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How much data have our banks sent offshore in the name of saving a buck. What regulator is checking these offshore outsourcers for their compliance around the security of this data. End of the day the Australian Company is responsible for the protection of this data but i fear they think they can hide behind the outsourcer when details are stolen or sold off.
I bank with Citibank and recently was contacted by them after a holiday in Thailand to say my credit card details may have been compremised whilst i was in Thailand. Having used my credit card only once at the Holiday Inn (a major world wide chain of hotels) Citibank seemed it wasnt fit for my number to exist on any system in Thailand and closed my account and reissued me with a new card. There was or has been no fraudulent activity, it seems that they do this purely on the fact it could happen. If they are taking actions like this i guess it just amplifies how much this really is out of control.
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Very simply this has happened because important personal data is now in the hands of individuals off shore, who for a very handsome sum ($20 is a lot to them) will share such with fraudsters. This is now totally out of control and one would be wise to have their business with suppliers who onshore personal data.