Data Aggregation & Privacy - Whose Information is It Really?
The use of consumer financial account data and how it is stored, accessed, and leveraged is critical to the advancement of both new and legacy platforms and products. But the question of who owns the data, how it can be used, and how to maintain the security of the information is paramount in keeping consumers safe while allowing them to be in control of their information. How the data is stored and used can also depend upon the role an organization plays in the transaction from which the information was derived. Controllers, processors, and merchants must all ensure the consumer’s privacy is being protected. Speakers in this session discuss how data aggregators are working with the industry to understand how agreements, requirements such as WEB debit verification, and fraud prevention exceptions under existing and pending legislation are impacting and defining data usage and privacy protection.
Kelly DeMarchis Bastide, Partner, Venable LLP
Chris Kim, Venable LLP
*This recording is not eligible for continuing education credits.
Tag(s): ALCS, ALCS2023, Risk, Regulatory, Compliance, Legal