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Banks Fear EU Privacy Rules Will Make Fraud Harder to Detect

Aarti Maharaj | September 2, 2015

Bankers are worried that they will have to be granted permission from customers to gather data for banking purposes, which they currently use to structure loan losses and detect fraud. When the new law goes into effect, however, bankers will no longer be able to use the data for specific purposes, said the Financial Times.      

Another potential issue for banks is ensuring that they have the right processes in place to delete requested customer data when needed. While data is stored across many platforms, banks may have to do some extra work to ensure that the data is erased.

Consumer rights groups in the EU believe otherwise. According to the article, the updated law will pave the way for more transparency in the financial sector and will force banks to...

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