Privacy First at Radar broadcast on banking dragnet
Have you transferred money to Greenpeace, your church denomination or the Donald Duck? Or used your debit card to pay for your groceries? Your bank keeps track of all that, and may start monitoring and vetting all that. Insofar as it is not already doing so. As a result, your account could be blocked just like that, if the bank suspects trouble. Even if nothing is actually wrong.
On 27 February (2023), TV programme Radar spent attention to this topic. With some gruesome examples. Privacy First collaborated on that item, expressing its concerns about what is already happening, and what may be coming.
You too are being surveiled by your bank - and soon perhaps by all banks.
We previously wrote about the plans for transaction monitoring. See: Banking dragnet is not a good idea. And in early December 2022, we already sent a letter to the House of Representatives on this, titled: 'Fighting crime is not served by bank dragnet and enquiry requirement'. With a detailed memorandum thereby.
We continue to monitor these developments closely, as part of our theme 'Financial privacy'.