General Data Protection Regulation will not allow any industry, not just financial services, to minimize the importance of data integrity. You can find our view here. Read quickly; it goes into force in 30 days.
Breaches continue with no let up.
According to the Privacy Rights Clearinghouse, more than 8,000 data breaches have been made public since 2005, with more than 10 billion individual records breached.
Last year, the Equifax breach alone affected 143 million American consumers.
It’s a fact: Massive amounts of credit and debit card information, including other types of personal data, have been compromised by fraudsters.
Ten billion records breached. Do the math. There are 7.4 billion people on planet Earth. Knock one third off to account for developing nations with limited access, take off another third for those too young to borrow, and it means that your personal data has probably been compromised 3-4 times.
How does this impact consumers who apply for credit cards or shop online? Fraudsters may be using their stolen information to apply for mortgages, credit cards, loans, make online purchases and commit other forms of online and offline fraud.
Fraudsters are gaming the system by exploiting the way that businesses and banks do identity and credit checks to assess risk. Meanwhile, legitimate consumers, thin-file millennials and those living on cash are caught in the dragnet of anti-fraud measures set up by businesses and subject to friction and financial exclusion.
GDPR is an example of legislation gone right. It affects every vertical, as you will find in our research note. Better get ready, because the May 25 implementation will be here. And, it will cost you.
Overview by Brain Riley, Director, Credit Advisory Service at Mercator Advisory Group
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