Comments
Banks Look to Reduce Amount of Personal Data Collected
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Nathan Golia
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Nathan Golia,
User Rank: Author
10/31/2014 | 3:14:15 PM
Parallels
The insurance industry is struggling with this as well, as carriers look to increasingly leverage the internet of things and telematics for auto insurance. Anonymizing the information has been a strategy that has worked for some insurers.
Byurcan
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Byurcan,
User Rank: Author
10/27/2014 | 11:42:27 AM
Re: PII
Indeed. Hopefully we're now entering a new era of smarter data security.
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
10/27/2014 | 11:34:35 AM
Re: PII
In the 1980s-90s, so many organizations used the Social Security Number as a form of identification. Many organizations didn't need the SS# since they didn't have anything to do with credit ratings or taxes. It was a pure liability risk. I remember in the early 2000s that some employers still printed SS#s on paystubs. Why? I also remember my college photo ID had my SS# as my student ID#. Crazy.
Byurcan
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Byurcan,
User Rank: Author
10/27/2014 | 9:00:49 AM
Re: PII
Yes that's very true. Based on this report, it seems there may be a shift to trying to capture data more strategically, as opposed to just collecting everything you can and storing it all somewhere.
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
10/27/2014 | 7:12:08 AM
PII
Sometimes you wonder why companies collect and store some PII. The more data they collect, the more they have to protect. Unless the data has some direct impact on a customer's account, or credit rating, the bank's should not be collecting and storing the data. After all, once they have the data, they have to protect it.


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