A blog article by data protection specialist Jon Baines considers the likely impact of the "Eligibility Verification" measure, which will likely be included in the Fraud, Error and Debt Bill (FED Bill) expected to be introduced to Parliament in Spring 2025.
Compared to the broader powers proposed in the previous Data Protection and Digital Information Bill (DPDI Bill), Baines notes that the new approach will involve banks conducting "server-side" analysis of bank accounts instead of the previous "demand-side" model. While the details are yet to be announced, it is anticipated that substantial algorithmic automation powered by artificial intelligence (AI) will be necessary, raising concerns about the potential for errors that will require mitigation.
Baines also notes that the FED Bill will impose considerable financial burdens on banks and financial institutions, raising concerns that the more cost-efficient implementation strategies could lead to a further erosion of customer banking privacy and data protection rights.
What is this page?
You are reading a summary article on the Privacy Newsfeed, a free resource for DPOs and other professionals with privacy or data protection responsibilities helping them stay informed of industry news all in one place. The information here is a brief snippet relating to a single piece of original content or several articles about a common topic or thread. The main contributor is listed in the top left-hand corner, just beneath the article title.
The Privacy Newsfeed monitors over 300 global publications, of which more than 5,750 summary articles have been posted to the online archive dating back to the beginning of 2020. A weekly roundup is available by email every Friday.
