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Email this8:59 pm
October 21, 2013
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Top It Up said
Did you also cancel your Bell Canada services following their data breach?
Apples and oranges.
11:56 pm
December 17, 2016
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Loonie said
Apples and oranges.
Identity theft is Identity theft - the difference is in the eye of the beholder only.
12:55 am
February 17, 2013
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Doug said
Go back to Coast Capital Savings for your day-to-day banking, Rick. If you don't need them for in-branch teller services, it's a slick bank. I really miss not having Me-to-Me Transfers, but that'll come. Meantime, I can use cheque deposits at their (or Exchange) ATMs or my Hubert "hub" account. 🙂
Cheers,
Doug
Haven't heard anything about CC getting M2M. Have you? Deposit my cheques using app on my phone. Do use their ATM to get cash out of Motive. Both on the Exchange network but Motive does have M2M. I'm happy with them for D2D.
Save2Retire@55 said
Tangerine replaced Simplii for me but I still have Simplii as a back up.
Would you say the same about BMO? After all, a big bank is affected too.
I think in this day and age, anyone can be hacked. From the government and industry to a kids savings account. This is just one more straw to throw on the camel's back added to the ones I discovered (too late) when dealing with Simplii. I'm sure you read the same posts I have. Go to the post office?? An "online" bank? Really?? If BMO required me to do that..yeah...Id say the same thing.
8:36 am
December 17, 2016
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From Rob Carrick, in the G&M -
Part of the branding of big banks – Simplii is owned by Canadian Imperial Bank of Commerce – is their image of impregnability. That’s a big reason why the market share of purely online banks in Canada is feeble at less than 7 per cent, according to consulting firm McVay and Associates.
Mr. Boucher predicts that the security breach will make people more conscious of the risks of online banking. “I think it would be silly to say it won’t have an impact,” he said. “The reality is that pretty much anyone can be hacked.”
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So much for online banking growth - I had no idea the % uptake but thought it higher than the 7% mentioned above ... obviously, this forum is not an accurate measuring stick for that activity.
12:21 pm
September 5, 2013
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BMO Account Holders’ Social Insurance Numbers Revealed In Data Dump
• Personal details of a number of users believed to be linked to the recent data breach at BMO were released online before being taken down. The published information included social insurance numbers, dates of birth, account numbers, names, email, home mailing addresses, phone numbers, occupations and citizenship information. The data was publicly accessible for a few hours on May 28, between 2 p.m. and 7 p.m...
https://toronto.ctvnews.ca/bmo-account-holders-social-insurance-numbers-revealed-in-data-dump-1.3952451
3:27 pm
October 21, 2013
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Top It Up said
From Rob Carrick, in the G&M -Part of the branding of big banks – Simplii is owned by Canadian Imperial Bank of Commerce – is their image of impregnability. That’s a big reason why the market share of purely online banks in Canada is feeble at less than 7 per cent, according to consulting firm McVay and Associates.
Mr. Boucher predicts that the security breach will make people more conscious of the risks of online banking. “I think it would be silly to say it won’t have an impact,” he said. “The reality is that pretty much anyone can be hacked.”
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So much for online banking growth - I had no idea the % uptake but thought it higher than the 7% mentioned above ... obviously, this forum is not an accurate measuring stick for that activity.
There was an article a few years ago, perhaps 3 or so, which said that the potential or market saturation (can't remember which) for alternative online banks was about 3%. I think this might have been broadcast at the time that one of them was launched. So, in comparison to that, 7% is very high. Further, even the Big Banks support it and are eager to close branches, so that for many people alternatives are few and far between.
The security risk is not limited to online-only banks anyway. Any computer system can be hacked. Remember Equifax?
The entire article can be found here:
https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-how-to-protect-yourself-when-your-banks-online-security-fails/
6:32 pm
April 6, 2013
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Loonie said
There was an article a few years ago, perhaps 3 or so, which said that the potential or market saturation (can't remember which) for alternative online banks was about 3%. I think this might have been broadcast at the time that one of them was launched. So, in comparison to that, 7% is very high. …
That depends on what those percentages are. If those are percentages of assets, deposits, and lending, then the newer online-only banks will never be very high.
The newer online-only banks just don't have the credit ratings to attract the large deposits and the money to loan. No business is going to deposit their $1 million+ a month payroll funds with anyone but the Big 5 as CDIC will only cover the first $100,000.
The reason Royal Bank used to dominate small business banking was because they had the capital to issue the most loans to small businesses. A small business is not inclined to have their bank account with, and pay banking service fees to, a financial institution that declined their line of credit application.
7:01 pm
December 17, 2016
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And my mistake was in quickly passing over the words "market share." I was thinking more along the lines of percentage of Canadians who have and use accounts at online-only banks, be they primary or secondary accounts (with banks being the generic term to also include online-only credit unions) and so from that perspective I thought the number to be low. Again, not in terms of total assets and deposits rather, just users.
7:56 pm
April 6, 2013
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I think I found the McVay and Associates report the Globe & Mail article refers to:
Focus on Direct Banks (May 22, 2018) by David McVay
The market being discussed is the "total deposit and loan balances". As of March 2018, the 19 Canadian direct banks in the report have about 6.5% of the "deposit and loan balances" in Canada.
Interestingly, McVay writes in the report that "it appears that the market for direct only banking may be substantially saturated." 
10:09 pm
October 21, 2013
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My recollection of the 3% figure a few years back was that it referred to deposits.
If indeed the market is nearly saturated (which I very much doubt as I know tons of individuals who do not yet use these alternatives for their savings or everyday banking), then their advertising and promotion would be directed towards stealing customers from each other rather than growing their base. I can't imagine that Meridian, for example, would be putting the huge amount of money and effort that they are into creating a new bank if there were no new market to be had. I think they run their business pretty well, and that just wouldn't make sense.
Norman, were you able to find the Table to which McKay refers? it comes up blank on Chrome and non-existent on Firefox on my computer. I would like to see that.
I suspect the "inertia" to which he refers, which limits direct banking in Canada, is in fact an aspect of our national trait of small-c conservatism when it comes to money and banking. When I mention alternatives to people, the most common hesitation is that people fear they might not be safe. The second and third are that they never heard of them and don't believe you can get "something for nothing", i.e. that there must be a "catch". These objections can and will be overcome over time. Increased financial literacy may actually help.
10:58 pm
April 6, 2013
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The table is in the form of an image above the paragraph "This table shows the Direct “Banks’ in order…".
There is something odd about the table image. Table image shows with Internet Explorer 11 and Microsoft Edge browsers. But, not Google Chrome 67!
The table image is in an uncommon TIFF format, base64 encoded! Usually web page images are JPEG, GIF, or PNG format, binary encoded.
Could be an error made by the author when the page was rendered to HTML.
8:19 am
April 6, 2013
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Loonie said
My recollection of the 3% figure a few years back was that it referred to deposits.
If indeed the market is nearly saturated (which I very much doubt as I know tons of individuals who do not yet use these alternatives for their savings or everyday banking), then their advertising and promotion would be directed towards stealing customers from each other …
Continue discussion in new thread Direct-only banking market saturated?.
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