Thursday, April 6, 2017

Jamie Dimon loves secure element

Giving a speech, he lamented the app agreements we sign are very one sided. That changes with smart card because contracts must be operationally understood by your bot. It will falsh red if the agreement exposes you to risk.  In fact, JPM and Quicken are implementing the use case I mentioned a week ago. His reasearch team tracks my blog.

Technically, it’s with your permission, because you signed the terms of service.According to Dimon, this blank check consumers give certain services means that big problems can occur when something goes wrong. “If you have $20,000 in a bank account and it’s stolen from JPM, you’re good. By law. If it’s stolen another way, you’re not—or maybe not.” A big problem, he added, is that you may have given banks and integrated services the right to sell your data years ago. “They’re still taking that data every day and they’re selling it every day. Where you eat, what you did, what hotels you stayed in, all those various data you put in there,” Dimon said.Today more third parties and apps integrate with banks and financial services to track expenses and help users budget. Dimon expects the agreements users sign to make this synergy possible will be more exposed to the light of day, instead of hiding in the fine print. “Eventually, you should be able to go on your mobile, look at the data that’s being shared, and decide what to share, how to share it, when to share it—so you can turn it off,” he said.Dimon wasn’t just complaining about unscrupulousness in his industry and issues with data and privacy, a theme that was in his 2015 letter. He was on message. In January, JPMorgan Chase and Intuit (INTUannounced a partnership to roll out these changes, giving consumers control over how their data is used. “I want to build something that’s really good for the customer that you say ‘I love that. I control my data and you give me a way to turn it on and off,’” he said. “So I think this is going to become a much bigger deal for the American public.”
Banksters are on board the sandbox, and the senate needs to understand.

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