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Data Privacy in Online Banking

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Data Privacy in Online Banking
DATA PRIVACY IN ONLINE BANKING

What is online banking?

Online banking is the process of making bank transactions over the internet

Usefulness of Online banking

You can pay your bills, transfer money to multiple accounts, make withdrawals and deposits, monitor transactions on your account, buy and sell securities with only the click of a mouse and its that convenient. You can now do all this in the comfort of your home and customers no longer need to go to the bank and can avoid the long queues in crowded banking halls.

Why the choice of data privacy in online banking?

I chose online banking because of the lack of a specific law on privacy in respect to online banking. Although there is an abundance of privacy laws that exist and they are too many to mention here. But still so many consumers are not sure about how safe their personal information is using online banking services. I believe privacy is the most fundamental and relevant issue in online banking.

Can personal data be submitted to third parties?

By law customers should be given a choice about whether data collected about them is distributed to other businesses. Ways of providing such choices are called “opt-out” and “opt-in”. By providing an “opt-out” method it would prevent information being disclosed to non-affiliated third parties. Consumers should be given a description under what conditions non-public personal information may be disclosed to third parties.

Do governments have the right to monitor online banking transactions?

There are occasions where privacy rights may be intruded e.g. where national security is threatened (Duquenoy et al, pg. 3).

The US government monitors all transactions routing through the Society for Worldwide Interbank Financial Telecommunication (SWIFT) since the September 11 terrorist attacks.

Is it legal? Would be investigating much more on this

How much control do consumers have over their data?

There
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