Consumer privacy, also known as customer privacy, involves the handling and protection of sensitive personal information that individuals provide in the course of everyday transactions. This involves the exchange or use of data electronically or by any other means, including telephone, fax, written correspondence, and even direct word of mouth.
With the advent and evolution of the World Wide Web and other electronic methods of mass communications, consumer privacy has become a major issue. Personal information, when misused or inadequately protected, can result in identity theft, financial fraud, and other problems that collectively cost people, businesses, and governments millions of U.S. dollars per year. In addition, Internet crimes and civil disputes consume court resources, confound legislators and police departments, and produce untold personal aggravation.
Other consumer privacy features commonly offered by corporations and government agencies include do not call list; verification of transactions by e-mail or telephone; non-repudiation technologies for e-mail; passwords and other authorization measures; encryption and decryption of electronically transmitted data; opt-out provisions in user agreements for bank accounts, utilities, credit cards, and similar services; digital signatures; and biometric identification technology.
Confidentiality and Secrecy
Directors, officers and employees are expected to treat information entrusted to them by clients and employees as restricted or highly restricted, privileged, confidential information.
This includes information contained in Bank’s books and formalities, correspondence, and in general all kind of information related to the Bank’s clients (including their names, assets and properties of whatsoever nature.
The obligation to maintain the confidentiality of the information continues even after directors, officers and employees are no longer employed by the Bank. The improper or personal use of confidential information may subject directors, officers and employees to be penalized.
Conflict of Interest
Due to the sensitive nature of our particular consultancy services, we will not provide a service to a direct competitor of a client, and we generally try to avoid any dealings with competitor companies even after the cessation of services to a client.
- Directors, officers and employees are prohibited from seeking or accepting anything of value (including services, discounts or entertainment) from clients, suppliers or anyone else in return for any business (mainly granting loans), service or restricted information of the Bank. This includes gifts provided solely in gratitude for a previously provided service.
- The Bank must offer products and services on a competitive basis and will not tolerate any use or attempted use of improper incentives to obtain business.
Our contract will usually be in the form of a detailed proposal, including aims, activities, costs, timescales and deliverables. The quality of our service and the value of our support provide the only true basis for continuity. We always try to meet our clients’ contractual requirements, and particularly for situations where an external funding provider requires more official considerations and controls.
- With regard to suppliers, the selection of products and services to be purchased by officers and employees for the Bank is based solely on the internal procedures covering best value and service.
Verizon fined by FCC
Verizon was fined$7.4 million dollars by the FCC for the violation of Communications Act of 1934, section 222. Verizon was using customer information for their marketing campaigns without disclosing to their consumers that they can opt out of these marketing campaigns if they didn’t want to be a part of it. These violations began in 2006 and were discovered by the FCC. Due to the violations of their customer’s privacy the FCC fined the company and released at statement to the media about the violation. Verizon responded back that the breach was internal and the problem had been rectified with the FCC.
B. (n.d.). Ethics in the work place. Retrieved April 9, 2016, from http://www.hrhero.com/basictraining/BTE_Ethics_6.pdf