Banks Sell 600,000 Clients' Personal Data
FINANCIAL PRIVACY—HONG KONGAugust 13, 2010
Six banks in Hong Kong have sold personal information belonging to more than 600,000 clients, RTHK reports. The Hong Kong Monetary Authority (HKMA) revealed the breach, noting the client data was sold to third parties for marketing purposes over the past five years, the report states. According to the HKMA announcement, some of the financial institutions involved only stopped selling such data last month following the public outcry over user privacy and Octopus Holdings, while two of the cases had been uncovered by the Privacy Commission two years ago. The banks involved cannot be named for legal reasons, the report states.