I just discovered something alarming in my online banking account (USA). While reviewing my profile, updating second verification etc… I discovered the bank had a phone number I never gave them as a contact for 2nd authentication. I looked at the number closer and it was my previous work number from a former job position I had. I know I did not give this number (I work in a hospital and never give out my work number ever). I think the number was automatically given- which is really disturbing. So if my bank could have called my work… That’s an invasion of privacy- especially for authentificstion.
That phone number was auto populated- because it’s a dead end search people usually find when googling my name with my place of work. People have called me on that hospital line before after I left- because my colleagues tell me this.
I think your bank will have facilities to get at some of your personal data, without asking you. They will have access to credit score systems for doing validation of credit worthiness, and they may have access to government data about citizens (name/address checks). So that is where this is coming from probably.
But at the same time banks have woken up to the fact, that in a surveillance capitalism driven world, they own one of the most valuable caches of personal data: your detailed credit history. I am not informed about the topic, but I believe that some or all credit card providers are already selling some or all of this data. Someone with knowledge could correct or enlighten me here…
Furthermore regular banks are also lobbying to be able to do more with the data, loosening law and regulation. I don’t know the situation in the US, but in The Netherlands this came up some years ago. Didn’t come through yet, but the topic will come up again I am sure.
On the whole this is a topic where we need to inform ourselves better!
Note that security is a different concern than privacy (I edited the topic title). I know from experience that US banks have much less secure systems than European banks, but they are loved by tech companies because they allow/easier more tech innovation (less restrictions), whereas EU banks are still ultra-conservative to what they allow on their platforms.
@aschrijver well this is interesting- US banks are very competitive with eachother- one upping eachother- our bank has a live person- our bank is secure but simple to get money out without passwords etc…
I think if a single bank caught onto humane tech concepts in the US- they could use humane privacy and security as a hook to get more business.