Is your personal data lying with fin-tech companies really all that safe?

A recent study of privacy policies of 48 fin-tech firms operating in India reveal that many fall behind stipulated best practices, putting your PAN, bank account and other details at risk

With fintech services growing steadily in India, so also have concerns around data privacy and protection. Unlike data gathered by social media firms and ad networks, user information shared with fintech platforms, which includes bank accounts, PAN numbers and financial information, is highly sensitive.

Even as a robust online financial services sector has emerged on the back of higher smartphone adoption and Internet penetration, data protection laws, along with an average user’s understanding of those laws and the associated powers to take corrective action, have been a notch behind.

By one estimate, India has over 100 fin-tech businesses, broadly categorised