Mr. Speaker, Bill C-11 imposes obligations with regard to the collection, retention and disclosure of personal information, which is good. However, it does not require businesses to verify that the person they are dealing with is who they claim to be before authorizing a financial transaction.
In the interest of regulating banking practices and reducing fraud, should we not be requiring financial institutions to institute robust identity checks to prevent fraudsters from stealing someone's identity and using their personal information? Should banks not be required to include the number of fraud cases due to identity theft in their annual statements? Should they not be required to contact anyone whose identity may have been used fraudulently?