Public Safety committee  I'd say yes. The chip and PIN, both the chip technology with the EMV-layered security and the PIN that is known only to the user, have been very effective. We've almost eradicated fraud on Interac debit. It's well below one basis point of fraud. As I mentioned earlier, it's just

Public Safety committee  You are totally secure. The PIN pads you make your transaction on, those are all issued by acquirers and payment processors, and they are part of the closed loop network. Every point in the network is secured.

Public Safety committee  It doesn't go across an open Internet.

Public Safety committee  They're good questions. Thank you.

Public Safety committee  Could you expand on the question? In what regard do you mean traceable?

Public Safety committee  Part of my testimony today was about encouraging open collaboration and more information sharing and safe harbour provisions with the RCMP. The transactions are traceable. However, in today's environment, if the RCMP is looking at a bad actor, as you suggest, they will keep certa

Public Safety committee  The fraud is constantly changing, and it also moves around based on vulnerabilities at the different financial institutions. The most common fraud that we see is what we call account takeover fraud. In the earlier example, we were speaking about some of the phishing exams, a pers

Public Safety committee  Interac has developed and deployed our own token service provider. It's correct in that we are not using any other provider, whether it's Mastercard or otherwise. We have our own token service provider. We deploy our own technology because it is so secure and because we can manag

Public Safety committee  That's a very good question. I think the question is directed toward our Interac e-Transfer product, which has several different options. Auto-deposit is an immediate, real-time transaction. The one that you described is called our question and answer type of transaction. That's

Public Safety committee  The answer is no. It's a highly secure, closed-loop, private network. While Interac operates the infrastructure, Interac also has the operating regulations and governance through which the transactions transfer from each financial institution. What we are facilitating is the fina

Public Safety committee  That's correct. We have a fully secured, closed-loop private network among the almost 300 financial institutions, credit unions and caisses populaires across Canada.

Public Safety committee  That's a wonderful question. We actively work with the RCMP and law enforcement today on the exchange of some information, although it often requires a production order. We would suggest that certain privacy and other safe harbour legislation could be opened that would allow a

Public Safety committee  Last year, Interac experienced 4,300 of these phishing websites. We worked with a leader in the industry, a partner of ours, to take them down. It's a similar partner that works with many financial institutions. The larger financial institutions experience many more phishing inci

Public Safety committee  I would say no, actually. The mobile technology is more secure. It is akin to the tap technology, so it uses the EMV card technology. It's quite a layered security. I also mentioned tokenization. What's actually stored on the phones is a token, not the actual card number. It leve

Public Safety committee  Good afternoon, everyone. Thank you very much for the opportunity to address the committee. My name is Terri O'Brien. I lead the risk management practice at Interac Corp. For my opening remarks today, my goal is to provide insights and recommendations on cybersecurity from our