As many as 90,000 CIBC and Bank of Montreal Customers may have had their financial information stolen this week by hackers.
Vulcan's David Swan, with the Cyber Intelligence Defence Centre says Canadian banks don't do enough to inform us about potential threats to our data.
He says there's also steps we can take to avoid having our data stolen, and one of the simplest comes right at the check-out counter.
"I don't use flash, I don't use tap. And I've got a number of the features on my credit card disabled because I proved working in my own lab here in Vulcan, Alberta that every time you used something like tap or flash, you were sending your information something like 20 feet, each time."
Swan says a hacker sitting with a receiver in his car outside Tim Horton's could potentially steal banking information from hundreds of people in an hour.
Swan also says we may need to reconsider the habit of banking online using smart phones.
"If you're using a low cost Android phone, there's now documentation out that says low end Android phones come installed with malware. A lot of them have major security problems. Android's pretty aggressively attacked and what the bad guys are going after is your banking information."
Swan, says in the United States they have an agency called, The Financial Services Intelligence Analysis and Sharing Centre, which is constantly working to thwart cyber threats and inform the public.
Swan says Canadian banks don't do that.
"I'm not hearing that Canadian banks have similar tools to their American counterparts and I'm not hearing that they have the same investment and security. I'm hearing "Pat on the head, go away, trust us we're good." And I'm not seeing any proof that we really are."
As always Swan says your best bet is to be vigilant when it comes to protecting your data.