Page 38 - Banking Finance September 2025

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loans and credit cards, that are better suited to an individual's data harvesting in today's interconnected world, there are
specific needs and risk profile. Additionally, data harvesting several proactive measures individuals can take to signifi-
plays a crucial role in identifying fraudulent activities by spot- cantly reduce their exposure and safeguard their personal
ting irregular patterns in financial transactions that may indi- information. By remaining vigilant and adopting a few stra-
cate fraud. Nevertheless, this practice raises significant ethi- tegic practices, one can bolster their privacy and reduce the
cal considerations. The use of alternative data sources-such likelihood of falling prey to data exploitation. Below are
as social media activity or online behaviour-can result in bi- some key steps to help protect oneself:
ased or discriminatory credit decisions, particularly for indi-
viduals who may not have an established credit history. Fur- Strengthen Privacy Settings
thermore, the aggregation of financial data raises concerns
In the age of social media and digital interconnectivity, tak-
about data breaches and unauthorized access, potentially ing control of the information one shares online is crucial.
putting individuals' financial security at risk.
Regularly review and adjust the privacy settings on the social
media accounts and other online platforms to restrict who
Workplace Monitoring can access one's personal details. Most platforms offer robust
In today's digitally connected world, organizations are in- privacy controls, enabling us to fine-tune what others can see,
creasingly harvesting data to monitor employee behaviour, including photos, posts, and even the friend list. Don't under-
productivity, and overall well-being. By collecting data from estimate the value of these settings-it's not just about limit-
various sources such as email communications, computer ing who can view one's content, but also about ensuring that
usage patterns, and even wearable devices, companies can the personal data is shielded from unauthorized access. By
track employees' performance, identify potential security tightening these privacy controls, we are creating a digital
risks, and ensure compliance with workplace policies. This fortress around our private life, making it much harder for
data-driven approach can also enhance workplace safety by third parties to harvest sensitive information.
identifying hazards or predicting accidents before they oc-
cur. However, the practice of workplace monitoring raises Use Strong, Unique Passwords
significant ethical questions surrounding employee privacy A simple yet powerful way to secure the online accounts is
and consent. Employees may feel that their every move is by using strong, unique passwords for every platform. One
being scrutinized, leading to concerns about trust, au-
should avoid using simple passwords that are easily guessed,
tonomy, and the potential for exploitation. Furthermore, such as 'password123' or 'qwerty,' as these are prime tar-
the line between legitimate workplace oversight and intru- gets for hackers. A robust password usually combines up-
sive surveillance is often difficult to draw, especially when it percase and lowercase letters, numbers, and special char-
comes to monitoring off-hours activities or personal com- acters to enhance its security. To simplify the process of
munications.
managing complex passwords, consider using a reputable
password manager. These tools generate random, high-
It's obvious that while data harvesting offers immense po- strength passwords for our accounts and store them se-
tential for innovation and progress across a wide range of
curely, so we never have to worry about forgetting them.
industries, it also brings forth a host of ethical challenges. Using unique passwords for each site ensures that, even if
The responsible and transparent use of data is paramount one's account is compromised, the others remain safe.
to ensuring that its benefits are realized without infringing
on individual privacy or contributing to systemic inequalities.
As technology continues to advance, it is crucial that legal Beware of Phishing Attempts
and ethical frameworks evolve in tandem to safeguard Phishing attacks are one of the most prevalent methods of
against the misuse of harvested data and ensure that it is data harvesting. These scams often appear as deceptive
used for the greater good. emails, text messages, or phone calls that appear legitimate
but are designed to trick oneself into revealing sensitive in-
How to Protect Oneself from Data Har- formation such as passwords, sensitive details of credit card,
even critical details of Identity or Address proof. To protect
vesting oneself, always verify the authenticity of any communica-

While it is nearly impossible to entirely eliminate the risk of tion that requests personal or financial information, espe-

34 | 2025 | SEPTEMBER | BANKING FINANCE