Print Сite this

How TD Canada Safeguards Its Data

As the use of advanced technology intensifies in the banking sectors and other businesses, more challenges are experienced in the form of data safety and protection. TD Canada utilizes a combination of different methods to protect customers’ data from a privacy, security and ethical perspective and ensure safe banking. From a privacy perspective, the bank explains its commitment to the privacy and security of customers’ data concerning its collection, utilization, and access. Ethically, the bank adheres to relevant policies and practices to explain the type and nature of data collected by the bank, how it is used and protected and the rights of the customers towards the collected information. From a security perspective, the bank utilizes secure technology, enhanced identity protection, and proactive monitoring to protect access to data by unauthorized parties. For any unauthorized EasyWeb and WebBroker transactions, the bank offers 100% reimbursement if any losses occur as an online security guarantee (TD Canada, 2021). While the company utilizes up-to-date security measures to protect its systems, it should pursue continued efforts such as adhering to data privacy and security rules and maintaining trust.

Our experts can deliver a customized essay
tailored to your instructions
for only $13.00 $11.05/page
308 qualified specialists online
Learn more

TD Canada protects consumer data by using the latest security technology to provide safe online use of its services. It uses firewall encryption methods and cookies to bar any unauthorized access to the internal systems. The bank’s internet firewalls are created in a manner that separates the internal computer systems or computer databases from the internet. TD site access over the internet requires access through a 128-bit encryption-supported browser to securely use TD online banking (TD Canada, 2021). This guarantees that the browser communicates securely with the company’s website through transport Layer security encryption. Cookies are used as an extra security feature for services such as insurance, WebBroker, and EasyWeb.

TD Canada offers other security methods such as a two-step verification feature termed as identificationPlus, WebBroker password, and online communication user policy. IdenficationPlus safeguards customers from unauthorized access by sending a code to the customer’s phone to verify their identity. WebBroker users are provided with the option to set a trading password to protect their account from unauthorized transactions in case their password or security details are compromised. The company provides the customers with online communication policy details to create awareness of fraud and details on how to report such cases. The online communication policy warns customers against replying to emails that require them to provide security details or personal information such as Personal Identification Numbers (PINs) (TD Canada, 2021). It states that the customers should verify the security of their website by understanding ways of verifying its secure sites or reaching out to the bank through the phone.

TD Canada provides additional security for cards and verification of voice and cheques. The company utilizes chip technology as an added security to PINs and signature verification. TD Access cards have microchips that store information with secure encryption to prevent copying for safe use when accessing accounts and trading with merchants (TD Canada, 2021). The card provides an efficient, secure payment method that is it difficult to expose the customers’ data. TD voiceprint feature provides an option for customers to verify themselves and access services using their voices.

To improve its ethical use of data, TD bank should concentrate on building trust by embracing transparency, choosing its partners wisely, and following relevant data privacy and security codes. TD Canada should hire ethical hackers to test for vulnerabilities and correct any weaknesses. TD Canada should choose its partners wisely to avoid destroying its reputation and train its employees on how to protect customers’ data (Abraham, 2020). The bank should ensure customers understand which data is collected and how it is used and ensure employees understand relevant guidelines.

While TD experiences challenges in protecting customers’ data, it has several measures that prevent data security breaches. The company has comprehensive data safety guidelines and embraces the latest technology to guard data from unauthorized access. To improve data security, the bank should continue improving its systems by testing for weaknesses and following relevant data security and privacy rules. Continued monitoring of operations and systems and additional research can also help the bank to improve its system’s security.

References

Abraham, S. (2020). Building trust: Lessons from Canada’s approach to digital identity.

On-Time Delivery! Get your 100% customized paper
done in
as little as 3 hours
Let`s start

TD Canada. (2021). How we protect you. Web.

Cite this paper

Select style

Reference

StudyCorgi. (2023, January 14). How TD Canada Safeguards Its Data. Retrieved from https://studycorgi.com/how-td-canada-safeguards-its-data/

Reference

StudyCorgi. (2023, January 14). How TD Canada Safeguards Its Data. https://studycorgi.com/how-td-canada-safeguards-its-data/

Work Cited

"How TD Canada Safeguards Its Data." StudyCorgi, 14 Jan. 2023, studycorgi.com/how-td-canada-safeguards-its-data/.

* Hyperlink the URL after pasting it to your document

1. StudyCorgi. "How TD Canada Safeguards Its Data." January 14, 2023. https://studycorgi.com/how-td-canada-safeguards-its-data/.


Bibliography


StudyCorgi. "How TD Canada Safeguards Its Data." January 14, 2023. https://studycorgi.com/how-td-canada-safeguards-its-data/.

References

StudyCorgi. 2023. "How TD Canada Safeguards Its Data." January 14, 2023. https://studycorgi.com/how-td-canada-safeguards-its-data/.

References

StudyCorgi. (2023) 'How TD Canada Safeguards Its Data'. 14 January.

This paper was written and submitted to our database by a student to assist your with your own studies. You are free to use it to write your own assignment, however you must reference it properly.

If you are the original creator of this paper and no longer wish to have it published on StudyCorgi, request the removal.