Canada Post, TD cancels MyMoney loan program after security alert

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Canada Post, TD cancels MyMoney loan program after security alert

It is disappointing that bad actors tried to take advantage of a new product meant to help Canadians, but we are pleased that our security monitoring worked quickly and we hope to reopen applications as soon as we feel it is appropriate. The bank said on Friday it had stopped the program in October due to processing issues and paused it in physical locations. Thompson said Saturday that our processing was impacted by the security protocols that identified early warning signs of irregular activities. In October, Canada Post and TD announced they were going to launch the national MyMoney Loan program after an extensive market test confirmed strong consumer demand for more accessible lending products. Financial service is an essential service, and this alliance allows TD to play a meaningful role in helping to expand access to banking to more Canadians, Michael Rhodes, group head of Canadian personal banking at TD, said in an Oct. 12 news release. In the same release, Canada Post officials indicated that the postal service was exploring additional financial products and services designed to meet the evolving banking needs of Canadians. Brick-and- mortar banking in remote or isolated communities is not entirely new in Canada. The Royal Bank of Canada, for example, offers services in several Indigenous communities across the country through a combination of branches, commercial banking centres and agency banking outlets.