Privacy experts slam National Bank asking customers for their password at other banks

guest · Oct 30, 2019

Privacy experts slam National Bank asking customers for their password at other banks
October 25, 2019
https://www.cbc.ca/news/canada/nova-scotia/national-bank-canada-customer-banking-privacy-1.5334059

The message on National Bank's website said "You must provide your sign-in access to another major Canadian financial institution."

Kaminsky had no problem providing his bank account number, but he wasn't prepared to give up his password. That's because banks make you liable for any fraudulent charges on your account if you share your banking access information.

However, National Bank [...] called the requirement an "innovative" way for customers to create an online account without having to visit a bricks-and-mortar bank.
He emailed the bank asking if they were really serious about the requested information and how they would feel about one of their clients giving access to a National Bank account. He said he hasn't received a response.
Click to expand...

'Unprecedented' request, says privacy expert
Privacy experts see it differently.

"I've never heard of such a thing. It's unprecedented and completely privacy invasive that they would ask for your [password], which only you should have. That's not something you share with a bank," said Ann Cavoukian, former information and privacy commissioner of Ontario.
National Bank stands behind its approach
"We have many people that have gone through the process and opened an account online," she said, adding if someone is uncomfortable in providing access to their bank account, they can go to a National Bank branch instead.

As for requiring access to another bank account, Elizalde said that information isn't kept by National Bank.

"It is scrubbed 100 per cent," she said.
Click to expand...

Log in or Sign up

Privacy experts slam National Bank asking customers for their password at other banks

guest Guest

Log in or Sign up

Privacy experts slam National Bank asking customers for their password at other banks

guest Guest

Useful Searches