Bank Collects and Shares Personal Data from Customers
In a move that has raised concerns among privacy advocates, [Bank Name] has announced that it collects and shares personal data from its customers through various means. The bank claims that the information is collected for legitimate purposes such as ensuring proper functioning of websites, fraud detection, and security.
Mobile Device and Geo-Location Information
When customers use the mobile banking app or E-Kyash digital wallet, their unique device identifiers, screen resolution, device settings, location data, and analytical information about how they use their devices are collected. The bank may ask for permission before collecting precise geolocation information.
Financial, Transaction, and Experience Information
When customers make transactions online, the bank collects information such as:
- Transaction amounts
- Payment card numbers
- Other details associated with the transaction
This information is used to provide customers with services and products, process payments, and detect fraud.
Participant Information
The bank also collects customer information about other participants involved in transactions, including:
- Names
- Postal addresses
- Telephone numbers
- Financial account information
Information from Third-Party Sources
In addition to collecting data directly from customers, the bank obtains information from third-party sources such as:
- Credit bureaus
- Merchants
This information is used for various purposes, including identity verification and fraud detection.
How We Use Your Information
The bank uses customer information for a range of purposes, including:
- Providing products and services
- Preventing fraud
- Complying with legal requirements
- Operating its business
- Delivering targeted marketing communications
- Verifying identities
How Long We Keep Your Information
The bank typically keeps customer information as long as necessary to provide online services or comply with applicable law. Even after accounts are deactivated, the bank may retain copies of information for a period consistent with applicable law.
Linking to Other Sites
The bank provides links to non-affiliated companies, but is not responsible for their privacy and security policies.
Changes to the Privacy Policy
The bank reserves the right to revise its privacy policy at any time without notice. Customers are encouraged to review the policy frequently and remain informed about changes.
Critics have expressed concerns that the bank’s data collection practices may infringe on customers’ privacy rights, while others argue that the measures are necessary to prevent fraud and ensure the security of online transactions.