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Canada’s Digital Identity Crisis: A Barrier to Economic Growth

September 14, 2023 by Newsdesk

As Canada strives for post-pandemic economic growth and innovation, a critical hurdle remains unaddressed: digital identity and data security. Cybercrime and identity theft have surged, with reported losses of $500 million in 2022, a 40% increase driven by the pandemic. The consequences range from drained bank accounts to hackers controlling vehicles.

The way we handle these issues affects every aspect of our digital lives, from bank verifications to daily transactions. Canada faces a pivotal moment in digital verification as existing methods falter against fraud. The remedy lies in a new data paradigm with robust digital identity tech and privacy standards.

Want to know more? Check out the source code on Fintech.ca.

Filed Under: News Tagged With: ATB Ventures

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