What should I know about Internet banking privacy? Should I trust the ability of Internet banking to protect my privacy?
Both banking institutions and you have a role in ensuring privacy. Protection of your personal and financial information is an extremely important matter when banking via the Internet. The privacy of a consumer's personal information to be an important element of public trust and confidence in the banking system.
- Responsibilities of banking institutions in ensuring privacy
All banking institutions offering Internet banking services have to adopt responsible privacy policies and information practices.
For example, banking institutions should prompt you with a message to inform you that you will be leaving the banking institutions' websites and hence you will not be protected by the privacy policies and security measures of the banking institutions when you hyperlink to third parties from their websites.
- Your responsibilities in ensuring privacy
By reviewing this policy, you will know the type of information banking institutions collect and maintain about you.
Banking institutions may want to share information about you with a related entity to market specific products that may meet your needs and interests.
If you do not want your banking institution to share your personal information with others without your permission, you should request your banking institution for the 'opt out' option.
Reprinted with permission from BankingInfo (A Consumer Education Programme)
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