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Open Banking, should I be concerned?


Greenstreak-Andy D

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To me this seems worrying.

why would I want 3rd parties to access my buying habits?

whats the consensus?

Open Banking 'revolution' to challenge banks' dominancehttp://www.bbc.co.uk/news/business-42655716

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We should be more worried about our secret car accounts being found out by our other halves!

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As I understand it If you don’t give them permission they can’t access it

 

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6 minutes ago, IanK (Bagpuss) said:

We should be more worried about our secret car accounts being found out by our other halves!

I don’t know what you mean Ian! Cams and RR no different to a family meal out at local pub!

 

7 minutes ago, banshee said:

As I understand it If you don’t give them permission they can’t access it

 

I wouldn’t rely on assumptions, already emailed by banks, as a precaution!

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10 minutes ago, greenstreak said:

I don’t know what you mean Ian! Cams and RR no different to a family meal out at local pub!

 

I wouldn’t rely on assumptions, already emailed by banks, as a precaution!

That's true, I'd forgot how expensive it is eating out in Sandbach :p

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1 hour ago, banshee said:

As I understand it If you don’t give them permission they can’t access it

 

Them's the rules and woe betide any organisation that gets that one wrong!

It's to try and generate competition and allow upstarts in. Imposed by the CMA as opposed to being a well thought out plan by the industry.

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Hold on....What's the commonly used phrase in situations where the established elite are trying to access your personal information for financial gain???

Oh yes, that's it........... "I don't care, i've got nothing to hide"

Only this isn't actually as intrusive as internet snooping, because your bank account doesn't accidentally click on a popup taking you to some dodgy website, making you look like the next Jimmy Saville.

 

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On 1/13/2018 at 08:48, IanK (Bagpuss) said:

We should be more worried about our secret car accounts being found out by our other halves!

Mines cash, hidden in the garage...........................shhhhhhhhh :oops:

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On 1/13/2018 at 10:03, Dommo said:

Them's the rules and woe betide any organisation that gets that one wrong!

It's to try and generate competition and allow upstarts in. Imposed by the CMA as opposed to being a well thought out plan by the industry.

Pretty clear that this sort of thing should be an opt in. I would not opt in.

I'm annoyed enough that my browsing habits are tracked and ads appear on sites like Amazon despite me using ad blockers and trying to ensure I don't allow tracking cookies or whatever. But like call centres, it's a modern pain that we all endure... :bangshead: 

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Can't think why Anyone that would agree to an Open Account.  Curious what the thinking behind it is.    

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So I get it now.  Basically I would be bombarded with offers of credit cards, personal loans etc. from even more institutions than I already am.  Also if there is an unauthorised debit from my account I have to pay £35 to have the matter resolved.     Going to be really popular isn't it.

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26 minutes ago, SootySport said:

So I get it now.  Basically I would be bombarded with offers of credit cards, personal loans etc. from even more institutions than I already am.  Also if there is an unauthorised debit from my account I have to pay £35 to have the matter resolved.     Going to be really popular isn't it.

Nice summary! Agree. 

Just be careful not to inadvertently tick a box when banking on-line, which opens that pandora box!

Not to mention all the potential fraudulent risks!

Who thinks up these schemes, ruddy crazy. 

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10 hours ago, greenstreak said:

Who thinks up these schemes, ruddy crazy. 

I'm not usually a conspiracy theorist but the mention of charges for unauthorised debits? what the devil? It's an unauthorised debit. If the bank are going to charge me for "doing something" I'm calling the police and reporting 2 thefts, 1 from the DD and one for the bank charging me for falling victim to a crime... twice...

Sounds like a set of rules written by the banks and ratified by HMG. 

I'm going back to cheques...

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12 hours ago, greenstreak said:

Nice summary! Agree. 

Just be careful not to inadvertently tick a box when banking on-line, which opens that pandora box!

Not to mention all the potential fraudulent risks!

Who thinks up these schemes, ruddy crazy. 

The banks themselves I would think.   They'll be selling the right to access your account to other financial institutions.    They boobed with the PPI schemes and other hair brained schemes in the past so this a another 'get rich quick' idea.    It'll go pear shaped in a few years when they sell access to the Nigerians

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