Data portability can reduce fraud and losses

Apr
07

The fast growing demand of data portability can have a profunding effect on the way consumers have a safer access to lenders and credit.

Data portability is becoming a revolution that can make lending better and bring it to a new level of security. Notice how the American Banker states it:

It is true that constructing a network like this will require broad political consensus among many players — including banks, lenders, fintech innovators, consumer advocates and legislators. And banks have exhibited reluctance to foster low-friction consumer data portability in the absence of a regulatory push. However, access to a comprehensive dataset on their existing customers, along with improved data security attached to data they share, could make them more receptive. Such a plan would also reduce fraud losses and cap their liability.

If this were the way, not only would our data be more secured, but it would prove to be a benefit to lenders and consumers alike.

Read the full article here: https://www.americanbanker.com/opinion/data-revolution-could-make-lending-better

Read more about how you can comply with the rules of data portability here: www.idlink.eu

Kristina Lund
Partner at SafeOnline
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