Data sharing and how it affects you

Every time we post on social media, download an app or fill in a job application we’re sharing personal data – information that identifies us as individuals. Sharing data can help companies improve customer service or personalise offers but it can also be attractive to fraudsters. So it’s always important to consider what you’re sharing and who with.

A few simple dos and don’ts can help.

Data sharing dos and don’ts

  • DO: protect PINs and bank account log on details. Never write them down or use a PIN that can be guessed easily. We will never ask you for your PIN or password.
  • DO: choose a password that’s secure and change it if you’re worried that someone may have access to it.
  • DO: check your statements regularly and report any suspicious activity.
  • DO: trust your instincts. If something seems too good to be true, it could be a scam. Find out how to identify potential scams.
  • DO: know the signs of a secure website. The most secure sites have a green padlock in the address bar, and https:// at the beginning of the web address when they require personal or financial information. These won’t necessarily appear on pages that don’t request personal or financial information.
  • DO: read the small print to ensure you’re comfortable with how your data will be used.
  • DO: remember, even if you’ve given permission for an organisation to access or store your data, you can always change your mind.
  • DO: be aware of changes affecting data protection. You might find our guides to GDPR and Open Banking useful.
  • DON’T: assume all companies offering financial services are part of the Open Banking system. Check they are on the Open Banking Directory.
  • DON’T: give away personal information too freely. ‘Fun’ social media posts asking you to reply to questions about your first school, favourite holiday, etc., can be phishing exercises.
  • DON’T: forget that fraudsters might pretend to be trusted financial services companies:

What’s changed?

The good news is that a new law – known as GDPR – came into force this year. It’s designed to better protect you and give you more control over your data.

Another change is Open Banking, which aims to make the financial services industry more competitive and give consumers access to innovative products and services. It provides a new way to share personal financial information with organisations other than your bank – if you decide you want to.

How we keep your data safe

At Lloyds Bank we’re committed to protecting your data. We respect your privacy and work hard to ensure we meet strict regulatory requirements, as we always have. You can find out more about how our state-of-the-art anti-fraud systems keep you safe here.

It’s important to know there are also some things we never do:

  • Lloyds Bank will never ask you to share your Internet Banking password, log on details or PIN.
  • Lloyds Bank will never contact you to request that you transfer money into another account.

If you’re in any doubt about whether an email, text message or phone call is really from us, don’t share any information and don’t click on any links. And if you think you’ve been approached by a fraudster, here’s how to report it.