Security

Financial Transactions and Personal Data Security - Is Your Customers' Data Safe?

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Executive Summary

The risk associated with collecting and holding individual personal data for a Money Service Business (MSB) is both very real and very serious. In 2007, a major Canadian bank lost a computer backup file that contained individual personal data of 470,000 of its customers.3 In 2008, Statistics Canada confirmed that a theft of completed census questionnaires had occurred.4 And as recently as August 2009, the US Justice Department charged three men in connection with orchestrating the theft of over 130 million credit and debit card numbers.5 These examples - and many more like them - have sounded the warning bell to other organizations that customer privacy is not to be taken lightly.

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