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Sharing your personal information to suppress fraud - effective Apr 20, 2024
March 24, 2024
9:21 am
Norman1
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phrank said

This is no longer the case, but they are still acting like it is. Chips have been able to be cloned as well and like stealing cars using FOBs vs physical keys, it will eventually become a big problem.

IMO, they simply do not care and rather like most other services these days, the customer should appreciate the privilege of the business allowing you to do give them your money for their service. …

Chip EMV cards have not been cloned even when the scammers have extended access to the original cards.

Most frauds are not because of compromise on the bank's side. Just because a victim deserves sympathy doesn't mean the victim didn't do something stupid.

There's no compromise of a bank's systems or bank's employees if I send $200,000 over a few months to someone in Nigeria I've never met.

There's also no compromise on the bank's side if some woman I met the night before in a bar and take home is gone in the morning and emptied all my bank accounts because she was able to guess the PIN to all the bank cards in less than four tries.

March 24, 2024
10:29 am
phrank
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Norman1 said

phrank said

This is no longer the case, but they are still acting like it is. Chips have been able to be cloned as well and like stealing cars using FOBs vs physical keys, it will eventually become a big problem.

IMO, they simply do not care and rather like most other services these days, the customer should appreciate the privilege of the business allowing you to do give them your money for their service. …

Chip EMV cards have not been cloned even when the scammers have extended access to the original cards.

Most frauds are not because of compromise on the bank's side. Just because a victim deserves sympathy doesn't mean the victim didn't do something stupid.

There's no compromise of a bank's systems or bank's employees if I send $200,000 over a few months to someone in Nigeria I've never met.

There's also no compromise on the bank's side if some woman I met the night before in a bar and take home is gone in the morning and emptied all my bank accounts because she was able to guess the PIN to all the bank cards in less than four tries.  

I'm not going to spend my time going through all of the inaccuracies of your statements, but suffice to say that people should do their own research, learn for themselves and know that basically everything you say here is false or placing blame on the victims.

March 25, 2024
7:56 am
InterestThis
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Seems like every company is apparently trying to increase security, of course they then also use that data to make a profit by marketing new products.
https://ekata.com/privacy-policy/
But the online organized criminal activity is way beyond what most people can imagine.
The CRA also just updated its terms of service, and from the wording it seemed to be targeting people "claiming" they got scammed, but perhaps they did not.
But the online criminality is extreme, so the more security the better, seems to me.

March 25, 2024
7:26 pm
BSGJ
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I encourage everyone to have a look at the https://ekata.com/privacy-policy/, as noted in "InterestThis" post 23, especially clause number 6 which is pasted below.

It seems to me that we really don't have much control over our personal data and that companies can share the information with third-parties in continuum.

Perhaps the large corporations should step back and ask themselves if the entire process of sharing personal data with multiple parties across numerous global jurisdictions is only exacerbating the problem of fraud and identity theft.

I wonder if Tangerine will provide their customers with the option to withdraw consent.

"6. Data Transfers

We may transfer your Personal Information outside of your country, including to the United States, in compliance with the Mastercard Binding Corporate Rules and other data transfer mechanisms.

Learn More
Mastercard is a global business. We may transfer or disclose Personal Information to recipients in countries other than your country, including the United States, where we are headquartered. These countries may not have the same data protection laws as the country in which you initially provided the information. When we transfer or disclose your Personal Information to other countries, we will protect that information as described in this Privacy Notice.

We comply with applicable legal requirements when transferring Personal Information to countries other than the country where you are located. In particular, we have established and implemented a set of Binding Corporate Rules (“BCRs”) that have been recognized by EEA data protection authorities as providing an adequate level of protection to the Personal Information we process globally. A copy of our BCRs is available here. We may also transfer Personal Information to countries for which the EU Commission has issued an adequacy decision or use contractual protections for the transfer of Personal Information to third parties, such as the European Commission’s Standard Contractual Clauses. You may contact us as specified in the “How to Contact Us” section below to obtain a copy of the safeguards we use to transfer Personal Information outside of the EEA."

March 25, 2024
7:47 pm
InterestThis
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Are they really allowed to transfer banking info out of Canada and into the US?
For sure this is going to INCREASE hacking and data breaches.
It says you can contact them to exercise your privacy rights?
But Tangerine has really gone over the line with this. Its clear Scotiabank/Tangerine is selling everyone's financial info to that US company to make money. They just hope most people are too busy to notice.

March 25, 2024
7:57 pm
InterestThis
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The Ekata Identity Risk Score, just another way for Mastercard to make billions in the years ahead.
So they are going to give everyone another SCORE, The Ekata Identity Risk Score run by AI, and they won't even tell you about this one. (they reference it as developing new Products)
https://ekata.com/identity-verification-solutions-lp/

March 25, 2024
8:17 pm
InterestThis
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and it keeps getting better, they automatically scan and flag your home and work IP addresses, to see where else you have been browsing, to determine if you are a good or bad customer.
Of course this could catch some crooks.
But it looks like its real purpose is to find high net worth people and pitch them high-end financial products.
And to charge higher rates for those with poor credit.
It's all about risk assessment, how likely they are to default. They want people who borrow money and pay lots of interest, but don't default too much.
The dishonesty from these companies is almost unbelievable.

https://www.globenewswire.com/en/news-release/2020/06/16/2048723/0/en/Ekata-Launches-New-Identity-Verification-Tool-to-Fight-Digital-Fraud.html

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