Appointment of David Bruyea as Group Head overseeing Financial Crimes within Interac
In a significant move to bolster its efforts against fraud, Interac Corp. has appointed David Bruyea as the Group Head, Financial Crimes. This strategic appointment underscores Interac's dedication to protecting Canadians in the digital economy by enhancing security measures and fostering collaboration.
Jeremy Wilmot, President & CEO of Interac, emphasised the company's priority on safeguarding Canadians from scams and fraud. With David Bruyea at the helm, Interac aims to strengthen its core fraud capabilities, ensuring Canadians can continue to rely on the company for secure, reliable payment and verification solutions.
David Bruyea brings over 25 years of experience in Canada's financial services sector to his new role. Recognised for his expertise in cybersecurity, IT architecture, and operational resilience, Bruyea's leadership is expected to be instrumental in Interac's fraud prevention and detection strategies.
One of Bruyea's key tasks will be to lead the development and delivery of Interac’s fraud prevention and detection services. He will oversee the integration of cybersecurity, fraud management, and corporate security, a feat he accomplished by creating Canada's first integrated Cyber, Fraud, and Corporate Security group in his previous roles.
Interac's approach to fraud prevention and detection in the digital economy is multifaceted. The company is committed to building robust, integrated fraud prevention frameworks led by expert leadership, leveraging advanced technologies like AI, fostering collaboration across the financial ecosystem, and providing secure verification tools.
The use of emerging technologies like AI and machine learning will help Interac detect fraud patterns rapidly and automate responses. This approach aligns with national initiatives like Payments Canada’s real-time payment system, which incorporates centralised fraud scoring, real-time risk monitoring, and confirmation-of-payee checks to mitigate risks inherent in instant payments.
Interac also supports secure identity verification solutions, such as the Interac Verified service, which helps businesses reduce fraud during onboarding by leveraging trusted online banking credentials. This service not only smooths the user experience but also maintains strong fraud controls.
Under Bruyea’s leadership, Interac aims to deepen partnerships with other organisations to share data and technology, increasing the effectiveness of fraud detection and prevention through coordinated efforts. This collaboration will be crucial in combating increasingly sophisticated fraud threats as digital transactions grow.
In summary, Interac's strategy revolves around building robust, integrated fraud prevention frameworks led by expert leadership, leveraging advanced technologies like AI, fostering collaboration across the financial ecosystem, and providing secure verification tools. The appointment of David Bruyea underscores this commitment and positions Interac to effectively combat fraud in Canada's evolving digital economy. Interac remains committed to driving innovation and collaboration to ensure Canadians can continue to transact with confidence in this ever-evolving digital landscape.
David Bruyea, in his new role as Group Head, Financial Crimes at Interac, will utilize his expertise in cybersecurity, IT architecture, and operational resilience to strengthen the company's fraud prevention and detection strategies. Leveraging technology like AI, Interac aims to collaborate with other organizations to enhance cybersecurity in finance and business, ultimately safeguarding Canadians' digital transactions and promoting a secure and reliable payment and verification system.
