Synchrony shares with the ITRC in the newest Fraudian Slip podcast the latest in data minimization, privacy laws and their impact on consumers 

  • On this month’s Fraudian Slip podcast, we are talking about the evolution of privacy. In 2018, the European Union adopted a data privacy law (General Data Protection Regulation, known as the GDPR). Since then, multiple states in the U.S. have either adopted laws with many of the same principles, or are actively considering one.  
  • The ITRC sat down with Synchrony, one of the leading financial services companies based in the U.S., to discuss these privacy issues and much more.  
  • To learn more, listen to this week’s episode of The Fraudian Slip
  • You can also learn more about the privacy, security and identity management topics discussed in the podcast and how to protect yourself from identity fraud and compromises by visiting the ITRC’s website
  • If you think you are the victim of an identity crime or your identity has been compromised, you can call us, chat live online, send an email or leave a voicemail for an expert advisor to get advice on how to respond. Just visit www.idtheftcenter.org to get started. 

Below is a transcript of our podcast with special guest Ricky Davis, Sr. Vice President & Chief Privacy Officer for Synchrony 

Welcome to The Fraudian Slip, the Identity Theft Resource Center’s (ITRC) podcast, where we talk about all-things identity compromise, crime and fraud that impact people and businesses.  

This month, May, we are going to talk about the evolution of privacy. Historically, we have always treated privacy, cybersecurity and identity management – that’s how your identity information is created and used – as three separate and distinct issues. We have a handful of federal laws that deal with identity and cybersecurity – primarily around health and financial information  

Every state, the District of Columbia and U.S. territory has a data breach notice law that requires consumers to get an alert if their personal information is exposed in a cyberattack or just good old-fashioned dumpster diving. We also have a patchwork quilt of industry self-regulations and government regulations that address the security required to protect data that companies keep on their customers and prospects. 

However, there is a change, and an evolution of privacy, in the wind. What started in the European Union in 2018 with the adoption of a single, comprehensive data privacy and cybersecurity law has now spread to the U.S. California has adopted many of the principles found in the EU’s General Data Protection Regulation (GDPR). Now, the Commonwealth of Virginia has joined the club.  

A dozen other states are also actively considering new privacy laws that add rights for consumers, obligations for businesses and fundamentally change the way we think about how we create, use, store, share and protect personal information. 

We talked with Ricky Davis, Sr. Vice President & Chief Privacy Officer for Synchrony, one of the leading financial services companies based in the U.S., about the following: 

  • The role of a Chief Privacy Officer 
  • The benefits to an organization to have a privacy focus 
  • What we have learned about the GDPR after three years that will help U.S. consumers and businesses 
  • The concept of data minimization (don’t collect or store more than you need for longer than you need it) and why it is important 
  • State laws versus a comprehensive federal law 

We also talked with ITRC CEO Eva Velasquez about the following:  

  • The practical effect on consumers of having three separate infrastructures – privacy, security and identity management 
  • The benefits to consumers from having more rights to access data 
  • State laws versus a comprehensive federal law 

For answers to all of these questions, and more on the evolution of privacy, listen to this week’s episode of The Fraudian Slip Podcast.  

Contact the ITRC 

You can learn more about data privacy, cybersecurity and other identity-related issues by visiting the ITRC’s website at www.idtheftcenter.org and by listening to our sister podcast, the Weekly Breach Breakdown

If you have questions about how to protect your personal information, or if you believe you have been the victim of an identity crime or compromise, talk to one of our expert advisers on the phone, by live-chat or by email during normal business hours (6 a.m.-5 p.m. PST). Just visit www.idtheftcenter.org to get started. 

Be sure and join us next week for our Weekly Breach Breakdown podcast and next month for another episode of The Fraudian Slip.