Personal Finance

Verified.Me digital identity coming to Canada

  • Last Updated:
  • May 5th, 2019 7:26 am
[OP]
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Dec 12, 2009
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Verified.Me digital identity coming to Canada

This was in this mornings news.

https://www.ctvnews.ca/business/canada- ... -1.4402861

TORONTO -- Canada's biggest banks are marking the official launch of a new digital identity network called Verified.Me, following years of development with their partner SecureKey Technologies Inc. of Toronto.

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

In essence, the Verified.Me smartphone app will connect with the financial institutions and remove many of the steps that are currently required to apply for financial services and government documents.

However, they are taking baby steps and initially offering only a limited selection of products from Sun Life Financial and Equifax through the participating institutions.

CIBC, Desjardins, RBC, Scotiabank and TD say they'll have Verified.Me running immediately while BMO Bank of Montreal and the National Bank of Canada are to join the network in the future.

SecureKey chief executive Greg Wolfond says the longer-term goal is to have Verified.Me used by a wide range of businesses and government agencies such as the Canada Revenue Agency.
and https://www.marketwatch.com/press-relea ... quote_news
TORONTO, May 1, 2019 (Canada NewsWire via COMTEX) -- Verified.Me is now available for Canadian consumers of select financial institutions, with more to come in near future.

Today, SecureKey Technologies Inc., a leading provider of federated identity and authentication solutions, announced that its digital identity network, Verified.Me, is now available for consumers of CIBC, Desjardins, RBC, Scotiabank and TD across Canada. Beginning today, Canadian customers and members of these financial institutions will be able to use Verified.Me to help verify their identities online with the services they need in a privacy-enhanced and secure way, with BMO Bank of Montreal and National Bank of Canada to launch soon. Sun Life Financial Inc. has signed on as an early adopter and the first North American insurer on the service.

This approach to digital identity brings together the best capabilities of numerous parties including financial services, telecommunications and insurance providers, to create a holistic approach to digital identity that will protect the interests of consumers and businesses as they participate in today's digital economy. Verified.Me is a digital identity and attribute sharing network, built on top of blockchain technology, that simplifies the sharing of personal information to help with identity verification in a safe way, allowing consumers to quickly and securely share information with participating service providers, while enabling businesses to achieve more streamlined, effective and cost-efficient client services and onboarding.
For more information, please visit www.securekey.com and www.verified.me
Following the advice of the Health Experts - I will consider voting for Dougie @ 12:01 AM, five days after the next provincial election.
15 replies
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Mar 10, 2018
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Yeah. I just heard that. Still not sure how this will help. Security and all other issues. But I need to do some more reading on that.
I dont care about Ethics, morals, rules or laws. I will apologies only when I get caught.
I try not to apologies but sometimes do it. not because its right thing but it benefits me.
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Mar 10, 2018
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Nope. Not for me. Not required imo for now.

Too much additional elements creates more risks.
I dont care about Ethics, morals, rules or laws. I will apologies only when I get caught.
I try not to apologies but sometimes do it. not because its right thing but it benefits me.
New Mantra for idiots Just ask RFD before searching answers anywhere.
Sr. Member
Apr 23, 2017
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In online retail PayPal sort of functions this way. If I go to a merchant website where I have no account, and load my cart with items, then go to checkout, it gives the option to create an account, or one can just proceed as a guest and use PayPal.
PayPal fills in all the shipping address info, verifies my identity to the merchant, and pays the merchant on my behalf using my credit card saved on PayPal. So I just one click confirm purchase and am done, without having to fill in any info fields, give CVC #, etc.

This new VerifiedMe service so far only works at SunLife and Equifax, but will be interesting to see in what way and where it is applied in future. No real need for me to sign up as of yet. Will continue to monitor it.
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Jul 3, 2017
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So if this works the same as the CRA's use of the Concierge login system, all it means is that the organization asking to verify your identity puts the responsibility onto your bank login. So it can only be as secure as your bank login - perhaps less because you are now sharing sensitive information with yet another organization through another layer of intermediary software. Oh well, I guess we'll soon get to see how it actually works in practice.
Sr. Member
Feb 21, 2010
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Scarborough
Isn’t this like a single sign on for all participating institutions?
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Jan 10, 2017
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romeocanada wrote: Isn’t this like a single sign on for all participating institutions?
Pretty much, with the extra step where you said you were this person at one place, you can extend that verification to other places without having to do it all over again.
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It's worth pointing out this is a consumer-facing end user app. I still think SecureKey will continue to develop back-end sign-on credential validation tools, which governments and financial institutions will continue to use independent of or in tandem with Verified.Me.

In sum, you won't need to necessarily use this mobile app and create a Verified.Me account in order to use websites that authenticate with SecureKey.

Verified.Me has a lot of work to do, chiefly developing a web-based interface (not just a mobile app).

Cheers,
Doug
[OP]
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Dec 12, 2009
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TheRealVinsanity wrote: thanks, reading up on it right now.
I've been doing the same.
On one hand Ann Cavoukian was involved in the development (good) on the other so was Homeland Security (scary).
The devil will be in the details.
Following the advice of the Health Experts - I will consider voting for Dougie @ 12:01 AM, five days after the next provincial election.
Sr. Member
Sep 6, 2016
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they collect the info and after it will be lost so easy
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Sr. Member
Sep 6, 2016
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Exp315 wrote: So if this works the same as the CRA's use of the Concierge login system, all it means is that the organization asking to verify your identity puts the responsibility onto your bank login. So it can only be as secure as your bank login - perhaps less because you are now sharing sensitive information with yet another organization through another layer of intermediary software. Oh well, I guess we'll soon get to see how it actually works in practice.
exactly
more sharing more issues
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Nov 13, 2010
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Another attempt to collect people’s data abd important documents......in the name of whatever
Sr. Member
Aug 8, 2003
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Ontario
This service protects the banks from fraud, but not you , or am I missing something?
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Sep 23, 2009
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LDN2012 wrote: There is no real clarity on the end benefit to consumers.
The benefit would be if you were applying for something like a job, loan, mortgage or an apartment.

They would have quick access to data to determine if you are a suitable candidate.

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