A Study on Collection of Personal Data by Banking Industry in Malaysia

Abstract

Personal data is supposed to remain private to the person concern and only known to his close family and friends. The advancement of technology and invention of internet and information technology alter the balance between privacy and disclosure. Many personal data are surprisingly easily available, changing hands from one to another almost freely and are use in daily transaction without much control nowadays so much so personal data has become a commodity and tradeable asset. Data thefts, data breach, unlawful use of personal data as well as data trades off are among the examples of new problems stem from exchange of personal data. Banks are one of the industries that commonly ask customers for their personal details for official purposes before any transaction could be processed. The study examines the practice of banking industries in obtaining personal data, whether they comply with the legal provisions, whether customers given their consent freely and voluntarily free from any undue influence or duress.