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Brazil: ANPD initiates investigation on banks for using personal data for credit offerings

On March 31, 2024, the Brazilian data protection authority (ANPD) published Technical Note No. 2/2024/FIS/CGF/ANPD investigating four banks using personal data from the National Social Security Institute (INSS) for credit offerings, following complaints from individuals. The investigated banks were Itaú Unibanco Holding S.A., PAN S.A., Santander (Brasil) S.A., and Bradesco S.A.

The ANPD received complaints from individuals alleging that they were being contacted by financial institutions with offers for credit in relation to their social security benefits. Based on that, the ANPD launched an investigation into the sharing of personal data between the INSS and financial institutions.

The ANPD concluded that individual investigations should be launched into each bank and ordered all the abovementioned banks to present a valid legal basis for processing personal data to offer credit to beneficiaries of the INSS.

You can read the report, only available in Portuguese, here.