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Tomorrow will bring a new era of banking that experts warn could put people at greater risk of online scams and identity theft.
From 13 January, banks and building societies in Europe will be legally required to give any regulated third party access to all their customer data.
Initiative - Banking - Aims - People - Choice
The initiative is known as 'open banking' and aims to give people the choice to use services from a variety of providers.
But these third parties could be vulnerable to cyber attack, which means private customer details are at greater risk of falling into the wrong hands.
Banking - Initiative - Fraudsters - Opportunities - Party
The 'open banking' initiative also gives fraudsters more opportunities to pose as a third party provider to steal your identity and financial details.
Stuart Poole-Robb, chief executive of internet security company KCS Group, and a former MI6 intelligence officer, has outlined four ways to make sure your financial details are safe.
Banking - Information - Parties - Data
With open banking, information will increasingly be passed on to third parties, meaning your personal data is more widespread.
This will expose people to identity theft, explains Mr Poole-Robb, who says the level of vulnerability is 'off the scale'.
People - Banks - Information - Phone
He recommends people don’t give their banks information over the phone, unless they can validate who they are talking to.
It is better practice for a bank to ask people to write a letter confirming their details, to ensure sensitive data ends up in the right hands.
People - Information - Phone - MI6 - Intelligence
If people have to give information over the phone, the former MI6 intelligence officer says they should call their bank directly from a secure landline.
If your bank claims your account has been compromised and wants to ask security questions, decline to answer and then call your branch and speak to someone you know.
Banking - People - Access - Information - Checks
'Open banking means people will contact you asking for access to your information and if you cannot provide suitable checks to their identity you are going...
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