The New Top Easy Access Savings Discussion Area

flaneurs_lobster

pandh said:

I'm very concerned about Chip's policies and use of personal financial data. Currently it looks like they want access to bank accounts to view transactions so they can sell these to data brokers for highly targetted marketing.

Their privacy policy allows them to share this data with anyone they deem appropriate. I can't link to their Privacy Policy but you can find it on their site.

T‍hey don't explicitly say they do it but it's very clear from the wording in the policy on data sharing, and also this point from section 21. Withdrawing consent: "Chip will not disclose your information to any third party for marketing purposes, without your further consent." Clearly if you can withdraw consent for this then it means they are doing it.

I understand your concerns but with this type of app-based multi-faceted (savings, investments) products having a need to crawl all over your connected bank account(s) I think you can nullify any intelligence gathering by only connecting a "dummy" account. 

Mine's a Tesco Clubcard Pay+ account, it's sole purpose is to act as an intermediary between Chip and my "proper" accounts. 

CuparLad

pandh said:

I'm very concerned about Chip's policies and use of personal financial data. Currently it looks like they want access to bank accounts to view transactions so they can sell these to data brokers for highly targetted marketing.

Their privacy policy allows them to share this data with anyone they deem appropriate. I can't link to their Privacy Policy but you can find it on their site.

T‍hey don't explicitly say they do it but it's very clear from the wording in the policy on data sharing, and also this point from section 21. Withdrawing consent: "Chip will not disclose your information to any third party for marketing purposes, without your further consent." Clearly if you can withdraw consent for this then it means they are doing it.

What you've quoted is a reference by CHIP to what is known in the legislation as "informed consent". Your consent to marketing must be explicit (aka "Opt In") and it must be informed i.e. you have to know what you're agreeing to. The point you're quoting says CHIP won't use your data for third-party marketing without you agreeing to it. In other words, it's off by default (which it should be).

allegro120

pandh said:

I'm very concerned about Chip's policies and use of personal financial data. Currently it looks like they want access to bank accounts to view transactions so they can sell these to data brokers for highly targetted marketing.

They have to acces bank accounts in order to use open banking.  I don't think Chip will be selling your data, companies have to follow strict rules and stringent standards to keep your data secure.  

Bridlington1

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Principality Online Bonus Triple Access Iss 6 4.7% (included 1.5% bonus for a year).

pandh

allegro120 said:

pandh said:

I'm very concerned about Chip's policies and use of personal financial data. Currently it looks like they want access to bank accounts to view transactions so they can sell these to data brokers for highly targetted marketing.

They have to acces bank accounts in order to use open banking.  I don't think Chip will be selling your data, companies have to follow strict rules and stringent standards to keep your data secure.  

Actually, no, they don't need full access to a bank account in order to send money to the account. You can visit the docs on TrueLayer, their OpenBanking API provider to see for yourself.

pandh

CuparLad said:

pandh said:

I'm very concerned about Chip's policies and use of personal financial data. Currently it looks like they want access to bank accounts to view transactions so they can sell these to data brokers for highly targetted marketing.

Their privacy policy allows them to share this data with anyone they deem appropriate. I can't link to their Privacy Policy but you can find it on their site.

T‍hey don't explicitly say they do it but it's very clear from the wording in the policy on data sharing, and also this point from section 21. Withdrawing consent: "Chip will not disclose your information to any third party for marketing purposes, without your further consent." Clearly if you can withdraw consent for this then it means they are doing it.

What you've quoted is a reference by CHIP to what is known in the legislation as "informed consent". Your consent to marketing must be explicit (aka "Opt In") and it must be informed i.e. you have to know what you're agreeing to. The point you're quoting says CHIP won't use your data for third-party marketing without you agreeing to it. In other words, it's off by default (which it should be).

Sorry, that's just wrong. Notice that this is under the section for *withdrawing* consent, and they use the word "further". This means that they will stop disclosing the information if you withdraw consent. Please read their whole privacy policy and notice that it allows by default for any data you provide to be given to third parties.

If you have a look around you'll also find their are UK-based data brokers who specifically sell detailed financial records for use in marketing.

Just because a company shouldn't be doing something doesn't mean they won't be or can't get away with it for a long time. Just take a look at the PayPal Honey situation.

pandh

flaneurs_lobster said:

pandh said:

I'm very concerned about Chip's policies and use of personal financial data. Currently it looks like they want access to bank accounts to view transactions so they can sell these to data brokers for highly targetted marketing.

Their privacy policy allows them to share this data with anyone they deem appropriate. I can't link to their Privacy Policy but you can find it on their site.

T‍hey don't explicitly say they do it but it's very clear from the wording in the policy on data sharing, and also this point from section 21. Withdrawing consent: "Chip will not disclose your information to any third party for marketing purposes, without your further consent." Clearly if you can withdraw consent for this then it means they are doing it.

I understand your concerns but with this type of app-based multi-faceted (savings, investments) products having a need to crawl all over your connected bank account(s) I think you can nullify any intelligence gathering by only connecting a "dummy" account. 

Mine's a Tesco Clubcard Pay+ account, it's sole purpose is to act as an intermediary between Chip and my "proper" accounts. 

That's a good idea, thanks.

Though I do think Martin should look into this. Chip are requesting far more data via the Open Banking API than is needed for verification and their manual anti-fraud check amounts to sending a bank statement and photo ID via insecure email.

masonic

pandh said:

flaneurs_lobster said:

pandh said:

I'm very concerned about Chip's policies and use of personal financial data. Currently it looks like they want access to bank accounts to view transactions so they can sell these to data brokers for highly targetted marketing.

Their privacy policy allows them to share this data with anyone they deem appropriate. I can't link to their Privacy Policy but you can find it on their site.

T‍hey don't explicitly say they do it but it's very clear from the wording in the policy on data sharing, and also this point from section 21. Withdrawing consent: "Chip will not disclose your information to any third party for marketing purposes, without your further consent." Clearly if you can withdraw consent for this then it means they are doing it.

I understand your concerns but with this type of app-based multi-faceted (savings, investments) products having a need to crawl all over your connected bank account(s) I think you can nullify any intelligence gathering by only connecting a "dummy" account. 

Mine's a Tesco Clubcard Pay+ account, it's sole purpose is to act as an intermediary between Chip and my "proper" accounts. 

That's a good idea, thanks.

Though I do think Martin should look into this. Chip are requesting far more data via the Open Banking API than is needed for verification and their manual anti-fraud check amounts to sending a bank statement and photo ID via insecure email.

I don't think Martin is the right person to be looking into the security practices of savings providers. It is not his area of expertise.

Things may have changed, but back in the early days when I was using Chip, I don't think they were asking for more than account name and balance to link and verify an account. The whole wealth score thing would give me pause today, but fortunately there are other options available.

friolento

pandh said:

flaneurs_lobster said:

pandh said:

I'm very concerned about Chip's policies and use of personal financial data. Currently it looks like they want access to bank accounts to view transactions so they can sell these to data brokers for highly targetted marketing.

Their privacy policy allows them to share this data with anyone they deem appropriate. I can't link to their Privacy Policy but you can find it on their site.

T‍hey don't explicitly say they do it but it's very clear from the wording in the policy on data sharing, and also this point from section 21. Withdrawing consent: "Chip will not disclose your information to any third party for marketing purposes, without your further consent." Clearly if you can withdraw consent for this then it means they are doing it.

I understand your concerns but with this type of app-based multi-faceted (savings, investments) products having a need to crawl all over your connected bank account(s) I think you can nullify any intelligence gathering by only connecting a "dummy" account. 

Mine's a Tesco Clubcard Pay+ account, it's sole purpose is to act as an intermediary between Chip and my "proper" accounts. 

That's a good idea, thanks.

Though I do think Martin should look into this. Chip are requesting far more data via the Open Banking API than is needed for verification and their manual anti-fraud check amounts to sending a bank statement and photo ID via insecure email.

Even if he did look into it, what would you expect him to do? Any financial provider is free to offer products which make use of the data available via the open banking API. As consumers, we are free to choose those products that suit our requirements. You are not forced to take out any account you don’t like for whatever reason. 

Dizzycap

friolento said:

pandh said:

flaneurs_lobster said:

pandh said:

I'm very concerned about Chip's policies and use of personal financial data. Currently it looks like they want access to bank accounts to view transactions so they can sell these to data brokers for highly targetted marketing.

Their privacy policy allows them to share this data with anyone they deem appropriate. I can't link to their Privacy Policy but you can find it on their site.

T‍hey don't explicitly say they do it but it's very clear from the wording in the policy on data sharing, and also this point from section 21. Withdrawing consent: "Chip will not disclose your information to any third party for marketing purposes, without your further consent." Clearly if you can withdraw consent for this then it means they are doing it.

I understand your concerns but with this type of app-based multi-faceted (savings, investments) products having a need to crawl all over your connected bank account(s) I think you can nullify any intelligence gathering by only connecting a "dummy" account. 

Mine's a Tesco Clubcard Pay+ account, it's sole purpose is to act as an intermediary between Chip and my "proper" accounts. 

That's a good idea, thanks.

Though I do think Martin should look into this. Chip are requesting far more data via the Open Banking API than is needed for verification and their manual anti-fraud check amounts to sending a bank statement and photo ID via insecure email.

Even if he did look into it, what would you expect him to do? Any financial provider is free to offer products which make use of the data available via the open banking API. As consumers, we are free to choose those products that suit our requirements. You are not forced to take out any account you don’t like for whatever reason. 

Chip are not alone and are within their rights to ask for additional data / information. Trading 212 also require additional data & documents as a way of actually protecting you and the payments made from & to your bank account via your T212 account - It's not just about potential money laundering etc. I chose T212 and I have also chosen to abide by their requirements when they need to update data. Financial regulations are forever changing and are becoming much tighter, so it's go with it or chose not too, if you really don't feel comfortable.