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Consumer advocates criticize data protection in payment services

by drbyos

What about data protection, which is guaranteed by the current EU Payment Services Directive PSD2? A consumer advocacy study is rather dissatisfied with this and calls for a revision of the directive. Because an effective control of the data streams enabled with the PSD2 is not provided, so the criticism according to Heise Online.

The reason for this is the uniform interface that banks have to provide in order to enable certified third-party providers registered with Bafin to access account data for various applications. This raises the question of how much bank customer data a payment service needs to access and what exactly it is used for. As the report of the Conpolicy Institute for Consumer Policy explains, many consumers are likely to succumb to “an illusion of control”.

In the run-up to the report for the Federal Association of Consumer Organizations, there were complaints about the Sofortüberweisung service, Heise continues. The accusation: Immediately not only inspected the customer account to check creditworthiness, but also had partial access to the account in question. In this way it is possible to create an economic footprint of the respective bank customer.

The consumer advocates also expressed criticism of the new C24 bank, which was founded by Check24. Your business model is based on extensive customer data analysis – this is also communicated, but many consumers are unlikely to be aware that the data passed on to Check24 allow numerous conclusions to be drawn.

The EU Commission and the Council of Ministers are already considering revising the PSD2. However, the focus here is on further opening up the sector, so-called “open banking”. Because an open finance system could further promote innovations, so the view of the politicians. Nevertheless, uniform competitive conditions and appropriate consumer protection should be guaranteed at the same time.

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