Cookies help us display personalized product recommendations and ensure you have great shopping experience.

By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    sales and data analytics
    How Data Analytics Improves Lead Management and Sales Results
    9 Min Read
    data analytics and truck accident claims
    How Data Analytics Reduces Truck Accidents and Speeds Up Claims
    7 Min Read
    predictive analytics for interior designers
    Interior Designers Boost Profits with Predictive Analytics
    8 Min Read
    image fx (67)
    Improving LinkedIn Ad Strategies with Data Analytics
    9 Min Read
    big data and remote work
    Data Helps Speech-Language Pathologists Deliver Better Results
    6 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-25 SmartData Collective. All Rights Reserved.
Reading: The Complex Reality of Personal Data In The Credit Card Industry
Share
Notification
Font ResizerAa
SmartData CollectiveSmartData Collective
Font ResizerAa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Big Data > The Complex Reality of Personal Data In The Credit Card Industry
Big DataData ManagementExclusive

The Complex Reality of Personal Data In The Credit Card Industry

It's very important to understand how your personal data is used in the credit card industry, and who is storing it. Read on!

Diana Hope
Diana Hope
6 Min Read
personal data in the credit card industry
Shutterstock Licensed Photo - By wk1003mike | stock photo ID: 287890574
SHARE

It’s no secret we live in a digital world! We all live entirely electronically, whether it is with the Zoom meetings that are keeping us busy or the phones we’re glued to every second. What many people fail to recognize, though, is just what that means for individual safety.

Contents
All onlineCredit recordsCredit Card Data Exposes Privacy Concerns

We now live in a world where a person has a unique digital footprint, for which they bear some responsibility. It’s on you to know what can be stored online and where common issues arise, and we’re right here today to help with that.

This is particularly complicated when it comes to credit cards. Credit card companies store a lot of data on us. This data could put our privacy at risk. The ACLU has talked about the dangers that customers face when it comes to their personal privacy and credit cards.

All online

A vast majority of adults in the UK do at least some of their shopping online. The UK Office of National Statistics shows that roughly 30% of all retail sales are conducted over the Internet.

More Read

Some Thoughts on Using Analytics About Your Staff to Improve Customer Treatment
Using Machine Learning to Improve Cryptocurrency Mining Profitability
Do Your Customers Hide Their Data?
Social Media Data and what analysts can do with it
Hybrid Vs. Multi-Cloud: 5 Key Comparisons in Kafka Architectures

Amazon is ubiquitous. Amazon Prime feeds everything the average person needs with startling and polished ease, holding your credit card data so cleanly that it takes little more than a single click to make a purchase.

And where does that leave your credit card data? What’s the hard rule on that?

The answer is a little scarier than you might want to think. Credit card companies used to brand their big data strategies as a clear benefit. MasterCard announced the use of big data to help consumers more back in 2013. However, other risks have emerged.

To start with, retailers who want to perform an online transaction with you may ask if you’d like to have your card data stored online. It’s done for simple convenience, of course; the easier it is to get to that basket, the more you’ll buy.

From there, banks and retailers have options. The most common and widespread solution for data storage of any kind is the cloud, and the finance industry is no stranger to it. We’re far past the days where retailers would manually copy your card data and keep it in a folder somewhere. We now have very strict regulations all businesses must follow in regard to card data storage. This could put customers at risk.

Chief amongst these is that your card is processed using a method compliant with the Payment Card Industry’s Data Security Standard, also known as PCI DSS for short. This laundry list of do’s and don’ts contains a comprehensive set of security requirements to keep us safe – most of the time.

Credit records

It’s slightly different where loans are concerned. Many adults who require a loan of any kind worry about that other kind of digital footprint, the credit record. This is a set of information that defines the lives of adults across the UK and the wider world every day. Essentially an accumulated record of your spending habits and history, it’s the precious kind of data needed by the loans and insurance industries to keep running.

It’s also a hold-up for many adults. Poor decisions in the past leave many of them suffering from bad credit scores, leaving them declined before their loan applications can go any further.

That’s where soft search technology comes in. With data being so important in weighing up our eligibility for many of life’s larger purposes, the ability to make enquiries for loans and more without damaging your records is a boon indeed. Using this kind of technology, applicants are empowered to be able to make applications without the worry and fear associated with having a poor credit history.

And there you have it: a little more on how your data is stored and what options are available to you as a consumer and adult. If you’re unsure about how your own bank stores your credit card and personal information, the answer is simple: ask them! They’ll be happy to go over how their processes work and to demonstrate their compliance with important legal requirements like PCI DSS. While banks have very robust security and cybersecurity, it’s important to hold them accountable as a provider of a service to you and to request clarification if you need it in any area.

Credit Card Data Exposes Privacy Concerns

Credit card companies store a tremendous amount of data on their customers. This creates a variety of privacy risks to be aware of. You should be aware of your data and privacy rights as a cardholder.

TAGGED:credit card datacredit card personal datadata in finance industryfinance datapersonal finance
Share This Article
Facebook Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

sales and data analytics
How Data Analytics Improves Lead Management and Sales Results
Analytics Big Data Exclusive
ai in marketing
How AI and Smart Platforms Improve Email Marketing
Artificial Intelligence Exclusive Marketing
AI Document Verification for Legal Firms: Importance & Top Tools
AI Document Verification for Legal Firms: Importance & Top Tools
Artificial Intelligence Exclusive
AI supply chain
AI Tools Are Strengthening Global Supply Chains
Artificial Intelligence Exclusive

Stay Connected

1.2kFollowersLike
33.7kFollowersFollow
222FollowersPin

You Might also Like

big data in banking
Big Data

5 Ways Your Retail Banks Can Use Data to Better Serve Digital Natives

9 Min Read
Business Finances
Big DataData Management

How to Use Big Data to Take Control of Personal And Business Finances

6 Min Read
financial analytics
Data Collection

Gathering Data Can Be Vital for Your Personalized Financial Plan

8 Min Read
financial institutions are becoming champions of big data
Big DataExclusiveFintech

How Financial Institutions Are Becoming Champions Of Big Data

5 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

data-driven web design
5 Great Tips for Using Data Analytics for Website UX
Big Data
AI chatbots
AI Chatbots Can Help Retailers Convert Live Broadcast Viewers into Sales!
Chatbots

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-25 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?