Canada’s major banks and telecom providers have introduced CSAFE, a platform to detect and share information on repeat fraud across institutions.
- CSAFE was developed by EnStream following a pilot involving CIBC and Rogers.
- Founding participants include Bell, BMO, CIBC, Desjardins, National Bank, RBC, Rogers Communications, Scotiabank and TELUS.
- Participants contribute confirmed fraud intelligence that EnStream standardizes and enriches.
- EnStream plans to enhance CSAFE with AI and machine learning to improve fraud detection capabilities.
Why it matters
By sharing fraud data across banking and telecom sectors, Canadian SMEs can expect more robust fraud prevention measures that reduce risks posed by cross-industry scams and improve security during financial transactions and account management.
Source: Fintech.ca
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