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CommentFebruary 27 2017

PSD2 flaws show a rethink is needed on data sharing

The new EU Payment Services Directive for banks to share customers’ data with other companies is fraught with unmitigated risks surrounding consent, security and liability, argues Chris Skinner.
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We are all aware of wild happenings on the web – hate campaigns, false news, trolling and revenge porn. The fact that these activities continue shows how governments and regulators treat technology firms as different beasts to banks.

If a bank allowed such things to happen, they would be in serious trouble. If, for example, a bank leaked any financial data, they would be sanctioned and fined. However, as a banking friend pointed out to me, technology firms are not regulated in the same way as banks.

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