TD-Canada Post lending program paused after suspicious activity detected

TORONTO –

TD Bank Group says it paused the MyMoney lending program it not too long ago launched with Canada Post after it detected suspicious exercise on its system.

Spokeswoman Amy Thompson says processing was affected when the financial institution’s safety system observed “early warning signs of irregular activities” and the financial institution determined to pause this system to analyze.

She says it’s disappointing that “bad actors” tried to benefit from the lending program, formally launched Oct. 12, that’s meant to increase entry to loans via the partnership with Canada Post.

Thompson says the financial institution, which is answerable for working this system, hopes to reopen functions as quickly because it feels it’s acceptable.

The program, providing loans of between $1,000 and $30,000 at variable rates of interest at the moment starting from about 10 and 20 per cent, is designed to fill a niche between payday lenders and conventional banks.

Under this system, postal employees direct clients on how you can apply both on-line or by cellphone for the loans, in addition to to supply supplies with extra info, whereas TD staff help clients via the precise software, decision-making and funding course of.

This report by The Canadian Press was first revealed Nov. 28, 2022.