Financial businesses storing biometric information could face higher penalties if they fail to handle that data securely, legal experts have warned, due to impending regulatory changes at EU level.
As the payments industry increasingly turns to techniques such as fingerprint scanning to authorise transactions, concerns were voiced last week that the storage of customers’ data may currently be going unmonitored.
However, experts have outlined new EU-wide regulatory action that would introduce stringent controls around the collection and storage of this data by financial institutions.
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