Canadian Business Online is asking if you “ever wonder who’s checking your Facebook profile? Sure, there are probably the old standbys, like your high-school crush and your nosy co-worker, but you should be aware that there might be someone else checking you out: your banker. Financial institutions of all stripes have been scouring social-networking sites since the days when MySpace was all the rage; now they troll Facebook, Twitter and blogs to find out more about their customers. Don’t be surprised if soon they take the information they’ve found about you and use it to determine your creditworthiness.”
Yours truly was interviewed by Canadian Business Online for this article and, as you’ll see, I comment that I’m not aware of whether, or to what extent, the big banks and credit card companies are using personal information that’s publicly available on social networking websites to determine credit worthiness. That being said, in the insurance industry “using information from social-networking sites has already become commonplace”. The message that I’d take from this article is that Canadians’ understanding of privacy, and the ground rules for managing publicly available personal information that we willingly post online, is rapidly evolving.
Read the Canadian Business Online article here>.
