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Tag Archives for " FinTech "

Amazon testing payment system that uses hands as ID

Forget the titanium Apple Card — Amazon’s latest payment method uses flesh and blood.

The e-tailing giant’s engineers are quietly testing scanners that can identify an individual human hand as a way to ring up a store purchase, with the goal of rolling them out at its Whole Foods supermarket chain in the coming months.

Source: Amazon testing payment system that uses hands as ID

Chinese shoppers adopt facial payments in cashless drive

China’s shoppers are increasingly purchasing goods with just a turn of their heads as the country embraces facial payment technology.

The software is already widely used, often to monitor citizens – it has been credited with nabbing jaywalkers and catching criminals. But authorities have come under fire for using it to crack down and monitor dissent, particularly in China’s surveillance-heavy region of Xinjiang.

Despite the concerns over data security and privacy, consumers seem unperturbed as facial recognition payment hits the high streets.

Source: Chinese shoppers adopt facial payments in cashless drive | Technology – Gulf News

Duch privacy watchdog warns banks not to use payments for marketing

On Wednesday Duch data protection authority – Autoriteit Persoonsgegevens –  announced that banks should not offer their customers products on the basis of their confidential spending patterns. It added that all banks ‘should therefore take a good look at their policies around direct marketing.’

It its letter, it warns that certain transactions are considered particularly sensitive in terms of privacy law, such as payments to ‘hospitals, pharmacies, casinos, sex clubs….religious groups [and political parties]’ and that bank clients have an expectation of privacy.

Source: Look away: privacy watchdog warns banks not to use payments for marketing – DutchNews.nl – Live

Polish Ministry of Digital Affairs issues GDPR guidelines for fintech

The Polish Ministry of Digital Affairs recently issued an EU General Data Protection Regulation guidebook addressed to financial technology companies.

This is the third brochure published by the MDA’s Personal Data Protection Working Group this year, following one pertaining specifically to the health care sector and another one aimed generally toward entrepreneurs.

Source: Polish Ministry of Digital Affairs issues GDPR guidelines for fintech

GDPR: the ‘controller v processor’ debate in financial services

Lessons can be learned in the financial services sector from the rush to update contracts to account for the General Data Protection Regulation (GDPR) taking effect earlier this year. The GDPR spurred banks, insurers and other financial institutions to review their existing contracts, most notably their data processing agreements. There is a lot of confusion in this sector about the concepts of ‘controllers’ and ‘processors’ of personal data. Both controllers and processors have distinct obligations under the GDPR.

Full article: GDPR: the ‘controller v processor’ debate in financial services

Consumer Privacy Concerns Regarding Fintech Apps Remain High

Nearly one-third of U.S. banking consumers use online and mobile fintech apps to help manage their money. But those users are concerned about data privacy and want more control over the financial data their apps can access. The research shows consumers would trust financial institutions as custodians of their data.

Source: Fintech Apps: Consumer Privacy Concerns Remain High

EU regulation will drive U.S. banks to embrace FinTech or lose market share

Along with the EU’s General Data Protection Regulation (GDPR), which gave citizens the right to control the use of personally identifiable information, the Payment Services Directive 2 (PSD2) required the sharing of consumer banking data with third parties when authorized by the customer.

Read article: EU regulation will drive U.S. banks to embrace FinTech or lose market share | Computerworld

GDPR makes demands that only robots can fulfil in the financial sector

Financial sector regulation may be necessary, but fulfilling its administrative requirements can become hugely costly without the power of automation.

In their own ways, banks and other financial institutions have managed to cope with the varying regulatory burdens imposed over the last decade. Yet the imminent arrival of the European Union’s General Data Protection Regulation (GDPR), which comes into force on 25 May; calls for more innovative approaches, given its scale and reach

Source: GDPR makes demands that only robots can fulfil in the financial sector

Swedes Voice Data Fears After Facebook Scandal, Targeting Banks

In one of the world’s most digitally advanced corners, consumer groups are now demanding much better data protections against the financial industry.

“The big issue is privacy,” Jan Bertoft, the head of the Swedish Consumers’ Association, said in an interview. Right now, it even overshadows risks like “getting cheated and losing money,” he said.

Source: Swedes Voice Data Fears After Facebook Scandal, Targeting Banks – Bloomberg

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