security. The survey found that 30% of consumers rank good fraud protection as one of the top three considerations when selecting a new account, while 71% rank it in their top three. Fingerprints and facial recognition were marked as a favorite security choice as 62% of consumers report that they either like or have a strong preference to use fingerprints, with 81% rating their security as good or excellent. At the same time, Canadians are seeing a rise in stolen identities. 6% of Canadians reported their stolen identity was used by a criminal to open a financial account—equating to approximately 1.8 million victims and marking an increase from 5% in 2023 and 5.6% in 2020. Despite the rising risk, many Canadians underestimate their personal exposure. While 71% of consumers rank the use of stolen identity to open an account as a top three fraud concern, 40% believe it's unlikely to have happened to them, and 23% are confident their identity has never been used this way. This disconnect between concern about identity theft and personal risk perception suggests many Canadians may be unaware they've already been affected or that they are currently at risk. For more details and insights regarding the survey results, download the 2025 Consumer Survey: Fraud, Identity and Digital Banking CA eBook. This survey was issued to 1,000 Canadian bank customers across age and income demographics. For more information on how FICO can help financial services organizations exceed customer needs and expectations, visit About FICO FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting four billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency. Learn more at Join the conversation at & For FICO news and media resources, visit FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries. 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