Just curious how this affects anyone as I donāt ever see anything from Truelayer in any way shape or form other than it processed my payment. They donāt have any opportunity to advertise or anything.
I get both sides of the argument but personally I couldnāt care less as it is a small price to pay instead of actual charges which would be needed if my data wasnāt used to fund the operation. Besides the amount of data we give to far less worthy places is more my concern.
Glad the new Apple update didnāt ask for permissions on FT like it does on most apps though
But you seem to be under the impression that having the internet send me recommendations is a problem. I donāt. I have this thing called free will, and I use it to act on things if I wish.
I donāt lay awake at night worrying about what some algorithm is doing with my internet footprint.
On a side note, during my time in the 80ās working as a bookie, weād keep a diary of certain punters, what bets they placed, what they won or loss. It allowed us to maximise our profits out of them, by knowing when to curb their stakes or odds to our advantage. This using of data to increase profits for a company isnāt something invented by the internet. Humans have been doing it for centuries.
Yes, and thatās your choice to make. Other people, however, might care what happens to their data.
That there is a lot of legislation around data protection, and even more so in financial areas, shows that even if you donāt care about these issues, even the government recognises their importance.
Well, if people actually have free will is another question that we wonāt get to cover here
But I see your point, but I fundamentally disagree. We are influenced in so subtle ways that thereās no thoughtful weighting of decision involved.
But Iām happy to leave it at this where we agree to disagree and encourage people to read about how recommender systems influence decision making or watch content on big techās data handling and its incredible power.
@HighlandTiger Have you re-read your reply and realised just how pompous you sound?
The OSA has no bearing or relevance to the point here, at all. The fact you feel it necessary to mention it indicates youāre clutching at the proverbial straws.
Yes, I know that there is a huge amount of data held on us as individuals but I should be in control of that. If itās necessary in the pursuit or execution of the use then itās acceptable. Here weāre talking about an unreasonable request.
The fact itās my first post is largely irrelevant. I have the opportunity to make a point or ask a question on this platform and I chose to do so.
A well known example of how passive data can build pictures and be used.
There is a reason companies like Apple, Mozilla and Google are all actively building tracking prevention into their browsers. And a reason for GDPR and CCPA.
I imagine this is more to do with levels of permissions at TrueLayer than any conspiracy to peak at your data, though itād be nice to see confirmation from Freetrade on that.
There will of course be certain things Freetrade need to know for KYC or withdrawal/deposit processes (like for example what currency your account is in and the status of their payment to you), and other data may just come along with the particular data they need (for example say they want transactions to verify that money in has come from you, or money has arrived in your account, and that gives them all transactions). I donāt know but would suspect thatās the cause rather than data mining.
I sincerely doubt Freetrade would bother selling information to third parties, and I do think you should rethink that accusation as you have zero evidence that is happening, nor is there any good reason to think they would be doing that. Their business model is not based on selling user information (they donāt for example sell order flow). Iām not personally bothered by them having insight into my bank account transactions given I trust them with savings, but see why some could be.
I did prefer the previous system freetrade had where you could see the refs, and avoid truelayer if you wanted to just by setting up a standing order, but I see why for the sake of simplifying the UI and avoiding forgotten refs etc (which cause support load) they have gone with a route that hides the details from you for transfers in, and there may be legal restrictions meaning transfers out can only go to a bank account verified as belonging to you.
I agree with you itād be nice if they can manage to ingest less data via truelayer though, or at least justify what they do look at.
I referred this to my bank whom agree the types of data requested for the purpose are not necessary and have asked me to refer it to the ICO.
The banks hands are tied as they give access via the Open Banking System and itās incumbent on us as the user to agree how much can be shared in each instance.
So your theory is that Truelayer, not Freetrade, might be selling your information like transactions etc?
That wasnāt the impression I got from your post above, perhaps it is worth clarifying that in the post, and if so youād probably want to take that up with your bank rather than freetrade. Most uses of open banking involve sharing transactions, so that is not at all unusual (for example Monzo uses truelayer to see lots of other bank accounts). Given that truelayer is regulated and the rules are quite strict around selling data, Iām not too worried on this.
Will be interested to hear the outcome of your complaint, though I do suspect itās just a case of truelayer and open banking having all or nothing permissions, maybe a few complaints will help them reconsider that and allow companies like freetrade to see less or give users a choice over what they see, rather than just all or nothing.
Once again people diverting this topic into irrelevant subjects. Why freetrade needs these permissions is a legitimate question that no one has the answer for because freetrade donāt seem to have disclosed why they want access to our banks with those levels of permissions.
This is a simple question and people are arguing over things that donāt matter, why? To avoid the subject?
Itās a good question and should have a simple answer from freetrade. It shouldnāt be this complicated.
Have you read the TrueLayer Terms of Service. Not something Iād recommend for a Saturday night but I think it pretty clearly answers the questions asked in this thread;
As an FCA regulated financial service, I imagine Truelayer also have to utilise and retain data for anti-money laundering and security purposes. I imagine including this informationā¦ I doubt they are just harvesting your data for illegitimate purposes.
Truelayer are a legitimate, FCA regulated company. Loads and loads of companies use their service to facilitate open banking.
Freetrade themselves wonāt have requested to have access to this level of data - this lies with Truelayer as the third-party who utilise that data in providing the service. Truelayer provide the service, as the middle man, between your bank and the Freetrade app.
If it was that much of concern, surely your bank would not have agreed to allow the service either? Banks agree to their terms too on the receiving end, and not all banks allow open bankingā¦ Or at least not yet. Your bank is happy to facilitate allowing Truelayer to function on their sideā¦ If they were up to something dodgey I doubt they would let Truelayer have the ability to offer open banking.
TrueLayer lets you control the permissions the client ( app ) requests. Hereās a list of the available permissions.
Of course, Iām not saying anything untoward is happening here. Iām just highlighting that it would have been a decision to request those permissions. What I gathered from the OP is they want an alternative method to link an account or to understand why the permissions are needed. It also seems like they asked in support first.
I mentioned it further up in the thread, but to repeat it, I wonder what the drop off is when a new user is presented with this. Everyone doesnāt query this type of thing, they just drop off.
If I was you Iād be more worried whatās in my government file, than worrying about pop ups offering you goods to purchase.
