As people get new ways to manage and spend their money, their financial lives grow more interconnected with the rest of the world. In this new environment, financial services customers and providers need to grapple with the issues of data security and privacy, says Christina Tetreault, senior policy counsel for Consumer Reports Advocacy. These two are related in that they are both about controlling access to data. Where they differ is that security is about controlling outside attacks, while privacy is about giving customers control over how their data is used.
Consumer Reports has teamed up with other organizations to form an open-source called effort “the Digital Standard” that seeks to create privacy and security standard for future product design. You can learn more about it at www.thedigitalstandard.org.
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It is worth noting that multiple states have passed or are considering data privacy laws. Below is a list of states that have recently introduced bills to protect consumer privacy. While the individual provisions vary from state to state, the bills are generally intended to provide consumers with greater transparency and control over their personal data, including giving consumers the ability to know how their personal data is being used, where it has been sent, and the option to delete or remove personally identifying information. Some states, for instance California, have laws that go beyond breach notification and require companies to make changes in their data processing operations.
This year’s Power of Prepaid will feature several discussions on the future of payments, privacy, and security and will be held April 8-10, in Washington DC. You can register here.
European bank customers soon will be able to share their banking information with payments apps, p-to-p services, and other Fintech companies thanks to the European Union’s Revised Payments Service Directive, also known as PSD2, with requires banks to enable customers to share their bank data.
This idea may come to the U.S. in the near future, so understanding what is happening around the world can give companies an advantage on their competition.
David Parker, of UK payments firm Polymath Consulting, will explain what the PSD2 regulation in and what it means for banks in a special IPA webinar.
Topics covered will include:
Join us on March 28that 11 a.m. to learn about how banks and other financial services companies are interacting around the world. IPA members please log into the members' only site to register for the free webinar.
More than $324 billion was refunded to taxpayers by the IRS last year, a nearly $2 billion increase from the previous year. Many American families rely on their tax refunds each year to pay outstanding bills or make other important purchases that may not be within reach without them. No matter what each taxpayer plans to do with their refund, one thing is certain—fast and efficient receipt of these funds is a top priority for taxpayers.
This is exactly why so many Americans are opting out of paper checks for their tax refunds and choosing prepaid instead. Prepaid cards allow faster and more convenient access to funds. Some key benefits prepaid cards offer during tax time include:
To learn more about why choosing prepaid for your tax refund is a smart, responsible choice, check out our infographic.
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