Financial apps no exception to privacy laws

Some banks and commercial insurance institutions are taking advantage of their apps to collect personal information that goes far beyond what is needed for the services they provide, according to the China Banking and Insurance Regulatory Commission.

The watchdog has vowed to rectify these wrongdoings, requiring all banks and insurance agencies to comprehensively review and investigate the problems and loopholes in their protection of the personal information of their customers.

People place their trust in formal financial institutions. They faithfully fill out the forms prepared by financial institutions in great detail both offline and online, and fully authorize the apps of banks and insurance institutions to collect their personal information.

However, the financial institutions repay their trust by using their apps to illegally obtain mobile phone contacts, monitor input content, listen to voice conversations, and collect personal information of the users, as the CBIRC revealed in its document.

The apps of banks and insurance institutions have become peeping Toms, prying into users' sensitive personal information.

The boundaries for collecting personal information are clearly stipulated in the Cybersecurity Law, the Personal Information Protection Law and other laws and regulations. Financial institutions cannot plead ignorance of wrongdoing as an excuse.

The CBIRC has clearly shown its sword to the industry. It has also set a timetable for the rectification of the infringements on citizens' rights and interests.

It is clear that those responsible for giving a green light to the practices and those benefiting from them will be held accountable.

It is to be hoped that the banks and insurance companies understand that none of them can overstep the law.

THEPAPER.CN