Comment Re:FTFA (Score 1) 187
Exactly my thoughts. The whole thing is bat-shit crazy-scary. The rationalization put forward by these people is unbelievable.
"The banks already know more about what we do in our daily life--they know what we eat, where we go, what we purchase--our deepest secrets," he says. "We're not talking about anything different here--just a system that's good for all of us."
Ad 1) Not anything different. Yeah, equally bad.
Ad 2) No, they do not. At least not in my country, Germany. Data transmitted to the bank for payment processing is only the amount due and the recipient. The bank can see that I was shopping in store X, but not what I bought. And they cannot use this information in any way that is not related to complete the transaction. They cannot sell the information, not even in aggregated and anonymized form.
And this is a very good thing. I feel sorry for anyone living in a place with lesser protection.