[STForum]: Bank shouldn't be so blase about releasing person

[Bic_cherry]

All banks should perhaps operate a central webpage/ site with various options:

1. No unsolicited advertisements via: Phone, SMS, Email [choose accordingly].
2. No circulation of personal details to any other external agency or bank subsidiary.

e.g.:

[pict source]

 

The Straits Times; Published on Mar 21, 2012

Bank shouldn't be so blase about releasing personal details

MY MOTHER received a call last week from an agent claiming to represent insurer Aviva who told her that DBS Bank had furnished Aviva with her personal details such as her account and identity card numbers and address.

My mother was told that the insurance policy, which entailed a monthly deduction from her personal account, would be effective the minute she gave the go-ahead over the phone.

When I called the bank's call centre to verify this process, I was surprised by the lack of knowledge about such an insurance arrangement, although the call centre agent acknowledged that such processes existed.

I am puzzled by the extent of personal information furnished to random staff of an insurer and the possibility of finalising a policy with a mere phone call.

While this may be a routine procedure for the bank, I urge it to review its current processes unless the financial institution can guarantee that personal information will not be misused by any other person who has access to them.

Dashni Ravindran (Miss)

Copyright

Edited March 21, 2012 by Bic_cherry

[Neutralsg]

All I'm aware is the recent bill which was passed requiring service providers to provide options to their customers to opt in for advertisements. However, disclosing information to 2nd/3rd party by banks is unknown to me and perhaps to many others.

Is this condoned by MAS? If it is, then such serious issue should be raised in Parliament and debated because while it may be in the interests of the financing industry, it is certainly not in the interests of the public.

If such practices is allowed to continue, more related problems will surface.

Sheesh!