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.

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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.

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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

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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.

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Canada open banking system summary

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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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