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Too many emails about privacy?

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Summary

Here’s why you should care – even if you don’t read them

2 min read

As new rules about personal data come into force, your inbox has probably been bombarded with emails about privacy. 

But while you’re wearing out your delete button, it’s worth knowing the big change behind it all just made you safer.

The General Data Protection Regulation (GDPR), introduced across Europe last week, is the first major change to data protection law in the UK in two decades. It goes further than ever in guarding your privacy and giving you greater control over the information companies have about you.

For us, it is also a welcome addition to our fight against fraudsters who illegally access people’s data and use it to scam them. We already use technology to combat fraud wherever possible. For example, we use voice recognition software on phone calls and contact clients on their mobiles about suspicious activity on their accounts.

GDPR reinforces this work by encouraging greater measures to stop data getting ‘out there’ in the first place. The new regulation:

  • makes it compulsory for businesses to report any breaches in data security to the appropriate authorities
  • raises the fines firms must pay for such a breach – to £17.5m or 4% of turnover if greater, from a previous maximum of £500,000 
  • gives you more power to access the information organisations have on file about you

We embrace the revised rules and – like everyone else – have written to clients explaining how we’re adhering to them. Our changes include increasing transparency around the information we collect, the reasons for doing so and how we may use it.

“We welcome the new regulation as it helps us protect our clients’ privacy – an issue we take extremely seriously.”
Stuart Newey, Head of Banking, Coutts

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Catching up

This is a classic case of regulation catching up with the wider world. Over the last 20 years the growth of technology has led to people sharing their information with a wealth of different organisations at the touch of a button – from hotels to hospitals, bars to banks.

This has led to a deluge of digital data existing which can end up not just in the hands of marketing companies and business analysts, but fraudsters too.

While GDPR’s privacy protecting efforts are another strong weapon in the fight against fraud, being vigilant remains the best way to beat it.

That’s why, as well as putting technology to good use, we at Coutts support initiatives such as Friends Against Scams, a UK National Trading Standards scheme which runs awareness sessions and online learning to help people spot fraudulent behaviour. It encourages people to do the training and raise awareness by talking to neighbours, friends and family or even writing to their MP.

Stuart Newey, Head of Banking at Coutts, says, “GDPR marks a big step forward in protecting people’s data and fighting fraud. We welcome the new regulation as it helps us protect our clients’ privacy – an issue we take extremely seriously.”

He adds, “When it comes to stopping scammers, our message to clients is clear: never share security details such as your PIN or password with someone who has contacted you unexpectedly, and never assume an email, text or phone call from your bank is genuine.”

Click here for more advice from Coutts on protecting yourself from fraud.

Key Takeaways

Coutts welcomes new data protection regulation encouraging greater measures to stop your personal information being used inappropriately. GDPR gives you greater control over your data and is a step forward in the fight against fraud. We take our clients’ privacy extremely seriously and already use the latest technology to help protect them, as well as actively participating in relevant UK-wide schemes to stop scammers.

About Coutts Security

Your protection against fraud is our priority. We are committed to protecting your identity and your funds against fraud, and we work tirelessly to keep you informed of the issues you should be aware of in order to be vigilant.

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