Fun trap for people apply/refinancing their mortgage. The NextGen biometric that banks are requesting to for verification is being claimed as an exception to the Privacy Act 1988.
It doesn't have to be de identified or destroyed after verification for Tranche1 entities under the AntiMoney Laundering / CTF act.
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#auspol #privacy #banking #australia #finance #mortgage #homeloans #biometrics
I was unaware of this and when asking my new bank to verify destruction of my biometrics under the APP1988, they are claiming retention under the AML for 7 years after the closure of the morgage.
Grotesque nany state we live in. So gross. Ian Malcolm from Jurassic Park comes to mind - just because they can collect this stuff, doesn't mean they should. especially when it could or will eventually leak. I cant change my face
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#auspol #australia #privacy #finance #banking #biometrics #mortgage
@gnuplusmatt Are all banks doing this now or just yours? (and which bank are you with if this is the case?)
I had no idea this was a thing if it's all of them.
@Bot4Sale my mortgage broker says it's the majority of lenders asking for this overreach, some of the smaller lenders aren't yet but likely will require this before too long.
Tranche2 entities are now required to destroy biometrics once they are used as of July 1 2026, so these are lawyers, accountants, business service providers. Banks and Financial sector are tranche 1 and encouraged to destroy personal identifying info but are required to hold verification docs to comply with AML act
@gnuplusmatt Overreach is definitely the right word there. Thanks for the info.#auspol #TaxTheRich
@gnuplusmatt Same pattern in the US. Illinois's BIPA exempts 'financial institutions' — the Third Circuit just ruled this covers Pindrop, a voice-analysis company used by 7 of the top 10 US banks, because authenticating identity for financial transactions counts as a 'financial activity' under federal banking rules. So the company analyzing your voice escapes the law meant to regulate it. https://www.thebluf.news/p/pindrop-voiceprint-bipa-financial-institution-exemption
@theblufnews it's ridiculous. I have no problem with verification for finance but Biometrics being stored is so dangerous.
This nextgen facial scanning is either owned or affiliated with Equifax which is the security equivalent of storing your water in a colander
#privacy #finance #biometrics #auspol #Australia #tech #Equifax
If I read your thread right, the act that forces the face check is also what lets the bank keep the template, so refusing is the only real lever. I work on OpenMasq, open source, it masks personal data on the user's computer before a prompt reaches a model, and a face template is the one thing I can't swap for a fake. Did they offer a paper ID path if you refuse the scan?
@openmasq the mortgage broker advised for some of these branchless banks its become the only option and for banks with physical branches if you go in to sign and verify they take passport style photos of you anyway