On 16th February, five of the top banks across Canada went offline, restricting many of the consumers from utilizing mobile banking, online banking, e-Transfers, as well as the rest of the banking services. The CIBC (Canadian Imperial Bank of Commerce), TD Bank Canada, Scotiabank, Bank of Montreal (BMO), and RBC (Royal Bank of Canada) are included in the banks that experienced the respective outage.
Several complaints have been filed on the behalf of the people who were affected by the incident as they found it hard to access the online banking thereof from 5 p.m. to 6 p.m. on 16th February, whereas the respective problem is even now being witnessed on 17th February, as per the report of BleepingComputer. A representative from RBC confirmed that they were having some technical problems related to their mobile and online banking, along with the phone systems.
The team of RBC moved on to add that the experts of the platform were busy implementing a fix to the issue nevertheless it did not specify the estimated time for the respective fix, stating that patience from the side of the customers would be appreciated. It is noteworthy here that the consumers of the venue consistently reported the issues after half an hour of the declaration of RBC that the entirety of the systems of the bank had been restored to their normal working.
Consumers complain even after the fix
Another significant thing is that the reason for the respective outage has yet to be detected, however it comes just some days following the invocation of the Emergencies Act on the behalf of Justin Trudeau (the current Prime Minister of Canada) to tackle the continuous protests of Freedom Convoy. It has been reported formerly on 16th February that the police department of the country halted more than 30 wallets of cryptocurrency connected with the truckers from Freedom Convoy after the release of a directive requiring the entirety of the Canadian organizations, that are regulated on the behalf of FINTRAC, to terminate all communications with the wallets.
Growing concerns
As a result, several are contemplating the possible consequences of such outages, as a few of the reports assert that there are chances of a bank run, where a huge amount of consumers would withdraw their funds from these banks out of the concerns dealing with the Emergencies Act.
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