In this modern digital world, the relevant concern for most people is financial privacy or protection of personal data or information. As banking becomes more remote via the internet, going cashless with direct debit, credit cards, and other financial payments, and financial institutions increasingly build data-rich financial products, protecting sensitive data that relates to finances has never been more important.
Major Regulations Safeguarding Financial Privacy
The General Data Protection Regulation (GDPR) in the European Union and the California Consumer Privacy Act (CCPA) in the United States are two well-known regulations concerning financial privacy.
GDPR:
Covers a wide variety of personal data such as financial information.
Explicit Consent Required For Processing Of Personal Data
Gives individuals rights to access, correct, and delete their personal data
Has very specific requirements on breach notification.
CCPA:
California residents rights based privacy
Provides consumers the right to know what personal information is collected, for what purposes, and the types of third parties with whom it shares information.
Gives you the right to erase your personal information.
Shall require a business to use reasonable efforts tosecure personal information, which avoids any unauthorized access, use, or modification.
Financial Privacy Best Practices
Use complex, unique passwords for any online financial accounts.
Look for trusted banks that take online security seriously.
Phishing attacks: Be careful with emails that look suspicious, if they look like phishing, do not click on anything.
Check financial accounts Check account statements regularly and report any unauthorized activities.
Connect only to Bullitproof, Secure Wi-Fi Networks: Never perform sensitive financial transactions when connected to public Wi-Fi networks
Use Two-factor Authentication: This provides additional security to your accounts.
Don’t overshare about your finances on social media.
Use Financial Services that Prioritise Privacy: Always select groups that respect privacy and security.
Keep Updated with the Data Protection Laws: You must keep a tab on the recent data protection legislation.
