Intrusion: Barclays bank has controversial plans to turn its customers into ‘cash cows’ by selling their data
-Barclays will share customers’ transaction information with third parties
-Only way customers can opt out is by closing their accounts
-Accounts will be searched for spending trends and other habits
Barclays’ letter said changes to its terms were being brought in from October to make them ‘clearer’, ‘simpler’, and ‘easier’.
But it admitted it will trawl accounts for information which it could then sell to other firms, government departments or MPs.
In a further intrusion, Barclays will also use ‘location data derived from any mobile device details you have given us’. Many customers are likely to have thrown the letter in the bin without realising that it says: ‘We can combine information about you with information about other Barclays customers to create reports which we may share with companies outside Barclays.’