It is reported that ‘Open Banking’ is to start on 13 January 2018 in the European Union under which bankers and other financial institutions will be obliged to share customers’ private financial information with one another and there is then an increased risk of hacking, scams and fraudulent misuse. Another wonderful European Union idea!
“Roll up. Roll up. Fantastic news.
Go out and celebrate with booze,
For Open Banking starts today,
So, everyone, shout, ‘Hip hooray’.
It means we can your data share,
(Before this week we wouldn’t dare)
But now, it seems, we’ll have free rein,
To share it once, twice and again.
This really is good news for you,
For many people – not a few,
Will now send to you day and night,
Some offers that will see you right.
They’ll know what you’re paid, what you spend,
How much is left at the month end;
And armed with all this data they,
Will work out how much you can pay,
For what it is they want to sell,
And charge over the odds as well.
And if all this just makes you vexed,
You probably won’t like what’s next,
Which is with data being tracked,
It’s much more likely you’ll be hacked.
This probably was overlooked,
But recently we’ve all been spooked,
As hacking, which perhaps should cease,
Has been, instead, on the increase.
So let your watchword be, ‘Take care’,
When you are banking on the air;
It’s better to have cash than not,
So watch out for that password bot.”