The Toronto-based company is building on the success of its SecureKey Concierge service, in use since 2012, that allows consumers to use their banking credentials to gain easier online access to Canada Revenue Agency services. (Black Press Media file photo)

Canada’s banks officially launch SecureKey’s Verified.Me digital identity network

Platform also promises to give users control over information banks will share with third parties

Canada’s biggest banks marked the official launch of the Verified.Me digital identity network on Wednesday, following years of development and testing with their partner SecureKey Technologies Inc.

The banks see Verified.Me as the beginning of a more secure Canadian identity ecosystem for a world where technology is making it easier for criminals to steal personal data and use it to create false identities.

“We think solving this problem — about proving it’s me and making it harder for the bad guy to (pretend to) be me — is a problem of our age that we have to solve,” SecureKey chief executive Greg Wolfond said in an interview.

The Toronto-based company is building on the success of its SecureKey Concierge service, in use since 2012, that allows consumers to use their banking credentials to gain easier online access to Canada Revenue Agency services.

READ MORE: Security tips for National Password Day

Verified.Me goes a step further by making it easier for individuals to provide proof of their identity, using the information they’ve already provided to their financial institutions.

In essence, the Verified.Me smartphone app connects with participating financial institutions and removes many of the steps that are currently required to establish a person’s identity.

The platform also promises to give the users control over what information their banks will share with third parties that use Verified.Me to transact business with consumers.

In the long run, that could include applying for a mortgage, renting an apartment or obtaining a driver’s licence.

But currently only a limited number of financial products or services are available through Verified.Me.

“The current capabilities … on Day 1 are registering their insurance with Sun Life, for example, and checking their credit score with Equifax,” said Greg Elcich, CIBC vice-president for enterprise innovation.

“But this is about building out an ecosystem around identity,” he said. “This service will save Canadians time with everyday tasks that they do…That’s the real vision here.”

CIBC, Desjardins, RBC, Scotiabank and TD said they’d have Verified.Me running effective Wednesday while BMO Bank of Montreal and National Bank of Canada said they will join the network in the near future.

Investors in the Verified.Me consortium include the banks and the Desjardins co-operative, the Telus and Rogers communications companies, the Visa, Mastercard and Discover credit card businesses, and Intel, the semiconductor giant.

Rami Thabet, RBC’s vice-president for digital products, said the financial institutions want to build a Canadian digital identity ecosystem.

“There are quite a few nuances to how Canadians are accessing digital properties and accessing financial services digitally (that were) a key aspect of the design of the platform and to ensure that it met client needs in the future.”

He said Canada’s financial institutions invest heavily in cybersecurity to protect consumer data and privacy.

“This has been a core underpinning of the (Verified.Me) platform, where it’s been designed with privacy and security in mind from the get-go,” Thabet said.

Andrew McFarlane, managing director of Accenture Financial Services, said the lack of a consumer-friendly identity authentication service has delayed European take-up of newer ways to make payments with electronic devices.

“Unless it’s easier and more convenient than using your card, people will continue to use the same payment methods that they have today,” McFarlane said.

But the challenge, he added, is to “get the authentication requirements right while still keeping an eye on fraud and making sure you’re still safe and secure.”

David Paddon, The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

LETTER: If recall mechanism existed, Surrey’s mayor would be gone in heartbeat

McCallum and cronies are out of control, won’t listen and are in dereliction of their duty

Struggles of South Asian gays and lesbians documented in new film

‘Taboo topic’ explored in Sher Vancouver-backed ‘Emergence’ doc movie, due out next year

Man charged after alleged ‘violent’ robbery at Surrey SkyTrain station

41-year-old Aaron Sutherland, of no fixed address, is ‘well known to police’

Police looking for ‘high risk’ missing man last seen at Surrey Memorial Hospital

Delta Police spokeswoman Cris Leykauf says Adam Summers is deemed a high risk due to medical reasons

Surrey RCMP find no evidence of gunfire after report of shots fired

Police say investigation ongoing; CCTV footage is being reviewed

MAP: Christmas light displays in Surrey and beyond

Send us pictures of your National Lampoon-style lit-up homes, nativity scenes or North Pole playlands

Illict drug deaths down, but B.C. coroner says thousands still overdose

Chief coroner Life Lapointe says province’s drug supply remains unpredictable

One of B.C’s last surviving strip clubs baring all again for Christmas charity

25th annual event is Sunday and raises money for the Maple Ridge-Pitt Meadows Christmas Hamper Society.

Province ‘reinforcing’ new rules for party buses as holiday season approaches

Ministry reminds the public that it’s against the law to consume alcohol, cannabis inside a vehicle

University of Victoria researchers develop industry-changing ‘hyper-glue’

‘Cross-linking’ technology already playing a role in performance body armour

Threats to the Fraser River at ‘new zenith,’ says river conservationist

The ‘Heart of the Fraser’ should be deemed ecologically significant according to ORC statement

What’s happening: week of Dec. 5

Events and community listings for North Delta

Grandparents raising children: Shuswap grandma sees need for support

Peer group formed for those who have unexpectedly taken on the role of parenting

Final appeal rejected for man convicted in deaths of missing Alberta seniors

Lyle and Marie McCann were in their 70s when they left their home in St. Albert in 2010 and vanished

Most Read