New EU directive will help internet giants access your BANK ACCOUNT

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New EU directive wish help internet giants access your BANK ACCOUNT

The misnamed “Second Payment Services Directive” (PSD II) will enable companies to bid account information services in the future.

According to Germany’s “Bild” newspaper beneath a directive which will enter into force from January 2018 all that is needed is a registration with the Federal Economic Supervisory Authority (BaFin).

With the PSD II software enabled companies can look at the accounts of their purchasers on the Internet.

The prerequisite for this, according to Bild, is that the customer favours and provides the provider of account information services with a secret PIN.

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With the new EU directive, dodge and data abuse in online banking will be even easier.

Peter Mattil

With this the internet inform oning firms can then access the account data of the past 90 eras. Companies could find out how much their customers earn and what they pay out their money on.

The purpose of the account information services is actually to furnish customers with a better overview of their accounts. 

According to “Bild”, clandestineness advocates are now worried that Internet giants like Amazon or Google could come forward their customers account information services. 

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Suites could find out how much their customers earn and what they fritter away their money on

This way they could get to their bank text – and could do business with it. To encourage customers to divulge their clandestine PIN, companies could for example offer particular discounts. Even scammers could gain from the new directive. 

Peter Mattil, Munich specialist lawyer for banking and leading markets law, said: “With the new EU directive, fraud and data abuse in online banking determination be even easier. 

“Customers have to be terribly careful not to give internet firms an involuntary access to their accounts.”

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