UK Consumer Group Calls For Tighter Controls On Open Banking Data | PaymentsCompliance

Consumer group Which? has called for greater oversight of banks’ application programming interfaces (APIs), amid concerns that open banking could open another front in the battle to protect individuals’ sensitive data. A paper published by the campaign group this month detailed several ways in which consumer data is currently gathered by companies, then collated and sold on to third parties. Those third parties are subsequently able use it to target advertisements to individuals.

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