Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Cyber Security, Quantum, Hacks, Fraud Alerts, Risks, InsurTech
AI Chats Lose Privilege Protection In US Court Ruling
February 17 2026 | Market Insight | Artificial Intelligence Governance
Image: Freepik
Court Ruling Flags Legal Risk Tied To AI Conversations
On February 17 2026, a New York federal court ruled in United States v. Heppner that written exchanges between a defendant and Anthropic’s Claude are not protected by attorney client privilege or the work product doctrine.
AI Conversations Became Discoverable Records
The case centred on about 31 documents that recorded the defendant’s interactions with Claude. Investigators collected the files during a search after the defendant received a grand jury subpoena and understood he was under investigation. He used Claude to generate reports that outlined possible defence strategy and potential legal and factual arguments. He did this on his own rather than at the direction of his lawyer.
See: AI Governance Gaps Exposed By Legal Leaders
The court applied standard privilege rules and found the documents fell outside protection. Judge Jed S. Rakoff explained that discussions between non-lawyers were not privileged and that privilege depended on a confidential relationship with licensed counsel. The court also found the Claude conversations were not confidential because they involved a third party platform and the platform’s privacy policy alerted users that data could be collected and disclosed.
Sharing With Counsel Later Did Not Change The Outcome
HSF Kramer’s analysis of the ruling explains how client side use of public generative AI tools could weaken privilege claims. The defendant argued that he created the Claude reports to prepare for conversations with his lawyer and later shared them with counsel. The court rejected that argument. Because the defendant used the tool independently and Claude disclaimed providing legal advice, the documents did not become privileged simply because counsel received them later.
The court reached the same result under the work product doctrine. That doctrine protects materials prepared by or at a lawyer’s direction to safeguard legal strategy. Since the defendant created the documents himself, the court found they did not reflect counsel’s mental impressions or strategy.
The defendant’s approach reflected a workflow many teams now follow. People often use generative AI to organize facts, test arguments, or prepare notes before speaking with a lawyer. In practice, AI can feel like a private drafting space. The Heppner ruling shows that this assumption creates risk because privilege depends on lawyer involvement and confidentiality at the time material is created, not later.
What This Means For Fintech Teams
This decision shows how everyday AI use can create governance risk. Fintech teams often rely on generative AI to draft internal notes, explore regulatory interpretations, test legal arguments, and shape product thinking.
When teams create prompts and outputs outside privileged workflows, those materials may be treated like ordinary internal documents and may surface in litigation, investigations, or regulatory reviews.
See: Tumbler Ridge Tests AI Evidence and Escalation Controls
The Heppner outcome also challenges a common assumption that AI drafts become privileged once shared with a lawyer. Timing and intent matter. If teams generate strategy or legal framing before counsel becomes involved, privilege arguments may already weaken. Enterprise AI environments may offer stronger confidentiality controls, but the decision shows privilege still depends on lawyer involvement and clear intent to obtain legal advice.
Talking Point
If generative AI captures early legal and strategic thinking, should fintech governance treat AI prompts with the same care as internal legal memos and executive communications?
Privilege depends on how and when material is created, not what you do with it later.
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
 |  |  |
|---|---|---|
 |  |  |
SLC Digital and Tracer Labs Partner On SIM Identity Layer
Feb 25, 2026 | NCFA Fintech Market Activity | Identity Privacy And Data Governance
Image: Freepik
Mobile Identity Collaboration Targets Fraud and Access Gaps
On February 24 2026, SLC Digital and Tracer Labs announced a partnership that links SIM or eSIM backed device proof with portable digital identity and consent credentials.
The goal is to reduce account takeover exposure and strengthen approvals for high risk actions by proving the authorized device is present and the right person approves the action. SLC Digital says it anchors device trust to the SIM or eSIM and mobile network signals. Tracer Labs says its Trust ID layer supports identity verification, consent, and authorization workflows without repeatedly exposing personal data.
The FBI Internet Crime Complaint Center says that since January 2025 it has received more than 5,100 complaints reporting account takeover fraud, with losses exceeding $262 million
It's an interesting partnership because many platforms still separate identity from authorization. Identity checks often happen at onboarding while authorization often relies on an in app prompt or an SMS one time code. The solution describes a combined workflow that ties a sensitive action to a trusted device and a verified identity and consent credential, so the platform can show stronger evidence that the real user approved the change.
See: How Account Abstraction is Transforming Digital Identity Management
It fits best where one compromised session creates immediate damage. Think bank account changes, payout destination edits, payroll modifications, admin role changes, high value transfers, and merchant settlement rerouting. Those flows also create regulatory and audit exposure when firms cannot clearly prove who approved what and from which trusted endpoint.
Travis McGregor, CEO, SLC Digital:
“This partnership strengthens how organizations defend against modern digital fraud,”
Pete Hayes, CEO, Tracer Labs:
“Digital ecosystems can’t rely on one-time authentication in a world of autonomous agents and sophisticated threats,”
The companies will begin with a joint pilot and expand into enterprise deployments. It also lists SLC Digital partnerships and affiliations that signal an infrastructure grade route to market, including work with GSMA, IDEMIA, and Monogoto, plus membership in the NVIDIA Inception program.
Talking Point
If account takeover losses keep climbing, do banks and fintechs start treating device rooted authorization plus portable consent credentials as a baseline requirement for high risk actions, not an optional upgrade?
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
| | |
|---|---|---|
| | |
Tumbler Ridge Tests AI Evidence and Escalation Controls
February 23, 2026 | NCFA Market Activity | Artificial Intelligence And Data
Police Pursue Preservation Orders for Digital Evidence
On February 21, 2026, B.C.’s premier says police are pursuing preservation orders for potential evidence held by digital services companies, including social media platforms and AI companies, after media reports tied OpenAI to the case. This isn't a new fintech policy just yet, but it puts evidence readiness into the open. If a partner asks what you can preserve and produce under lawful process, you can’t appear like a 'deer in headlights'. You need a working path.
BC Government, Office of the Premier, Media Relations:
“Reports that allege OpenAI had related intelligence before the shootings in Tumbler Ridge took place are profoundly disturbing for the victims’ families and all British Columbians. We will use all powers of government to ensure that police have the tools they need to investigate every aspect of this horrific tragedy.”
Background Facts
RCMP report said that the active shooter call came in at about 1:20 p.m. on February 10 and the public alert ended at 5:45 p.m. Six victims were found deceased inside the school, two victims were airlifted with serious or life threatening injuries, a third victim died during transport, and about 25 others were assessed for non life threatening injuries. RCMP also reports two additional victims were found deceased at a connected residence.
See: AI Immerses Youth Today And The Real Question Of Protection
On February 13, RCMP reports more than 80 interviews took place with students, educators, and first responders, while forensic teams continued processing two scenes and a vehicle connected to the suspect. The investigative update also reported digital evidence work including witness images and videos, CCTV, and body worn camera video, and it says RCMP launched an online portal to collect more evidence, including phone footage captured inside the school.
In a BBC report, OpenAI spokesperson said that they didn't alert authorities about the account because its usage didn't meet its threshold of credible or imminent plan for serious physical harm to others...
"In June 2025, we proactively identified an account associated with this individual [Jesse Van Rootselaar] via our abuse detection and enforcement efforts, which include automated tools and human investigations to identify misuses of our models in furtherance of violent activities."
Evan Solomon, Minister of Artificial Intelligence and Digital Innovation per Globe and Mail reporting:
"Canadians expect online platforms, including OpenAI, to have robust safety protocols and escalation practices in place to protect online safety and ensure law enforcement are warned about potential violence,"
Practical Takeaways for Fintechs
This story turns AI governance into an evidence workflow. If your product runs AI in onboarding, fraud triage, collections, or support, partners need clear answers on what the system records, what it retains, who can access it, and how the team preserves and produces records under lawful process without breaking integrity. A stakeholder may accept model error but they won’t accept uncertainty about records, access, and escalation ownership when scrutiny rises.
See: Canada AI Strategy Confronts Capital Flight
Financial technology companies should define escalation triggers in plain language. Name an accountable owner and a backup. Restrict log access. Set retention windows you can defend. Test a short runbook for preservation and production so the team can execute it without debate when the question lands, an be sure to provide suitable ongoing training.
Talking Point
If preservation orders become a more common tool when AI enters an incident, does Canada need a shared baseline for AI logging, retention, and escalation handoffs so every regulated buyer does not rebuild the same checklist from scratch?
Reuters reported that OpenAI reps have been summoned to Ottawa urgently to discuss AI safety.
Update per CTV article: Following the meeting in Ottawa with OpenAI safety leaders, federal officials said they were “deeply disturbed” and ultimately “disappointed” that warning signals tied to the Tumbler Ridge shooter were not escalated to police earlier, with AI Minister Evan Solomon stressing Canadians expect platforms to maintain “robust safety protocols and escalation practices.” OpenAI is cooperating with the RCMP but produced no immediate new safeguards, leaving ministers to seek concrete follow-up proposals.
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
| | |
|---|---|---|
| | |
NCFA Weekly Fintech Intelligence Feb 14-20, 2026
February 20, 2026 | NCFA Fintech Whisperer Weekly Intelligence | Regulation And Policy, Artificial Intelligence And Data, Payments And Money Movement, Digital Assets Blockchain And Tokenization, Risk Compliance And Regtech
Image: Freepik
This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026, January 17-23, 2026, January 24-30, 2026, January 31-February 6, 2026, February 7-13, 2026).
Weekly Fintech Market Intelligence Feb 14-20, 2026
Public Sector Policy And Industrial Strategy
Carney Launches Canada’s First Defence Industrial Strategy With A $4B BDC Defence Platform
Feb 17, 2026, Canada
- The plan positions Canadian industry for $180B in defence procurement opportunities and $290B in defence related capital investment opportunities in Canada over the next 10 years, and it cites an anticipated $125B downstream economic benefit by 2035.
- It creates the Defence Investment Agency to streamline processes, cut red tape, speed up procurement, and lead Canada’s participation in joint procurement initiatives.
- It launches a new $4B Defence Platform at the Business Development Bank of Canada, plus a Drone Innovation Hub at the National Research Council funded at $105M over three years.
This is a procurement and capital boost for defence not seen in decades. Fintechs that help defence suppliers get paid faster, manage cash under milestone contracts, and prove tight controls on funds and data have a generational opportunity with real distribution next quarter. See defence push: Montreal joins provincial bids for global DSR bank platform
Insurance And Insurtech
mea Platform Raised $50M To Automate Insurance Operations
Feb 17, 2026, Bermuda
- mea Platform raised a $50M minority growth equity investment from SEP after bootstrapping since 2021 and reporting its fourth consecutive year of profitable growth.
- The company reported live deployments across 21 countries and more than $400B of gross written premium processed through the platform.
- The company said insurance operating costs account for up to 14 points of the combined ratio for carriers and nearly half of total expenses for brokers, and it put annual industry costs at about $2T, with claims of up to 60% reductions in operating costs from its automation.
This is a money and proof moment for insurtech. Founders selling automation into carriers and brokers should expect buyers to ask for hard baseline metrics, verified before and after results, and fast integration plans this quarter because the market now funds teams that tie automation to combined ratio math and measurable cost takeout.
Regulation And Policy
FCA Defines The UK Crypto Authorisation Application Window
Feb 20, 2026, United Kingdom
- The FCA publishes a direction that sets a time bound application window for firms that want a cryptoasset permission under FSMA, with the window running from September 30 2026 to February 28 2027.
- This confirms the UK transition path from current anti money laundering registration into a full FSMA authorisation model with formal permissions and ongoing supervision.
- The FCA also publishes a crypto authorisations webinar Q&A that clarifies how it thinks about perimeter questions, overseas firm UK nexus, financial promotions and consumer protection, and early expectations on safeguarding and governance.
- For MLR registered firms, timing now matters because firms need a continuity plan for how they operate while they move from registration into permissioned activity.
The UK is embedding crypto firms inside the existing Financial Services and Markets Act framework used for banks, investment firms, and other regulated financial institutions. Firms will likely need stronger governance, clearer business models, defined senior management accountability, and enough financial resources to pass a full authorisation assessment. This tends to favour well capitalized firms that can build institutional grade compliance and risk management from the start.
U.S. Supreme Court Says IEEPA Does Not Authorize Tariffs
Feb 20, 2026, United States
- The Court decided the case on Feb 20, 2026 and held that the International Emergency Economic Powers Act does not authorize the President to impose tariffs.
- The syllabus described the challenged actions as a 25% duty on most Canadian and Mexican imports, a 10% duty on most Chinese imports, and a reciprocal tariff that applied to all imports from all trading partners at a rate of at least 10% with higher rates for dozens of nations.
- The dissent described a 6-3 decision, and it noted the majority reached the result through two paths, ordinary statutory interpretation for three Justices and major questions analysis for three Justices.
Tariff volatility shouldn't come as a surprise to anyone and still important to note that this does not take tariffs off the table. Founders and investors should assume trade cost risk still moves through other statutes and policy tools, so the teams that win next quarter make cash forecasting, FX, and settlement controls easier to run when pricing and demand change overnight.
OSFI Closes Consultation On Capital Adequacy Requirements (CAR) Guidelines 2027
Feb 18, 2026, Canada
- The consultation closed on February 18, 2026 and OSFI will keep the currently posted draft guidelines on the site until the final guidelines are released.
- Read the 2026 CAR guidelines currently in effect.
This locks in the timeline banks plan around. Founders selling credit, underwriting, treasury, capital markets, or risk tooling into federally regulated institutions should expect earlier capital impact questions and tighter evidence requests in the next quarter because partners align product decisions to November 2026 and January 2027 effective dates long before final publication.
Bank Of Canada Orders XTM To Immediately Stop Retail Payment Activity
Feb 17, 2026, Canada
- The Bank of Canada issues a temporary order requiring XTM Inc. to immediately cease performing retail payment activities.
- The Bank says the order prohibits transactions or withdrawals from accounts associated with the AnyDay platform.
- The Bank publishes the full order in the temporary order document.
BoC's action should put every payments and wallet provider on notice. Partners should ask sharper questions about where customer funds sit, who controls access, how fast you can prove balances, and how you recover when something breaks. Teams that can answer those questions with evidence keep distribution moving when scrutiny rises. Feb 27, 2026 Update: The Bank of Canada issues a revised order that allows XTM to resume retail payment activities under court supervised monitoring (a controlled restart).
Canada And Germany Sign AI Joint Declaration And Launch Sovereign Technology Alliance
Feb 14, 2026, Germany
- Canada and Germany sign a Joint Declaration of Intent on artificial intelligence and announce a Sovereign Technology Alliance during the Munich Security Conference.
- It says the work targets secure compute infrastructure, AI research and commercialization, and talent development.
- It links back to a joint statement on the Canada Germany Digital Alliance announced on December 8, 2025.
- On February 17, 2026, the Prime Ministers office released Canada's first Defence Industrial Strategy, tying it to economic security, domestic capacity, and procurement outcomes.
This can open practical opportunities into German buyers and programs, but only for teams that can pass strict security and governance reviews. Fintechs using AI should expect tougher diligence on where models run, how data moves, how vendors get controlled, and how incidents get handled. If you can show that evidence quickly, you may shorten procurement cycles and avoid months of back and forth. Large buyers tend to follow the standards governments back when they buy software at scale.
Payments, Cross Border, And Money Movement
Anchorage Digital Launches Stablecoin Solutions For Banks
Feb 19, 2026, United States
- Anchorage Digital launches Stablecoin Solutions for Banks for licensed international banks that want to settle USD across borders using stablecoin rails through Anchorage Digital Bank.
- The stack bundles mint and redeem, custody, fiat treasury management, and settlement, with access to both stablecoin and fiat wallets.
- Anchorage positions the offering as stablecoin agnostic and frames it as a bank pathway to always on USD settlement while U.S. stablecoin rules evolve.
This is how stablecoins get real distribution, through bank grade plumbing that owns the hard parts. The next quarter gets more competitive for cross border payments and FX because buyers will compare everyone against always on settlement plus clean, provable books, not just a faster rail.
Desert Financial Credit Union Unified Instant And Next Generation Payments
Feb 19, 2026, United States
- Desert Financial Credit Union selected Alacriti’s Orbipay Payments Hub to unify payment operations and support instant and next generation payments.
- The single hub supports the FedNow Service, the RTP network, and Visa Direct money movement, plus modernized wire transfers.
- Desert Financial reported more than $9B in assets and 500,000+ members, and it said members received $16M in dividends through the Member Giveback Bonus in 2026.
This is what a real time payments stack looks like when a credit union commits to execution. Vendors selling into credit unions should plan for tighter requirements on open APIs, core and digital banking integration, automated balancing, and exception handling in the next quarter because buyers now expect one platform to run multiple rails without adding operational headcount.
Ericsson And Mastercard Expand Digital Money Movement and Financial Inclusion
Feb 18, 2026, Global
- The announcement links the Ericsson Fintech Platform with Mastercard services to support digital money movement across more markets.
- It leans on telecom distribution, where a carrier can reach users and small businesses that do not get easy access through banks.
- It pulls more transaction volume into large network rulebooks, which raises the cost of weak fraud control, slow dispute handling, and messy reconciliation.
This partnership puts telecom scale on the same path as regulated payouts. If you want in, plan for a buyer that starts by stress testing your operations, not your pitch. Bring evidence you can trace every $ end to end, spot problems fast, reverse or recover cleanly, and keep service levels steady when volume spikes or fraud pressure rises. The teams that win make risk controls feel invisible to users while giving partners real time confidence that money moves exactly as promised.
Treasury Liquidity And Cash Management
Modern Treasury Launched A PSP Across Bank Rails And Stablecoins
Feb 18, 2026, United States
- Announced the launch of 'Payments' as an integrated payment service provider that helps teams embed fiat and stablecoin money movement using Modern Treasury’s banking, blockchain, and compliance infrastructure.
- The PSP supports ACH, wire, RTP, FedNow, push to card, and stablecoins including USDG, USDP, and USDC, with USDT noted as coming soon.
- The platform processed more than $400B and it named customers including Anchorage Digital, Float, Gusto, Navan, Procore, and Sling Money.
Founders selling treasury and payments infrastructure should expect tougher questions on reconciliation, exception handling, and control ownership in the next quarter because a bundled PSP sets a higher baseline for speed and operational calm.
Capital Markets And Market Infrastructure
Ledn Closes A $188M Bitcoin Backed ABS With An Investment Grade Rating
Feb 20, 2026, Canada
- Ledn closed a $188M asset backed security backed by bitcoin collateralized loans.
- S&P assigned an investment grade BBB- rating to the senior notes under the offering.
- The deal was 2x oversubscribed and institutional demand exceeded the $188M offering size.
This is a real bridge into institutional credit rails. Founders building crypto credit, collateral, custody, and risk tooling should expect tougher questions next quarter on liquidation rules, collateral segregation, reporting, and investor grade controls, because rated structures pull crypto lending into the same discipline set as mainstream ABS.
Cybersecurity Fraud And Financial Crime
PSR Fined Bank Of Ireland UK For A Confirmation Of Payee Delay
Feb 19, 2026, United Kingdom
- The PSR states it fined Bank of Ireland UK plc £3,779,300 for implementing a system to send Confirmation of Payee checks after the deadline.
- The PSR states the safeguard did not apply to transactions involving more than 1.14 million new payees, with payments totalling approximately £6.9 billion.
- The action shows regulators treat payment safety controls as enforceable operating requirements, not optional enhancements.
This tightens delivery expectations for banks and their vendors. Payments and onboarding fintechs should expect stricter timelines and stronger evidence demands next quarter because partial coverage can trigger enforcement.
Conclusion
This week shows the market continuing to get stricter and more operational. OSFI closes the CAR 2027 consultation and puts bank capital planning on a fixed runway. The Bank of Canada order against XTM puts wallets and payments providers back under a microscope on safeguarding and access controls. Modern Treasury pushes more buyers toward one provider that owns rails, reporting, and controls. Desert Financial’s move into FedNow, RTP, and Visa Direct shows how fast credit unions now expect real time payments to work at scale. mea Platform’s $50M round reinforces that capital still rewards insurance automation when it ties directly to combined ratio math. The PSR fine in the UK makes clear that payments safety controls ship on deadline, or regulators step in.
NCFA offers various curated resources to help founders and investors stay current on developments that impact fintech markets, subscribe to NCFA weekly newsletter updates, view a rundown of current fintech news and insights, or dive into the latest fintech industry research.
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
| | |
|---|---|---|
| | |
US Supreme Court Limits Emergency Tariff Authority
February 20, 2026 | NCFA Market Activity | Policy and Regulation
Court Ruling Narrows Emergency Tariff Powers But Trade Risk Remains
On February 20 2026, the U.S. Supreme Court tariff ruling found President Trump overstepped authority when invoking emergency powers to impose tariffs, delivering a 6 to 3 decision that impacts trade policy expectations across North America.
The ruling removes one of the most aggressive tariff pathways by confirming that emergency powers cannot serve as a broad trade policy tool. However, other legal authorities remain available, meaning tariff risk does not disappear. Policymakers in Ottawa have already begun reviewing the decision’s implications as cross border supply chains remain exposed to policy shifts.
Canada Still Faces Structural Trade Risk
Canada has already experienced tariff volatility during earlier policy cycles. April 2025 tariff impacts on Canadian businesses highlights how sudden trade actions disrupted pricing, inventory planning, and SME financing decisions. Separate analysis of Canada’s tariff trade tensions and economic spillovers shows how cross border friction affects supply chains and investment confidence even when exemptions exist.
The latest ruling may remove one legal foundation for tariffs, but uncertainty remains as governments retain alternative tools. For Canadian exporters and importers, planning risk continues to dominate strategic decision making.
See: Davos 2026 In A More Competitive and Risky World
Recent trade data reflects tariff driven disruption across the Canada United States corridor. Statistics Canada indicators show softening export volumes and declining imports during escalation periods, spotlighting how policy uncertainty can translate into pricing pressure, inventory swings, and capital allocation challenges for businesses operating internationally.
Talking Point
If tariff policy remains unpredictable despite judicial limits, will exporters accelerate adoption of embedded treasury, automated FX, and digital trade finance tools as core resilience infrastructure?
Strategic Outlook
Tariffs apply to goods, yet financial effects surface across payments, FX settlement, and liquidity management. Companies facing trade uncertainty typically increase hedging activity, rely more heavily on short term working capital, and demand faster reconciliation to manage cash exposure.
The Supreme Court decision restores an important legal boundary but doesn't end tariff uncertainty. Political pressure around industrial policy and trade protection remains elevated, suggesting continued volatility in cross border commerce.
Read: Market Forces Pressuring Fintech Plans For 2026
For Canada’s fintech ecosystem, the news may strengthens the role of fintech platforms focused on cross border payments, FX automation, trade finance digitization, and SME liquidity tools. Firms that help businesses forecast cash flow, manage currency risk, and access capital faster become operational buffers against geopolitical volatility.
You may also like:
Canada Confronts a Changing World at Davos 2026
Does CUSMA Support Fintech Services Across Borders?
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
| | |
|---|---|---|
| | |
Canada’s cybersecurity issues and how to address them in your personal life
February 20, 2026
Image: Freepik/DC Studio
Along with the rest of the world, Canada's citizens are facing new cybersecurity threats. This can make it hard to feel confident online. The real-world result can lead to financial loss, sensitive data being available to all, and a wider impact on the economy.
Here are some of the issues you could encounter, as well as measures to protect yourself.
AI-powered phishing and deepfakes
One of the newest types of issues is AI-powered scams, or deepfakes. Criminals use AI to create personalized social engineering attacks. This could be in the form of fake videos of celebrities "talking" to you or as a romance scam.
Always verify the person you are speaking to independently, especially if they ask for money or passwords. Remember, celebrities will never do this, so it is an immediate red flag.
See: Canada Launches First National Anti-Fraud Strategy
Check any videos carefully. If you watch, you will be able to spot weird movements that break the AI illusion, such as words not matching with mouth movements.
Data broker scams
Malicious websites are selling compromised credentials such as passwords, user logins and personal information, which can lead to account takeovers.
Avoid your accounts being at risk by manually requesting removal from major broker sites. There are legitimate companies you can pay to do this, as it is time-consuming.
Try to practise good online hygiene. Make sure you have strong passwords that you change regularly. Do not open strange emails, as they could be links to harvest your data. Importantly, if you do think someone has information they shouldn’t, report it to the relevant body in Canada.
Supply chain vulnerabilities
As a small to medium-sized business owner, your company is important to your personal life. You may notice that your business is targeted by scammers to gain access to secure networks. This puts any personal data in your care at risk.
Implement rigorous vendor risk management, as well as mapping the supply chain for any vulnerabilities. Make it part of your policy to conduct regular manual checks as well as employ software to monitor your network continuously.
Ransomware-as-a-service (RaaS)
Ransomware remains the top cybersecurity threat. It works by infiltrating your systems and network, rendering your data inaccessible. This enables fewer technical criminals to launch attacks against both individuals and businesses.
Make sure you have system backups offline and regularly check for and apply security patches to all systems. Consider using a VPN free to encrypt your data, making it harder for criminals to access and read.
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
| | |
|---|---|---|
| | |
Olympic Commerce Fraud Tests Payments Safeguards
Feb 18, 2026 | NCFA Fintech Market Activity | Payments and Cybersecurity
Image: Freepik/viarprodesign
Fraud Campaign Targets Payments Ahead Of Milan Cortina 2026
On February 18 2026, reports of fake Olympic merchandise stores harvesting payment data surfaced ahead of the Milan Cortina Winter Games, exposing how large scale sporting events create concentrated digital commerce risk for consumers and payment providers.
Security researchers said fraudulent online stores replicated official Olympic branding and targeted fans through paid social ads. These sites collected card details and personal information at checkout, highlighting how event driven ecommerce spikes attract coordinated fraud campaigns designed to exploit urgency and trust.
Olympic Games generate predictable surges in travel bookings, ticketing, merchandise sales, and hospitality spending. That volume creates a short window where fraud actors can test payment authentication controls, merchant verification processes, and consumer awareness at scale. For payment providers, the risk is less about individual transactions and more about reputational and chargeback exposure across thousands of purchases.
See: Cybersecurity Bill C8 Raises Fintech Security Bar
Major global events have historically accelerated payments adoption, from contactless transit trials to mobile wallet acceptance across venues. At the same time, they expose gaps in digital identity verification, merchant onboarding, and fraud detection workflows. This combination turns Olympic commerce into a real world stress test for payment security infrastructure.
Canadian cross-border spending behaviour consistently ranks high per Olympic visitor card spend, meaning domestic issuers and fintech wallet providers often absorb fraud impacts even when the transaction originates overseas. That creates incentives for stronger real time transaction monitoring, merchant intelligence, and consumer education before peak travel windows.
Talking Point
Large scale events compress digital commerce into short intense spending cycles. When Olympic demand meets fraudulent storefronts and social commerce ads, which payment safeguards will prove most resilient for consumers, merchants, and fintech platforms?
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
| | |
|---|---|---|
| | |
