How your bank spies on your exact monthly income... and shares it with other firms. Good news: STEEMIT and the Blockchain WILL end that ! by sebastien

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blockchain · @sebastien · Aug 16 '16

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How your bank spies on your exact monthly income... and shares it with other firms. Good news: STEEMIT and the Blockchain WILL end that !

<html>
<h1>Our financial data is already so widely shared, stored and available for inspection by a range of private and public bodies that the genie is well and truly out of the bottle...</h1>
<p><img src="http://countercurrentnews.com/wp-content/uploads/2015/10/banking-bad-rothschild.jpg"/></p>
<h2>Let's start with Credit Reference agencies...</h2>
<p>Most consumers think that credit reference agencies simply collate data about our repayment of loans. <strong>But these vast and rapidly-growing businesses go far further than that : </strong>They are now cashing in on a new area of personal financial data: <strong>the capturing, and selling-on of details about our income.</strong></p>
<h2>Down to the last cent, in millions of cases.</h2>
<p>In fact, Equifax, one of the big three credit reference agencies, even boasts (to business customers) that it collects information for such tiny transactions as one consumer repaying another "for an evening out".</p>
<p>All these companies make money out of us, of course, by getting us to pay to view our "<em>credit files</em>" (something we're often forced to do merely to check the information they hold is correct). But those credit files don't show any of the reams of information being harvested about our incomes...</p>
<p>The core of theses firms' businesses is their <strong>ever-closer relationship with lenders</strong>. Here, the relationship is based upon harvesting information from multiple sources and then <strong>SELLING IT BACK</strong>, packaged up, analysed and processed as required.</p>
<p><strong>Today these companies take this data from most of the banks</strong>, with the discutable the argument that lenders need verifiable income information in order to ensure consumers only borrow what is "affordable".</p>
<p><img src="http://2.bp.blogspot.com/-xVvEzZTNLvw/U9THl6yLyII/AAAAAAAACHE/s-H7DHiVH4g/s1600/99-bankers-2011.jpg" width="561" height="565"/></p>
<h2>What information about our income is being passed on, and why?</h2>
<p>The CEO of one of these credit companies said that the data would show all income, whether this was wages or pensions or regular payments between spouses. It would also include income from rental properties or other investments.</p>
<p><strong>And it would be accurate to the penny !!</strong></p>
<p>He has previously told business clients that it can access income information for approximately two-thirds of Britain's 76m current accounts.</p>
<p>He said that:</p>
<blockquote>"...it is important to identify the primary current account: the one that receives salary income or receipts. Next, credit going into the account may come from other sources, like transfers from savings... there is a need to discriminate between different sources of turnover to get close to the consumer's actual income."</blockquote>
<p>Equifax claimed that through use of "complex algorithms" it could "determine whether or not a current account shows there is sufficient, consistent and stable income."</p>
<p>Experian confirmed it too collected income data each month from current account providers. In a call to its business clients, Experian says: <em>"Imagine the benefits of being able to see your customer’s precise financial commitments".</em></p>
<blockquote>"...identify applicants who have exaggerated their income. Once confident with the income associated with an individual and their household, this can be used to calculate a value for effective disposable income... utilising Experian’s extensive data assets and other insightful sources..."</blockquote>
<h2>Who else can see this information?</h2>
<p>The information becomes available to the clients of the credit reference agencies (banks and other lenders) when we apply for credit. So if, on a mortgage application, we say we earn x, the lender can access a full picture of our income and double-check.&nbsp;</p>
<p>That could be sensible and helpful. But for many people the idea that this information is being collected each month and stored over years, regardless of any immediate need for it, will be a nasty surprise.</p>
<p><strong>Did we give permission for our income details to be passed on and traded in this way?</strong></p>
<p><strong>Apparently, yes.</strong></p>
<p>In the case of First Direct, part of HSBC there was only a vague reference on page 42 of a 49-page document relating in general terms to sharing of data...</p>
<p><img src="https://media.licdn.com/mpr/mpr/p/7/005/0ac/310/26c6eb7.jpg" width="600" height="343"/></p>
<p><em>(First Direct refused to comment on whether or not its booklet adequately described what data was shared, with whom or when.)</em></p>
<p>It said:&nbsp;</p>
<blockquote><em>"We comply with an industry-wide agreement to provide the information required... to ensure lenders can assess affordability. This information may include lending application data, current account activity and &nbsp;customer income."</em></blockquote>
<p>Older customers, who may not have signed up to such open-ended terms regarding data-sharing, are not having their income details collected. They represent only about <strong>one in four accounts</strong>.</p>
<h2>Security of data is also one specific, technical area of concern.&nbsp;</h2>
<p>Many public and private data storers, including major credit reference agencies, have suffered breaches.</p>
<p>Experian suffered a data breach just last year when details of T-Mobile customers were accessed.</p>
<p>But more widely, the proliferation of information about our habits, movements and personal networks raises a wider unease about what this information is for, and whether we will ultimately benefit from its being stored and traded.</p>
<h1>On a brighter note... the Blockchain is here.&nbsp;</h1>
<p>Who needs a bank anymore ?</p>
<p>To end this post, I would quote the @dollarvigilante &nbsp;<a href="https://www.youtube.com/watch?v=8CKkR_8UFNM">(Link to the video) : &nbsp;</a><strong>Get out of the banking system now !!</strong></p>
<p><img src="https://i.ytimg.com/vi/8CKkR_8UFNM/hqdefault.jpg" width="480" height="360"/></p>
<p><br></p>

<p>@sebastien</p>
<p><a href="http://www.telegraph.co.uk/personal-banking/current-accounts/how-your-bank-spies-on-your-exact-monthly-income---and-shares-it">SOURCE (adapted from)</a></p>
</html>

👍 alexgr, pino, katyakov, chrisadventures, sebastien, ericbotticelli, michaellamden68, decrypt, chrishronic, markrmorrisjr, karchersmith, hdphotography

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@alexgr · Aug 17 '16

The blockchain is quite transparent (in issues like who gets what, who paid who, etc etc). It has many advantages but privacy (in the current implementation) is not one of them. But at least you don't have to identify yourself with your personal data.

👍 sebastien

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@decrypt · Aug 17 '16

That is actually not true.  You need to read the Satoshi paper, again.  If used properly the bitcoin blockchain does a fine job of keeping identity separated from transactions.

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@sebastien · Aug 17 '16

True, but a blockchain does not have to be public like the Bitcoin or the Steemit one.
It can stay private (at the bank), with a small level of encryption to update it from a user point of view.
### After all, it's just a ledger.

👍 alexgr, bitcoindon23, reported

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@alexgr · Aug 17 '16

Yep, we already have examples, dash, bytecoin, monero, etc.

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@cheetah · Aug 16 '16

Hi! I am a content-detection robot. This post is to help manual curators; I have NOT flagged you.
Here is similar content:
http://www.telegraph.co.uk/personal-banking/current-accounts/how-your-bank-spies-on-your-exact-monthly-income---and-shares-it/

👍 cheetah, cheetah33, cheetah34
👎 decrypt

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@sebastien · Aug 16 '16

Mentionned at the end of the post...
Cheetahs are fast, but could be smarter ;)

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@decrypt · Aug 17 '16

stupid cat, never heard about the concept of syndication ;)

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