https://en.sputniknews.africa/20240823/nigerias-fidelity-bank-hit-with-record-fine-by-ndpc-for-data-privacy-violations-1067986946.html
Nigeria's Fidelity Bank Hit With Record Fine by NDPC for Data Privacy Violations
Nigeria's Fidelity Bank Hit With Record Fine by NDPC for Data Privacy Violations
Sputnik Africa
Account opening data violations involve unauthorized access or misuse of personal information, leading to identity theft, financial loss, and privacy breaches... 23.08.2024, Sputnik Africa
2024-08-23T17:47+0200
2024-08-23T17:47+0200
2024-08-23T18:01+0200
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The Nigeria Data Protection Commission (NDPC) has fined Fidelity Bank 0.1% of its 2023 revenue, amounting to $358,580, for violating data laws during the account opening process, according to the agency's report.This is the largest fine imposed by the NDPC for data breaches, though Fidelity Bank is contesting the decision.The NDPC instructed Fidelity Bank to pay the fine within 14 days, citing illegal collection of personal data after an investigation that began in April 2023. Fidelity Bank claimed there was no data breach and that the account opening process for the customer in question was never completed.The NDPC's review revealed that Fidelity Bank processed personal data without informed consent and used tools such as cookies and banking apps in violation of data protection laws. Fidelity Bank remains in discussions with the NDPC to resolve the matter.
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nigeria, west africa, cybercrime, data, information, finance, safety, investigation, banking
Nigeria's Fidelity Bank Hit With Record Fine by NDPC for Data Privacy Violations
17:47 23.08.2024 (Updated: 18:01 23.08.2024) Account opening data violations involve unauthorized access or misuse of personal information, leading to identity theft, financial loss, and privacy breaches. Companies must follow data protection regulations like GDPR to safeguard data. Violations can result in legal penalties, reputational damage, and loss of customer trust.
The Nigeria Data Protection Commission (NDPC) has fined Fidelity Bank
0.1% of its 2023 revenue, amounting to
$358,580, for violating data laws during the account opening process, according to the agency's
report.This is the largest fine imposed by the NDPC for data breaches, though Fidelity Bank is contesting the decision.
The NDPC instructed Fidelity Bank to pay the fine within 14 days, citing illegal collection of personal data after
an investigation that began in April 2023. Fidelity Bank claimed there was no data breach and that the account opening process for the customer in question was never completed.
The NDPC's review revealed that Fidelity Bank processed personal data without informed consent and used tools such as cookies and banking apps in violation of data protection laws. Fidelity Bank remains in discussions with the NDPC to resolve the matter.
