Does Milliken & Craig hv ur private bank info?

[Loongsam]

When a close friend of mine was assisting in an audit on a bank, I was quietly told that for bad debts, the bank actually outsource it to a debt collection company. This company is Milliken & Craig. What I was told next came as a shock to me.

It was revealed that the staff of Milliken & Craig has access to such info:

1. Your bank account details
2. Your name
3. Your I/C number
4. Your date of birth
5. Your Occupation
6. Your present and Past Employer
7. Your home Address
8. Your Company Address
9. Your email, if you had given to the bank
10. Your Mobile and Home Phone Numbers

Info are freely given to Milliken & Craig in order for this debt collection company to do its job.

I would like to query if the bank has breached the Banking and Secrecy Act and if MAS has endorsed such debt collection practice. If so, isn't the customers' privacy breached in any way? :(

 

[Vigilante911]

Milliken & Craig (s) Ptd Ltd is a very small company at Bugis Village.
I would wonder if it can really ensure the trust that it can ensure info
given to it by the banks will be kept confidential.

In fact, under MAS guidelines, forward outsource of core functions should
be disallowed.

Collecting outstanding debts should be core to the bank's functions as it
is revenue generation. Not sure how the banks manage to convince MAS
that it is not a core function.

 

[kakowi]

You gave the bank the right to divulge your information when you signed the loan papers

 

[JavaMocca]

Loan papers? Since when would a customer allow the bank to divulge his private info to a third party. Not that I know of from the many years I deal with the banks. Where did you get this knowledge from? I have the Banking Secrecy Act right in front of me and it doesn't say so.

 

[kakowi]

well if you believe it is not true, then don't believe it

 

[Boonsiong]

well if you believe it is not true, then don't believe it

Totally agree