Key Takeaways:
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When applying for a loan with the help of your Broker, you might be wondering how your privacy is protected when sharing your financial information through Frollo. We take your privacy very seriously, and here's how we ensure it:
Strong Privacy Safeguards
The CDR privacy safeguards outline specific privacy rights and strict obligations for businesses collecting and handling data. Frollo and NextGen comply fully with these regulations.
Australian Government ACCC Accreditation
Frollo and NextGen are SOC 2 Type II certified, the highest standards for security, availability, and confidentiality.
Frollo was the first FinTech in Australia to become an Accredited Data Recipient (ADR) under the Australian Competition and Consumer Commission (ACCC) Open Banking regulations in 2020. NextGen became an ADR in 2022.
Explicit Consent Required
Frollo can only access your Open Banking Data if you explicitly provide your Consent. You have full control over what data is shared and with whom.
Secure Data Handling
We adhere to strict security protocols and guidelines as an Australian Government Accredited Data Recipient (ADR). This ensures your data is handled securely and confidentially.
Data Stored Securely
Your data is held and stored on your behalf in secure systems, located within Australia.
No Sharing of Login Credentials
You will never need to share your online banking login credentials (username and password) with Frollo. Your bank provides a One-Time-Passcode (OTP) for secure access.
Consent Dashboard
You can manage and withdraw your Consent at any time through the Data Sharing Consent Dashboard in your Frollo Account, giving you ongoing control over your data.
Additional Privacy Rights
There are numerous other privacy rights under the Consumer Data Right.
For example, as an ADR, Frollo and NextGen are prohibited from sending data overseas, unless an exception applies.
For more information on CDR privacy rights, please refer to this Government fact sheet and our CDR Policies:
We are committed to protecting your privacy and ensuring the security of your financial information.