We share a lot of personal information with companies that provide us with services every day. Information such as if we are inside our house or on the front porch; who we’re with; what and how much money we spend; what websites or apps we visit; what videos we watch and for how long; how fast our heart is beating… Many people are growing concerned about protecting the information they share with third parties and having control over how it’s used. But, with so much of our information circulating through digital channels and on social media, what rights do we have regarding how our personal information is used? Can we really do anything to protect it?  

January 28 is recognized throughout the world as Data Privacy Day to raise awareness of the importance of protecting personal information from misuse or abuse. The core idea of data privacy is that sharing our information doesn’t mean we should lose control over what that information is used for, or who is allowed to use it. 

“Privacy is about much, much more than keeping personal information secure,” says Jeff Kirke, head of Privacy for the Euronet Group. “Strong privacy means not only that we protect personal information, but that we collect only what’s necessary to perform a transaction… that we don’t share it with other companies unnecessarily… that we don’t keep it for longer than needed… and, importantly, that we’re transparent about what we do with it.”  

Consumers concerned about data privacy 

One-third of consumers say they’ve stopped doing business with a company because they don’t trust what the company’s doing with their data, according to a recent survey by Cisco. That’s up from 29% a year ago. And one of the main factors consumers consider as key to whether they trust a company or not is its ability to protect data and its record on cybersecurity, according to PwC’s 2021 Trust in Business survey.  People are increasingly becoming aware of the need to take measures to protect themselves and the importance of having data privacy laws in place to help them do that.  

Are you protected by data privacy laws? 

What companies are required to do by law to protect their customers’ data varies from country to country.  One of the most significant data protection laws to date is the General Data Protection Regulation (GDPR) passed by the European Union in 2018. In the EU data privacy is considered a basic human right that must be protected.  

The GDPR governs the collection, use, transmission, destruction, and security of data collected from individuals within any of the EU’s 27 member countries, regardless of whether it’s processed there or not. Last year, the EU issued fines totaling more than €1 billion for GDPR violations. The bulk of that (€776m) was issued to Amazon alone for allegedly using data about the third-party sellers that use its marketplace to boost the sales of its Amazon-labelled products.  

In the US, data privacy laws are governed by each state with California’s Consumer Privacy Act being the strictest, although it only applies to companies doing business in the State of California. The attitude of many Americans is changing, however, from a more relaxed stance about sharing information as more attention is drawn to poor privacy practices.  

What should companies be doing to protect data? 

Companies that take data privacy seriously should practice “Privacy by Design” – building privacy into their systems from the outset and adopting policies founded on basic privacy principles such as fair and lawful processing, accountability, data subject rights, transparency, data minimization, retention, deletion rules and security.  

As a subsidiary of Euronet Worldwide, Ria works with the Group’s Privacy Office which helps define privacy requirements for new products and services and conducts impact assessments to help identify specific risks in each of the countries in which we operate. 

What can you do to protect your data? 

We asked Euronet’s Jeff Kirke what you can do to protect your data. Here’s what he had to say:  

• Read the app or website’s Data Privacy Notice before you sign up for a product or request a service.  It pays to focus on what personal information is being collected; the purposes for which it’s being used; and, with whom it’s being shared. 
• Trust your instincts.  If you don’t understand why a site is asking for something, don’t provide it.  If it’s not optional, consider how badly you want the product or service. 
• Read the messages when you install an app – again, if it’s not clear to you why the app requests specific permissions, don’t grant them. 
• In short, be informed.  Reputable sites and apps provide the necessary insights.  If you can’t find them, the app/site may not be reputable, and you’d be well-advised to avoid it.  These days, there are safe, competitive alternatives for almost anything you’d like to accomplish. 

Ultimately, data privacy is about control and trust. A product or service is designed to protect your privacy if it allows you to control if and how your personal data is used by others. At Ria, we build privacy into our products and services because it’s our customers who are in control. And they trust us to keep it that way. Read our Privacy Policy here.  

For more info: comms@riamoneytransfer.com