15 Aug 2024
Did you know that one of the reasons for falling victim to online scams is the breach of data online? Millions of expatriates worldwide struggle with it. Indians are no exception. Over 200,000 Indians are living and working in Italy. They, alongside enjoying Italy in every respect, send money to India online from Italy to offer financial support back home.
Every online scam is meant to fleece you financially. You need to be careful about your data privacy. But data privacy has two parts. One part depends on how you keep your privacy intact. The other part, however, consists of the data privacy regulations for which your remittance transfer service providers are responsible. This blog helps you with data privacy regulations.
Data privacy is also called information privacy. The term refers to the principle of how you exercise control over your data. It also refers to what data you should be sharing with whom, when, and why.
Data privacy in the global remittance industry acquires critical importance. The reason? Because remittances involve your hard-earned money. This is where you are most vulnerable because a bit of negligence can expose you to online scammers. It is a given that you exercise care when it comes to your data privacy, but when it comes to the remittances regulation framework, you must be careful about it. Because:
· You are surrendering your data to others
· You cannot control how your data will be used
· If you are unaware of the basic principles of data privacy, you can face troubles
The remittance regulatory framework allows you to legally send money online to India from Italy. In remittance regulatory frameworks, data privacy regulations are a critical and integral part. They secure your data. Let’s see how you can ensure data privacy while transferring funds online.
When you plan an online money transfer, you approach a financial institution for this purpose. This financial institution can be a bank or an online money transfer company; you share your details with them to initiate a transaction.
It is not that the service provider will discard this information after the transaction is complete. Records are maintained. Data privacy regulations in Italy make it obligatory for the service providers to allow you access to your information. It also enables you to approach a service provider and request access to the information. Not only that.
This principle within the data privacy regulations gives customers the right to know what type of data their service provider holds. You can get your personal data on demand and amend or update it as and when required.
Data privacy regulations give you the right to know who has your data and how it is used. At the time of collecting your data, your service provider is bound to clearly communicate to you why your data is collected and for what purpose.
Once you have shared your data with the service provider, they are required to keep you updated and fully informed about how your data is processed and if your data – complete or any part of it – is shared with any third party for any purpose. It is important because, at times, you choose a method for making a money transfer from Italy to India in which third parties also get involved to execute and complete the transaction.
This data privacy regulation also makes it mandatory for the service provider to maintain your data internally. They must classify your data based on data type, level of sensitivity, compliance requirements, and so on. Access and usage must be based on these factors.
Every financial institution should obtain your explicit consent for data storage, collection, sharing, and processing whenever necessary. This practice ensures transparency and upholds your rights as a customer. Consent must be clear and informed, meaning that you understand what data is being collected and how it will be used.
However, there are instances where a financial institution may retain your data without your explicit consent. This could be due to compelling reasons such as fulfilling legal obligations, complying with regulatory requirements, or protecting against fraud and financial crimes. Even in such cases, the institution must ensure that your data is handled securely and used solely for the intended purposes.
It is important to understand that giving consent does not grant the institution unlimited permission to keep your data indefinitely. Consent is often specific to a particular case or purpose. You have the right to set boundaries on how long your data can be stored and used.
Moreover, even after you have given consent, you retain the right to withdraw it at any time. This means you can request the institution to stop using your data and delete it from their records. Financial institutions are obligated to respect your decision and act accordingly, ensuring that your personal information is handled with utmost respect and confidentiality. Always be aware of your rights regarding your data, and do not hesitate to exercise them to protect your privacy.
The data privacy regulations in making remittances to India from Italy make it obligatory for the service providers to maintain the quality and accuracy of the data you share with them. They have to keep checking the data and make necessary changes in consultation with you.
For example, if you have changed your address, you can approach the service provider and tell them to change the address in the record. This is essential because your money transfers are repetitive, and you cannot experiment with a new service provider for every transaction.
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Your service provider is bound to specify the purpose of data retention and also clearly state the limits for the usage of the data. The service provider is legally bound to convey these to you and if they do not, they can be held responsible. Moreover, the service provider shall collect the bare minimum data required for the stated purpose.
Every company and service provider has to ensure that they offer data privacy as a default feature in their services and operations. You may find several service providers that charge you extra for data privacy and protection. Avoid them. Data privacy is a default option and comes in-built with the basic service package.
Security breaches are normal and frequent these days. Their consequences could be grave. More so when the matter involves your hard-earned money. Therefore, the data privacy regulations require all service providers to ensure the safety and security of data.
Every service provider is legally bound to create policies that ensure the security of data. Their security parameters must be tight so that your data cannot be breached. If this happens, you will land in trouble.
You need to choose your online money transfer service provider with utmost care when you send money to India from Italy for the security of your data. You share your bank account details and other necessary information with your service provider. Right?
Imagine the service provider you choose fails to ensure your data privacy and security! A hacker can get your data and then what follows is enough to make you exercise extreme caution in securing your data.
Moreover, the privacy of your data always makes it binding for you to check the overall security parameters of the company you are choosing, the speed at which they deliver funds and how much time they take. A swift delivery of funds will add to the safety of your funds, data and the transaction. For cost-effectiveness, however, you need to see that a service provider charges you a low fee and offers you live and market-competitive currency exchange rates. Look around; you will find some companies offering you all of this!
Data privacy is also known as information privacy. It simply refers to how much control one has over one's personal data. It also refers to how an institution, particularly a financial institution, can collect, store, retain and use your data. Data privacy regulations ensure that customers' data is kept safe properly without any kind of misuse.
Data privacy is critically important because, nowadays, almost everyone is using social and digital media platforms. While using these platforms, you tend to share your pictures, videos and other type of data. Online scammers can have easy access to such data if you are not concerned about keeping your data safe. If this happens, you can face grave consequences.
There are certain principles within the data privacy regulations that help protect your remittances. These principles are access to your information, transparency, giving limited consent, ensuring quality and safety of data, ways of collecting, retaining, and setting boundaries to using your data, presence of data privacy by design, and the security of data privacy.
If your data privacy is breached, you can be exposed to online scammers and hackers. They can attack you online, steal your data and fleece you financially. While sending remittances, your data privacy acquires more importance because the process involves your hard-earned money. If your data privacy is breached here, you will land in grave financial trouble.
When you choose your remittance transfer service provider, you have to check their overall safety and security parameters, read their data privacy rules and regulations, and particularly check the speed of the transactions because a swift delivery of funds adds to the safety. Moreover, select a company that charges a low fee and offers you live and market-competitive currency exchange rates to compensate you financially for the fee you pay.
Resource(s)
· Indians in Italy
