Passkeys confuse everyone. Canadian financial institutions may start pushing users towards them anyways.

Banks and financial institutions in Canada make a lot of money. In the first quarter of 2026, the big 6 hit $19 billion in profit, up from $14 billion the year prior[1]. They have refined their businesses to be well-oiled machines, yet fraud and unauthorized transactions are increasingly a thorn in their sides. Not only do compromised accounts cause bad press when customers don’t end up getting reimbursed for unauthorized transactions, they also consume an immense amount of resources in support tickets. Every case is unique and needs to be handled with care. The support agent needs to determine if the person on the other end of the line genuinely needs help regaining access to their account, or if it is a scammer on the other end of the line trying to start a scam of their own. Banking and investment fraud is particularly impactful on older Canadians, not because they are more susceptible to being scammed overall (they aren’t) but because they have the most amount saved from a…