Banks find AML "ineffective", propose access to social media

I think the adoption of 3d secure will be better in preventing fraud than giving banks more access to my personal information.

I suspect access to this information won't be limited to fraud detection but loans, mortgages, etc.

What happens to people like me who don't really use social media as well?

Amen

The actual proposal is short (9 pages including glossary) and linked in the article: https://db.wolfsberg-group.org/assets/e3d83d2f-fad9-46d2-b5a...

I'd encourage you to draw your conclusions from the PDF rather than the journalist's interpretation.

China's social credit system requires actual recorded offenses to trigger penalties, in particular delinquency in paying fines or tax, not some bank's AI inhaling and rating your Facebook account history.

The "Social" in the name is nothing to do with social media.

It feels like we're gradually slipping into a dystopian nightmare world, predicted again and again by sci fi writers for decades, with no real strong opposition. There's the EFF, I guess? But advocacy groups don't seem particularly powerful or influential. I can't even hope for a "it'll get worse before it gets better" scenario. A world with normalized lack of privacy seems unlikely to suddenly care about it again. Perhaps we've been left behind by the cultural tide, and our values will die with us.