Tag Archives: Open Banking

Can Canada Social Credit System Freeze Bank Accounts?!

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Is Canada rolling out a social credit system that will freeze bank accounts of non-compliant citizens?! Take a look at the viral claims, and find out what the facts really are!

 

Claim : Canada Social Credit System Can Freeze Bank Accounts!

People are sharing an article (archive) by The People’s Voice (formerly NewsPunch), which claims that Canada is rolling out a social credit system that can freeze the bank accounts of “non-compliant citizens”!

Here is an excerpt of that very long and (intentionally???) confusing article:

Canada Rolls Out Social Credit System; Non-Compliant Citizens Will Have Bank Accounts Frozen

Canada has rolled out a new social credit score system that will see non-compliant citizens have their bank accounts frozen if their score falls below acceptable levels.

In the aftermath of the Trucker Convoy, the Trudeau regime is radicalizing the nation’s banking system to make it impossible for citizens to express their opposition to government tyranny.

A World Bank partner called Open Banking Excellence (OBE), which originated in the United Kingdom, is proudly boasting right now that it will incorporate social credit scores with people’s banking information in Canada. Canadians will likely receive digital “cash” and identification in a “convenient,” all-in-one and “inclusive” place.

“It’s about having that fairer, more inclusive, more open society,” said OBE founder Helen Child, making sure to use all the popular buzzwords to make her project sound like a dream come true for the world.

Disturbingly, OBE already operates in some 40 different countries, claiming that it aims to “create exceptional platforms and content that promotes knowledge sharing, new thinking and partnerships within the industry – catalyzing the adoption of Open Finance and Data for better financial inclusion worldwide.”

Keep in mind that Canada is big on prosecuting “hate” speech. One can only imagine how people found guilty of committing “hateful” anything will be dinged on their social credit scores, disallowing their participation in anything commerce and finance related.

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Recommended : Did Bill Gates Order Govts To Replace Farmers With AI Bots?!

 

Truth : Canada Is Not Implementing Any Social Credit System!

This is yet another example of fake news created / promoted by The People’s Voice, and here are the reasons why…

Fact #1 : Canada Is Not Implementing Any Social Credit System!

Let me start by simply pointing out that Canada is not implementing any social credit system!

The Department of Finance Canada labelled these allegations as “false”, and said that there are no plans to adopt such a system in a March 20, 2024 email (source).

Any allegation that the Government of Canada is trying to introduce social credit scores is categorically false.

Claims that Canada is rolling out a social credit system along the same lines as China’s social credit system isn’t new (example). It appears to have started in 2021, just before the Canadian federal election.

It was not true back in 2021, and it is not true either in 2024. But it goes to show how fake news can be recycled over time to generate controversy (and money???)

Fact #2 : The People’s Voice Provided No Evidence

I should point out that the The People’s Voice  article provided no evidence that Canada is rolling out any social credit system, and no evidence that the non-existent social credit system will freeze the bank accounts of non-compliant citizens.

It merely linked to a Natural News article (previously fact checked) which made similar claims, but also did not provide any evidence that Canada is rolling out a social credit system, or that bank accounts in Canada will be frozen if their owners are “non-compliant”.

Recommended : Did Insider Reveal WEF Global Famine False Flag Op?!

Fact #3 : Open Banking Is Not A Social Credit System

Instead of a social credit system, these articles appear to be pointing at open banking, which is completely different.

Also known as consumer-directed banking, or consumer-led banking, open banking requires banks to “open up” their hitherto private application programming interfaces (APIs) so that consumers can share their financial information securely with other banks or authorised organisations like fintech companies, and payment providers.

Open banking has nothing to do with social credit, and merely allows you – the consumer – to securely share your financial information with other banks, payment providers, and fintech companies that you approve.

Without open banking, you will need to share your financial information manually, and in very insecure ways that can be easily duplicated and shared outside of the approved institutions.

An estimated 9 million Canadians currently share their financial data by providing confidential banking credentials to service providers.

This process, known as screen-scraping, is unsecure and raises security, liability, and privacy risks to consumers and the financial system.

– Department of Finance Canada

Recommended : Is Google Shutting Down Gmail For Good?!

Fact #4 : Open Banking Has Not Even Been Approved In Canada!

Claims that Canada is already rolling out a social credit system through open banking are easily disproven. Not only is open banking not a social credit system, it hasn’t even been approved in Canada!

According to the Department of Finance Canada (archive), the federal government will submit the legislative framework for open banking that will be introduced in Budget 2024, which is slated for 16 April 2024. Even if it is approved, the Canadian government will only introduce open banking in 2025.

To be clear – open banking has not been approved in Canada. Even if it is approved, it won’t be available for use until 2025.

Fact #5 : Open Banking In Canada Will Be Opt-In

I should also point out that the proposed open banking system in Canada is meant to be opt-in, and users will have to consent to share their financial information with the service provider they approve.

In other words – no one can force you to use the open banking system to securely share your financial information.

If you choose to go “old school” and take screenshots that would reveal other private details, and can be freely shared outside of the approved service provider, you do you. Just don’t blame anyone for leaking your personal financial information when you are making it so easy to do that.

Recommended : Is Canada Going To Arrest Citizens Who Promote Fossil Fuels?!

Fact #6 : The People’s Voice Is Known For Fake News

The People’s Voice is the current name for NewsPunch, which possibly changed its name because its brand has been so thoroughly discredited after posting numerous shocking but fake stories.

Founded as Your News Wire in 2014, it was rebranded as NewsPunch in November 2018, before becoming The People’s Voice. A 2017 BuzzFeed report identified NewsPunch as the second-largest source of popular fake news on Facebook that year.

Its articles have been regularly debunked as fake news, so you should never share anything from NewsPunch / The People’s Voice.  Here are some of its fake stories that I fact checked earlier:

Please help us FIGHT FAKE NEWS by sharing this fact check article out, and please SUPPORT our work!

 

Please Support My Work!

Support my work through a bank transfer /  PayPal / credit card!

Name : Adrian Wong
Bank Transfer : CIMB 7064555917 (Swift Code : CIBBMYKL)
Credit Card / Paypal : https://paypal.me/techarp

Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

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Is Canada rolling out Social Credit System for Bank Accounts?!

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Is Canada rolling out a social credit system that links bank accounts to obedience scores of its citizens?! Take a look at the viral claims, and find out what the facts really are!

 

Claim : Canada is rolling out Social Credit System for Bank Accounts!

People are sharing an article (archive) by Natural News, which claims that Canada is rolling out a social credit system that links bank accounts to obedience scores of its citizens!

Here is an excerpt of that very long and (intentionally???) confusing article:

Canada rolling out social credit system, citizens’ bank accounts linked to obedience scores

Our neighbors to the north are implementing a new system called “open banking” that will link citizen’s bank accounts to a new social credit scoring system.

Proponents of the social credit score-linked banking paradigm say it will make Canadian banks more “inclusive,” allowing them to easily access user data on demand while being able to share information with one another.

A World Bank partner called Open Banking Excellence (OBE), which originated in the United Kingdom, is proudly boasting right now that it will incorporate social credit scores with people’s banking information in Canada. Canadians will likely receive digital “cash” and identification in a “convenient,” all-in-one and “inclusive” place.

Disturbingly, OBE already operates in some 40 different countries, claiming that it aims to “create exceptional platforms and content that promotes knowledge sharing, new thinking and partnerships within the industry – catalyzing the adoption of Open Finance and Data for better financial inclusion worldwide.”

How forcing Canadians and others around the world to maintain high social credit scores in order to buy and sell constitutes “inclusivity” and “fairness” remains unknown. OBE officials and other proponents of the construct never really say.

Keep in mind that Canada is big on prosecuting “hate” speech. One can only imagine how people found guilty of committing “hateful” anything will be dinged on their social credit scores, disallowing their participation in anything commerce and finance related.

Show more
Show less

Recommended : Did Bill Gates Order Govts To Replace Farmers With AI Bots?!

 

Truth : Canada is not rolling out Social Credit System for Bank Accounts!

This appears to be yet another example of fake news circulating online, and here are the reasons why…

Fact #1 : Canada Is Not Rolling Out Any Social Credit System!

Let me start by simply pointing out that Canada is not rolling out any social credit system!

In fact, the Department of Finance Canada labelled these allegations as “false”, and said that there are no plans to adopt such a system in a March 20, 2024 email (source).

Any allegation that the Government of Canada is trying to introduce social credit scores is categorically false.

Claims that Canada is rolling out a social credit system along the same lines as China’s social credit system isn’t new (example). It appears to have started in 2021, just before the Canadian federal election.

It was not true back in 2021, and it is not true either in 2024. But it goes to show how fake news can be recycled over time to generate controversy (and money???)

Fact #2 : Natural News Provided No Evidence

I should point out that the Natural News article provided no evidence that Canada is rolling out any social credit system, or that bank accounts will be linked to “obedience scores”.

It merely linked to a Slay News article (archive) which made similar claims, but also did not provide any evidence that Canada is rolling out a social credit system, or that bank accounts in Canada will be linked to a social credit score.

Recommended : Did Insider Reveal WEF Global Famine False Flag Op?!

Fact #3 : Open Banking Is Not A Social Credit System

Instead of a social credit system, these articles appear to be pointing at open banking, which is completely different.

Also known as consumer-directed banking, or consumer-led banking, open banking requires banks to “open up” their hitherto private application programming interfaces (APIs) so that consumers can share their financial information securely with other banks or authorised organisations like fintech companies, and payment providers.

Open banking has nothing to do with social credit, and merely allows you – the consumer – to securely share your financial information with other banks, payment providers, and fintech companies that you approve.

Without open banking, you will need to share your financial information manually, and in very insecure ways that can be easily duplicated and shared outside of the approved institutions.

An estimated 9 million Canadians currently share their financial data by providing confidential banking credentials to service providers.

This process, known as screen-scraping, is unsecure and raises security, liability, and privacy risks to consumers and the financial system.

– Department of Finance Canada

Recommended : Is Google Shutting Down Gmail For Good?!

Fact #4 : Open Banking Has Not Even Been Approved In Canada!

Claims that Canada is already rolling out a social credit system through open banking are easily disproven. Not only is open banking not a social credit system, it hasn’t even been approved in Canada!

According to the Department of Finance Canada (archive), the federal government will submit the legislative framework for open banking that will be introduced in Budget 2024, which is slated for 16 April 2024. Even if it is approved, the Canadian government will only introduce open banking in 2025.

To be clear – open banking has not been approved in Canada. Even if it is approved, it won’t be available for use until 2025.

Fact #5 : Open Banking In Canada Will Be Opt-In

I should also point out that the proposed open banking system in Canada is meant to be opt-in, and users will have to consent to share their financial information with the service provider they approve.

In other words – no one can force you to use the open banking system to securely share your financial information.

If you choose to go “old school” and take screenshots that would reveal other private details, and can be freely shared outside of the approved service provider, you do you. Just don’t blame anyone for leaking your personal financial information when you are making it so easy to do that.

Recommended : Is Canada Going To Arrest Citizens Who Promote Fossil Fuels?!

Please help us FIGHT FAKE NEWS by sharing this fact check article out, and please SUPPORT our work!

 

Please Support My Work!

Support my work through a bank transfer /  PayPal / credit card!

Name : Adrian Wong
Bank Transfer : CIMB 7064555917 (Swift Code : CIBBMYKL)
Credit Card / Paypal : https://paypal.me/techarp

Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

Recommended Reading

Go Back To > Fact Check | Business | Tech ARP

 

Support Tech ARP!

Please support us by visiting our sponsors, participating in the Tech ARP Forums, or donating to our fund. Thank you!