Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Voices
Google’s Willow Quantum Chip Breakthrough
Quantum Computing | Dec 11, 2024
Image: Super Computer Development (Google blog)
Google’s New Willow Chip Pushes Quantum Computing Closer to Real-world Use
Earlier this week, Google introduced its latest quantum computing chip, Willow, a breakthrough that could reshape the future of technology. According to reports, this isn't an incremental improvement but an actual leap towards solving the world's toughest problems. Previously, quantum computing has been more of a promise than a reality due to many tech challenges such as its error rates that make calculations less reliable. Willow solves this problem by scaling up qubits drastically while reducing errors, setting a new standard in the advanced field. Let's have a closer look at what makes Willow a game-changer.
What Makes Willow a Game-Changer?
1. Incredible Speed and Power
Willow can solve incredibly complex problems in just five minutes. That includes tasks that would take today's top supercomputers over 10 septillion years to solve. That's a mind-boggling amount of power and beyond what humans can even comprehend.
See: Bank of Canada to Simulate Crypto Adoption Cases using Quantum Computing
Put this another way, this type of compute power will allow researchers to tackle problems that were previously impossible to even attempt. Yes, in the future we can all expect to never see the processing 'hour glass' while we wait ever again.
2. Scaling Without Errors
Most quantum chips run into trouble as they grow, with errors piling up as more qubits are added. Willow’s latest design fixes this by allowing more qubits while actually reducing errors. Imagine a race car that not only gets faster but also becomes safer and more reliable the faster it goes. Yes, that's one of the mind-boggling parts of this breakthrough.
3. Ready for Real Use Cases
Earlier quantum computers were basically restricted to lab use to work on theoretical problems. Willow game-changes this with its stability and speed, making it possible to use in the practical real world as we know it today in cases such as:
See: Quantum computing use cases are getting real—what you need to know
- Simulate drug interactions faster to speed up the development of new treatments (read: next medical breakthrough)
- Design better fusion reactors and improve battery technology to power the sustainable future.
- Help train complex AI systems and optimize massive supply chains far more quickly than ever before.
- These are just the tip of the ice berg...
4. Stable and Reliable Computing
Willow's milestone of keeping an error-corrected qubit stable for up to an hour means it's stable and possible to handle more complicated calculations without failure. This reliability is key for making quantum computing suitable for practical use cases, and why Willow's breakthrough is a game-changer.
What Are Tech Leaders Saying?
Google’s announcement has drawn reactions from across the tech world. Elon Musk and Sam Altman were 'wowed' with the milestone, highlighting its potential impact.
Competitors like IBM and Microsoft are advancing their quantum efforts to keep pace.
- IBM continues its work with Quantum System One and plans for error-corrected quantum systems by 2026.
- Microsoft's Azure Quantum, which integrates quantum hardware and tools for developers.
Google has also partnered with Nvidia to strengthen its position. Nvidia’s Eos supercomputer helps simulate quantum designs and accelerating development to address challenges like noise interference.
Will Willow Threaten Cryptocurrencies Like Bitcoin?
One big question is whether quantum computing could break the cryptographic security that protects cryptocurrencies? For now, Bitcoin and other blockchain systems remain secure. Experts estimate a quantum computer would need at least 13 million qubits to crack Bitcoin’s encryption in a day. With 105 qubits, Willow is powerful but nowhere near that threshold.
See: Documentary (30mins): Quantum technologies role in our sustainable future
The cryptocurrency industry is actively preparing for a quantum-secure future. For example, Vitalik Buterin, co-founder of Ethereum, has outlined plans to integrate quantum-resistant cryptographic upgrades into Ethereum's foundational code to protect the network's long-term security.
Also, the U.S. National Institute of Standards and Technology (NIST) has identified the first group of encryption tools designed to survive attacks from future quantum computers.
Why This Breakthrough Matters
Google's breakthrough quantum computing chip Willow will accelerate the practical use of quantum computing tech capable of revolutionizing industries over night. While it doesn’t pose an immediate threat to current cryptographic systems, it sure does remind us how quickly technology evolves in a way that just may solve humanity's toughest problems.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Vancouver’s Bitcoin Vision: A New Era for City Finances
Crypto | Dec 10, 2024
Image: Freepik/TravelScape
Is Bitcoin Becoming the Reserve Asset of the Future?
Is Vancouver about to lead the Bitcoin revolution in Canada? The Mayor of Vancouver Ken Sim (elected on October 15, 2022) announced that the city should use Bitcoin as part of the city's financial reserves in a proposal titled, “Preserving the City’s Purchasing Power Through Diversification of Financial Resources”. Sim's idea comes at a time when the Canadian dollar is losing value because of inflation and other economic pressures. He wants to protect the city's money from inflation and economic uncertainty by making Vancouver a Bitcoin-friendly city while also positioning it as a hub for financial innovation. The city council plans to discuss on December 11, 2024.
What’s the Plan?
The proposal goes beyond just holding Bitcoin in the city’s reserves, and outlines a comprehensive plan to make Vancouver a “Bitcoin-friendly city”:
- Residents could get the option to pay taxes and city fees using Bitcoin.
- Embracing Bitcoin could bring new businesses to the city and create jobs in crypto and blockchain.
- The city will engage the public by talking to experts, local businesses, and residents to ensure any decisions are informed and transparent.
Why is Vancouver Talking About Bitcoin?
Bitcoin is often referred to as a store of wealth or 'digital gold' (among other things). Unlike traditional money, Bitcoin has a fixed supply and operates on a decentralized network, so no one can print more of it. Bitcoin has been the top performing financial asset over the past decade with an average annual return of 230%, surpassing all other asset classes by a significant margin. Massive investment companies like BlackRock, Fidelity, and Deutsche Bank are already invested in Bitcoin and see bitcoin as a long term store of value. The proposal argues that Vancouver should join cities and countries around the world that are exploring Bitcoin to stay ahead of the curve.
See: Bitcoin Hits $100K, Pizzas Now Worth $1 Billion!
Ken Sim, Mayor of Vancouver:
“We need to think about the future. [Bitcoin is] the greatest invention in human history.”
From city halls in Canada and the powers that be in the United States and beyond, leaders are debating if Bitcoin could play an important role in hedging economies against uncertainty. Globally, countries are looking at how Bitcoin might fit into their financial strategies. To name just a few:
- Some United States policymakers including President-elect Donald Trump and Senator Cynthia Lummis are pushing for a national Bitcoin reserve. Lummis’ proposal would convert some government gold reserves into Bitcoin and acquire up to one million Bitcoins over five years. While Elon Musk sounds the alarm about America's unsustainable $35 trillion debt, advocates of a national bitcoin reserve argue the move could help reduce the national debt, strengthen the dollar, and counter economic threats from competing nations like China and Russia.
- El Salvador was the first country to adopt Bitcoin as legal tender. They built a national Bitcoin reserve of over 5,900 coins which is now valued at more than $600 million, and see Bitcoin as a tool to boost financial inclusion and reduce reliance on traditional currencies. Yet the IMF wants El Salvador to scale back its Bitcoin dreams to unlock a $1.3 billion loan.
- In Switzerland, Bitcoin advocates are pushing for the Swiss National Bank to include Bitcoin in its reserves. They are aiming to change the constitution by a referendum that requires 100,000 signatures to proceed.
See: UK vs. Canada: A Tale of Two Different Crypto Consumers
- Bhutan quietly built a significant Bitcoin reserve through mining operations powered by hydroelectric energy, now worth $750 million or approx 27.9% of it's 2023 GDP. They are aiming to become a leader in sustainable Bitcoin mining.
- Lugano, Italy, launched Plan ₿, an initiative to integrate Bitcoin into daily life and transform the city’s financial infrastructure. Residents and businesses can use Bitcoin to pay for municipal services, taxes, and even small purchases. Lugano wants to be a blockchain innovation hub to boost the local economy and promote global cryptocurrency adoption.
- Brazilian lawmakers are considering a proposal to invest 5% of national reserves ($18.6 billion) in Bitcoin with the goal of diversifying financial assets and protecting against global risks.
Skeptics Speak Out
Critics are quick to point out Bitcoin's volatility and question whether it's a safe choice for public funds. Ex-U.S. Treasury Secretary Lawrence Summers has called the idea of a national Bitcoin reserve “crazy”, saying Bitcoin is too volatile and lacks the utility of assets like oil or gold. Summers believes that to manage the countries burgeoning debt the U.S. should focus on tax form and budget adjustments instead of betting on crypto.
“Why would the government choose to support a bunch of Bitcoin?” - Summers
See: Marathon Bitcoin Miner Ventures into Whisky Barrels
Closing Outlook
As the global conversation around Bitcoin as a reserve asset is heating up, Vancouver's Mayor Ken Sim is positioning the city as a key player. But it also raises questions about risk, volatility, and public trust.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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LQwD Joins Microstrategy’s Bitcoin for Corporations
Crypto | Release | Dec 4, 2024
Image: Bitcoin for Corporations (website)
LQwD Technologies Joins Microstrategy-led Bitcoin for Corporations as an Executive Member
LQwD Technologies Corp., a leader in Bitcoin infrastructure and payments, has joined Bitcoins for Corporations (view press release) spearheaded by MicroStrategy in partnership with Bitcoin Magazine with the aim of accelerating corporate adoption of bitcoin. It's a hub for learning, collaboration and leadership and now Canadian fintech, LQwD, is at the forefront of the movement.
See: Unlocking Web3 – What Every Founder Needs to Know
As an Executive Member, LQwD gains access to exclusive resources, networking opportunities, and the collective knowledge of other innovative businesses. LQwD is no stranger to driving Bitcoin adoption. The company announced just last week that they have facilitated over 1 million transactions across its Lightning Network channels (transferring approximately 857 Bitcoin) with over half of these transactions occurring between Jan 1 to Oct 31, 2024, showcasing LQwD's rapid growth.
Why It Matters
For companies looking to stay ahead in the evolving and fast paced world of finance, this initiative is chance to connect and learn from top crypto experts.
Other recent articles you may like
- Resurgence of Cryptoassets in Canada’s Investment Landscape
This article talks about how digital currencies are becoming more popular with Canadian institutional investors. It highlights key findings from a 2023 survey on how institutions are adopting crypto assets. - Canada to Enforce Cryptoasset Reporting by 2027
The Canadian government is working on new rules for cryptoasset reporting that will be in place by 2026 (reporting enforced by 2027). These regulations are designed to align with global transparency standards and provide more clarity for crypto investors and businesses. - Regulatory Updates for Crypto Asset Trading Platforms
This piece breaks down updates from the Ontario Securities Commission on what crypto trading platforms need to do to stay compliant. It’s all about meeting regulatory standards and ensuring a level playing field for everyone.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Trump Picks SEC Chair, Shakes Up Crypto and Oversight
SEC | Dec 4, 2024
Image: Freepik
Trumps Key Picks: Crypto Advocate for SEC Chair and New Co-Leadership at Crypto Assets Unit
President-elect Donald Trump announced key picks at the SEC that could have huge implications for the crypto industry and financial regulation at large.
Paul Atkins, A Crypto Advocate for SEC Chair
Former SEC Commissioner and known crypto advocate, Paul Atkins, is Trump's pick for SEC Chair. Atkins has been vocal about a balanced regulatory approach, favouring innovation while addressing risks. This is a sharp contrast to the current regulatory climate under Gary Gensler who more or less followed a regulation by enforcement approach towards the crypto industry (he already announced he's leaving Jan 20, 2025). Atkin's leadership signals more industry friendly policies.
New Leadership at the SEC’s Crypto Assets Unit
Also individually announced on their Linkedin profiles, the SEC's Crypto Assets and Cyber Unit will have leadership changes. Laura D’Allaird and Mark Sylvester have been named Co-Chiefs of the division and are tasked with overseeing enforcement actions in the growing crypto / digital assets sector. Both bring extensive legal experience.
Why It Matters
The above leadership changes at the SEC could be a significant turning point for cypro regulation and enforcement in the U.S. and how America will handle financial regulation in the future.
See: Gary Gensler Resigns as SEC Chair, Leaving January 20
If Paul Atkins becomes SEC Chair his approach might make it easier for regulators and the crypto industry to work together resulting in fewer conflicts and more support for innovation. Concurrenty, the new co-leaders of the SEC's Crypto Assets and Cyber Unit are likely to keep a strong focus of enforcing the rules to keep crypto firms in check and remaining compliant.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Is the BRICS Alternative Currency Plan Falling Apart?
BRICS | Dec 3, 2024
Image: Freepik/ibrandify
BRICS Nations Weigh Gains and Risks as New Currency Idea Faces Challenges
The original BRICS member nations including Brazil, Russia, India, China, and South Africa previously announced their bold vision to challenge the dominance of the U.S. dollar by creating a shared currency. The plan hatched and promised an alternative currency and payment system that would be free from the influence of U.S. sanctions and monetary policy.
See: Central Banks Favour USD and Gold Amidst De-dollarization
Lord Lamont of Lerwick stated:
"If it ever happened, it would be a major threat to the Western-led financial system, but above all it would make it impossible for the West to impose sanctions on countries like Russia, China or Iran or other malign countries."
But is the dream now unravelling?
Trump Threatens 100% Tariffs
Just a few days ago, U.S. President-elect Donald Trump announced that American wasn't going to sit by idly while BRICS trading bloc tries to circumvent the U.S. dollar and threatened to implement a 100% tariff on BRICS nations if they launch an alternative currency. He also demanded commitment from these countries that that would and abandon any de-dollarization efforts.
The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they…
— Donald J. Trump (@realDonaldTrump) November 30, 2024
Growing Divide Among BRICS Members
Russia isn’t backing down arguing that Trump's threats could backfire by pushing even more countries to consider alternatives other than the dollar.
See: Credit Suisse: Statecraft and De-dollarization
Dmitry Peskov, Kremlin spokesman:
"[The dollar is losing its appeal as a reserve currency for many countries, a trend that is gathering pace]. More and more countries are switching to the use of national currencies in their trade and foreign economic activities. If the U.S. uses force, as they say economic force, to compel countries to use the dollar it will further strengthen the trend of switching to national currencies (in international trade)."
Recent reports say that some BRICS members may be stepping back from the initiative due to varying economies and conflicting monetary policies that are anticipated to be difficult to overcome. Each country has unique economic needs so a one size fits all approach to a currency solution is tricky. For example, China is an economic powerhouse and may prioritize its own currency at the expense of smaller nations.
What Does Each BRICS Nation Stand to Gain?
Is it a zero sum game with a clear winner and loser?
China is best positioned to benefit if a BRICS currency takes off. They are the largest economy in the BRICS trading bloc and Beijing could use the initiative as a stepping stone to boost the yuan's role in global trade. China is strategically looking to increase its global influence so its beyond just economics. Critics are concerned that such dominance by China would come at the expense of smaller BRICS members.
See: SWIFT Launching CBDC Solution Within 2 Years (to Compete with BRICS)
Russia, currently at war with the Ukraine and constantly at loggerheads with the U.S. has a lot riding on the idea of an alternative BRICS currency. Russia is currently facing a litany of sanctions and economic isolation so an alternative to the U.S. dollar could help stabilize Russia's economy and offer it a better hand on the geopolitical global stage. Conversely, a failed BRICS currency could force Russia into a rock and a hard place.
India is being more cautious as it understands that while a BRICS currency may make trading easier within a bloc, it could give China more control. India has its own massively growing economy and aspirations so it's walking a fine line that balances cooperation while protecting its independence.
For Brazil and South Africa the risks are high with smaller rewards since their economies are much smaller and they may struggle to stay competitive in a system dominated by China and Russia. So while they may be benefits for a larger block, their smaller interests could easily get pushed to the side so the benefits aren't as clear nor are they guaranteed. Having said that Brazil has been a strong advocate for a BRICS currency system over the dollar.
Global Financial Shift in the Making
While the U.S. dollar is still dominant, cracks are appearing as some countries are seeking alternatives to U.S. economic sanctions or geopolitical strategies. Since trading nations are deeply integrated and affect global markets, any significant changes to currency dynamics could have serious global impact. It could appear as shifting exchanges rates, new supply chains / trade flows and different financial alliances.
See: Tax-Free Bitcoin Zone Proposed by the USABTC
Companies and policymakers need to remain agile. Even if the BRICS currency initiative fails, its a movement that gained momentum and certainly a trend that the world cannot ignore.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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RPAA Registration Deadline Passed See Who Applied
RPAA | Dec 2, 2024
Image: Freepik/rawpixel.com
Retail Payments Supervision Update from the Bank of Canada (Registration Deadline Has Passed)
- The first registration period for payment service providers (PSPs) under the Retail Payments Activities Act (RPAA) ended on November 15 (see BoC's Retail Payments Supervision mandate).
- Companies that missed the deadline may be in violation of Section 104 of the RPAA and could face enforcement measures. See Supervisory framework for registration.
See: Canada’s Retail Payments Boom: $11.9 Trillion Growing Fast
- The Bank of Canada urges unregistered PSPs to apply immediately through the PSP Connect portal to avoid non-compliance.
Who Applied?
The Bank of Canada has published a list of applicants (currently 1187) including many key players in Canada’s retail payment space. This list will be updated regularly and will show all registered PSPs once the transition period ends on September 8, 2025.
PSPs must comply with regulations to manage risks and protect user funds. The Bank of Canada emphasizes the importance of compliance and is committed to supporting PSPs in understanding their responsibilities under the RPAA.
New Guidelines Coming
A new guideline on protecting users' funds will be published shortly which contains key information for payment service providers to meet their responsibilities.
See: Key Findings from 2025 Advanced Payments and Fintech Survey
Stay tuned for more updates...
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Can Cloned Voices Crack Bank Security? Need to Know
AI | Nov 28, 2024
Image: Freepik
AI Voice Cloning Exposes Weakness in Bank Security Systems
Well there's not a day that goes by that artificial intelligence (AI) doesn't amaze while also inflicting fear. AI's latest milestone is unsettling, as its been proven that it can clone human voices so convincingly that even bank's advanced security systems can be tricked. This article is based on an investigative piece by Shari Vahl at the BBC who proved that a clone of her voice breached two major bank's voice ID systems. The security and fraud implications raise the frightening truth that current authentication protections are not good enough in the era of generative AI.
What Happened?
Today, voice cloning believe it or not is pretty straightforward. There are a growing number of voice cloning services that varying features and capabilities such as ElevenLabs, Resemble AI, and Respeecher. Descript compares a few of the pros and cons of the best AI voice cloning tools here.
See: Generative AI and Major Human Rights Fintech Risks
So Vahl cloned her voice and tested it on the 'voice ID' systems of Santander and Halifax banks. Both systems use a simple phase to authenticate voice ID, "my voice is my password' and grant full access to bank accounts and tools. Here's how the conversation went.
Image: Shari Vahl Voice ID authentication with Voice Clone at Santander bank
See: How GenAI Is Transforming Risk and Compliance in Banking
Yes, as you see from the conversation above, using her cloned voice she successfully passed Voice ID and logged into her account, using basic speaker equipment at home. She duplicated the same process at Halifax Bank with the same result so she was two for two in hacking into her own bank account with a cloned voice ID.
Many companies such as Rogers say that Voice ID or Voice biometrics is more secure than traditional PINs or passwords but if a cybercriminal can easily pass (or by-pass) a voice ID system using a cloned voice easily, to access sensitive information or drain bank accounts, we've got a serious problem.
How Are the Banks Responding?
Santander and Halifax both defended their systems saying that voice ID is just one layer of their security framework. Here's how they responded according to the BBC article.
Halifax Bank response:
"[Voice ID is an] optional security measure. We are confident that it offers a higher level of security compared to traditional knowledge-based authentication methods, and that our layered approach to security and fraud prevention provides the right level of protection for customers' accounts, while still making them easy to access when needed."
See: Meta Files New Patent: Voice ID Data for User Authentication…Progress or Privacy Concern?
Santander Bank response:
"We have not seen any fraud as a result of the use of voice ID and are confident that it provides greater levels of security than traditional knowledge-based authentication methods. [Voice ID] is one element of our stringent approach to customer security and fraud prevention, with a range of comprehensive checks based on the nature of the customer's request. We constantly review, test and enhance our systems in response to increasingly sophisticated tactics used by fraudsters."
What Can Be Done?
- Banks and businesses should add extra layers of security like combining voice ID with fingerprints or a trusted device before providing access to make accounts safer.
- Use AI tools to catch itself. AI can be trained to catch cloned voices (much better than humans can) to help combat the wrongly use of this technology.
- Education and awareness. Customers need to know how scammers can use AI against them so they can proactively protect themselves. Awareness is a big step in avoiding fraud. Banks should advise customers on what they’re doing to protect against scams using AI.
- Governments, banks, and regulators should work together to create guidelines for safe use of AI powered voice tech and invest in top notch tools to catch fraud early.
Wake Up Call
Banks, government, regulators, businesses, and customers all need to wake-up and take the appropriate actions to protect themselves.
See: Major Data Breach @Finastra and Canadian Banks?
While AI is a marvel technology, it's creating new risks that demand smarter protections for all. Similar to the old saying "buyer beware", we now live in an age of "user beware." Stay informed. Stay safe.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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