The Irish Data Protection Commission (DPC) has said that it will be engaging with financial technology company Revolut as "a matter of urgency" over their new policy changes.
Revolut said on Thursday they are fully compliant with all relevant data protection regulations, including GDPR.
Speaking to JOE, a Revolut spokesperson said they had proactively informed users of the upcoming changes to allow time for users to make a decision on the data they share.
"Customers can stop data being used for marketing purposes using the toggle switch in the App. Data for credit purposes can easily be disabled by contacting Revolut through the App and do not impact customers’ credit scores unless they choose to apply for a credit product.
"Any data we do collect is used in order to provide a better user experience, through targeted products and pricing and the customer remains in control of their data at all times. As clearly stated in the terms and conditions Revolut will never sell customer data."
Revolut doesn't give users a way to opt-in to sharing their data for marketing purposes but instead opts users in by default and tells them that they'll have to opt-out if they don't like it.
Opting out of having information shared for targeted marketing purposes requires users to go to the settings button on the dashboard section of the app. They then have to enter the privacy section and toggle the opt-out.
To stop Revolut sharing your data with credit bureaus, you have to send a chat message via the app asking to opt-out of the data sharing.
The company said they did not provide a toggle button for this because it is currently provided to credit agencies once a month, but turning the toggle off within a monthly period would result in some of the data being shared.
By using the chat, it allows the support agent to record the date of the request and inform the customer of the period from which their data will no longer be shared.