Changes to the Consumer Data Right (CDR) rules will allow more businesses to share their banking data with accredited recipients.
Consumer groups Financial Rights Legal Centre, Consumer Action Law Centre and Financial Counselling Australia have called for a “radical” overhaul of privacy laws they say will provide greater protections for consumers to counterbalance the “increased use and exploitation of big data by business and industry”.
Digital identity provider ForgeRock has launched tools to give banks and financial service providers an economical wat to build and test consumer data rights systems, and claims these utilities can reduce compliance costs by two-thirds.
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