The Logic reported that the federal government plans to phase out and ultimately eliminate "screen scraping," a data-harvesting method where consumers enable third-party services to access their financial data by sharing their bank login credentials. This shift, expected to be outlined in forthcoming open-banking legislation, represents a step forward for data security, though it may present transitional challenges for businesses whose products and services currently rely on screen-scraped data.

In a recent interview with The Logic, Parna Sabet-Stephenson, leader of Gowling WLG's Financial Services and Technology (FSxT) Group, pointed out the potential pitfalls of a premature ban.

"Until the rules are such that we have covered all the products and services that Canadians have come to rely on, it would not be reasonable to fully prohibit [screen scraping]," said Parna.

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