Vancouver, British Columbia--(Newsfile Corp. - June 15, 2026) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) ("Plurilock" or the "Company"), a services-led, product-enabled, AI-native cybersecurity company, announces that Ian L. Paterson, Chief Executive Officer, appeared on June 11, 2026 as an invited witness before the Standing Committee on Industry and Technology (INDU) of the House of Commons of Canada. Mr. Paterson testified as part of the Committee's ongoing study on financial fraud and scams in Canada, a study examining the roles of banks, telecommunications companies, and digital platforms in preventing scams and protecting consumers, and the responsibilities of federal departments and agencies in enforcement, regulation, and public awareness.
As a cybersecurity expert, Mr. Paterson was invited to provide a practitioner's perspective on why fraud continues to succeed at scale, and what structural changes would meaningfully slow it down. In his opening statement and testimony, Mr. Paterson offered three key recommendations for Parliament's consideration:
- Strengthen identity at every touchpoint. Fraud works because banks, telecoms, and agencies still rely on credentials that are easy to fake: passwords, text messages, and now voices. Mr. Paterson called on government to move to spoofing-resistant channels and phishing-resistant credentials such as passkeys, and urged the Canada Revenue Agency to lead by example and set the standard for the private sector.
- Build a national anti-fraud response with a mandate to lead, not merely support. Local law enforcement agencies that receive cross-jurisdictional fraud cases typically lack the training, tools, or mandate to pursue them. Mr. Paterson called for a national capability, built on the National Cybercrime Coordination Centre, that leads such cases, coordinates across jurisdictions, and brings banks and telecoms to the table under a clear mandate.
- Invest in international disruption. The largest fraud operations targeting Canadians originate outside the country, including scam compounds in the Indo-Pacific staffed by trafficked workers. Mr. Paterson called on Canada to invest in international assistance to dismantle these networks at the source, before they reach Canadian victims.
Mr. Paterson's complete opening remarks follow.
Opening Statement of Ian L. Paterson, CEO, Plurilock Security Inc.
As delivered before the Standing Committee on Industry and Technology (INDU), House of Commons of Canada, Study on Financial Fraud and Scams in Canada:
Thank you, Chair, and members of the Committee, for this invitation.
My name is Ian L. Paterson and I'm CEO of Plurilock, a Canadian cybersecurity company. For ten years I've built and patented systems that verify who people are, and delivered cybersecurity for government agencies and businesses. I'm here as an operator, with a practical view of why fraud works, and what would slow it down.
I'll offer three recommendations to combat the fraud that's hurting everyday Canadians.
I'll start with a story.
A grandfather gets a phone call. He hears his grandson's voice: he's been in a car accident and needs money right now. He drives to the bank, gets the funds, and hands a money order to a stranger who showed up in person to collect it.
Only later, when the family compared notes, did the truth come out. The grandson was fine. The voice was a deepfake. It was fraud.
That's one story. I have many, as do most Canadians.
Canadians reported 704 million dollars in losses to the Anti-Fraud Centre in 2025, the worst year on record. And the RCMP estimates only five to ten percent of fraud ever gets reported, which means the real cost to the Canadian economy runs into the billions.
So what do we do? In cybersecurity, we talk about prevention as "left of boom" and response as "right of boom".
First, left of boom. Prevention comes down to identity. Fraud works because we still verify people with things that are easy to fake: phone numbers, text messages, passwords, and now, voices.
Back in 2019 I wrote in the Globe and Mail that my video game provider had better security than my bank. Seven years on, not much has changed, and deepfakes and voice cloning are letting bad guys automate and scale their attacks.
The fix is stronger identity that everyday Canadians can trust:
When your telco, your bank, or your government reaches out, it should come over a channel that can't easily be spoofed, like a push notification from a smartphone app.
When you sign in to a service, it should be with credentials that can't easily be phished, like passkeys, which no one can read over the phone to a criminal.
And when it's human to human, the answer is resilience. Criminals can fake a phone number and a familiar voice, so: hang up, call back a number you know, and ask about shared context like "What did Aunt Bertha bring to Christmas dinner last year?"
Cheap habits beat expensive technology.
That grandfather wasn't careless. He did what all of us were taught to do: trust the voice on the line. That's what has to change, and it's fixable.
Government should go first.
Every Canadian knows the fake CRA call. If the CRA (and agencies like it) used channels that can't easily be spoofed, they'd end one of the most common scams in the country, and set the standard for everyone else.
Second, right of boom. Response comes down to coordination.
When the victim, the bank, the phone company, and the criminal sit in different jurisdictions, the first question is always "who owns the file". Our police officers are some of the most mission-driven people I know, but too often the local police agency that ends up with the file doesn't have the training, tools, or mandate to chase this kind of crime, and that police detachment has to weigh a five-thousand-dollar scam against an armed robbery down the street. The criminals count on that weakness and exploit it.
We have a start: the National Cybercrime Coordination Centre. But its role is support, and the investigating still falls to individual officers. Canada needs a national response that leads these cases, not just supports them, one that cuts across jurisdictional boundaries, brings banks and telecoms to the table, with privacy built in, and a mandate to chase these crimes, whatever the dollar amount.
Third, Canada cannot tackle these issues on its own. Some of the biggest operations originate outside the country. In the Indo-Pacific, scam compounds run at industrial scale, often staffed by trafficked workers, targeting Canadians. Canada should invest more in international assistance, to help dismantle these networks at the source, before they reach Canadians.
Fraud is an identity problem, a coordination problem, and a test of our resilience. Every day, Canadians are being electronically mugged by criminals who've turned this into an industry, one that runs on the seams in our system. Those seams are ours to close.
Thank you. I look forward to your questions.
About Plurilock
Plurilock is a services-led, product-enabled, AI-native cybersecurity company that solves complex cyber problems in high-stakes environments where failure isn't an option. Trusted by Five-Eyes governments, NATO-aligned agencies, and Global 2000 enterprises, we defend critical infrastructure and safeguard the systems that power modern life. Our Critical Services division delivers operational resilience through unmatched expertise, proprietary IP, and AI-driven playbooks.
For more information, visit https://www.plurilock.com or contact:
Ian L. Paterson
Chief Executive Officer
ian@plurilock.com
416.800.1566
Ali Hakimzadeh
Executive Chairman
ali@sequoiapartners.ca
604.306.5720
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Forward-Looking Statements
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Source: Plurilock Security Inc.
