Banks with traditional infrastructure face notable concerns since the decentralized system has been introduced. On Wednesday, five major Canadian banks went offline. Following such issues, customers in the region were unable to use features like e-Transfers, online banking, and mobile banking services. The affected banks include the Royal Bank of Canada (RBC), BMO (Bank of Montreal), Scotiabank, TD Bank Canada, and the Canadian Imperial Bank of Commerce (CIBC).
Users of mainstream Canadian banks are concerned
As suddenly five major banks went offline for hours, a huge number of clients experiencing difficulty accessing their online banking began to complain. Between 5 p.m. and 6 p.m. Eastern Time, the complaints spiked in the region.
Later several accounts of these banks faced some similar issues on Thursday as well as per the report by BleepingComputer.
Following the scenario, the team behind RBC bank announced that they are currently facing some technical issues with their online, mobile banking, and phone systems. Moreover, the representatives also added that their experts are investigating and working to get the issues fixed as quickly as possible. However, at the time of announcement they have no ETA to offer.
Later as the team announced that all the systems were restored, the clients again began to complain within half an hour of the announcement.
Why did the institutions face such issues?
The main source behind the outage is yet to be determined. However, the timing is noteworthy since it comes only a few days after Canadian Prime Minister Justin Trudeau invoked the Emergency Act in the wake of continuing Freedom Convoy protests.
Furthermore, it is also worth mentioning, that on the same day the outage issues began, Canadian police had blocked more than 30 cryptocurrency wallets associated with the freedom convoy truckers. Such measures were taken after the issuance of the order requiring all FINTRAC-regulated organizations in the nation to halt interacting with the wallets.
Following the spreading banking concerns, many are wondering what is going on with the banks as a number of them encounter outages, with some reports claiming that a bank run is taking place. Such a spark of fear also tends many large groups of depositors removing their hard-earned funds over the Emergencies ACT.
Source: thecoinrepublic.com
