Banking customers will be left at the mercy of “hackers and thieves” under a data sharing revolution coming in today, Britain’s biggest banks have warned.
For the first time new “Open Banking” rules will force financial institutions to share detailed customer data with each other at account holders’ request.
The scheme was designed by competition watchdogs to help customers compare bank accounts and manage their money better by seeing all their money on one screen.
But bank bosses and MPs have voiced concerns that the change could spark a new digital crime wave with more criminals stealing people’s identity – and money – than ever before.
The higher risk of data theft is expected come from phoney companies pretending their are authorized to obtain data, as well as regulated firms which may be susceptible to being hacked.