Customer info being sent overseas

Eighty three per cent of bank customers do not want their personal information and financial details sent overseas for processing according to the Courier Mail.

At least two of the big four banks plus some smaller credit unions and other financial institutions are using offshore data processing centres, which are generally cheaper than Australian centres.

The Finance Sector Union said all of the big banks had talked about sending data offshore, but so far NAB and ANZ were the ‘worst offenders’.

Confidentiality of customer information is at the core of a successful banking operation,” said Australian Bankers Association director Nicholas Hossack.

“The ABA is confident that banks will take appropriate measures to protect customer information whether some processing functions are undertaken offshore or whether they are all done in Australia.”

Source: Courier Mail