​In today’s digital age, personal and financial data security is more critical than ever. Protecting sensitive information has become a top priority as more businesses move online and consumers embrace digital services. At Smartcent, we take security seriously and partner with leading technology providers to ensure that our customers' data is managed with the highest levels of security and compliance.
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Why Security is Important at Smartcent?
Smartcent provides services that streamline financial decision-making, helping customers get more value from their personal data. However, with the growing use of digital platforms, the risk of data breaches and cyber-attacks increases. That is why we prioritise the protection of our customers’ data at all times and apply advanced security measures across our platform. Security is not just a feature—it’s a fundamental part of how we operate.
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We understand that our customers trust us with sensitive financial data, and maintaining that trust requires implementing the highest data protection standards. From encryption to multi-factor authentication (MFA), Smartcent uses a robust security framework to guard against unauthorised access, ensuring your personal information is always safe. View our Data Policy for more details.
Who is Our Financial Data Provider?
In Australia, the Consumer Data Right (CDR) empowers consumers to access and control their data held by businesses, particularly financial institutions. Under this framework, businesses must follow strict guidelines on how they manage and share data, giving consumers the confidence to share their data without fearing misuse.
Smartcent is proud to collaborate with Basiq, a leading Accredited Data Recipient (ADR). This means Basiq has been accredited by the Australian Competition and Consumer Commission (ACCC) to receive your data from the bank or other financial institution. Basiq connects to financial institutions to provide secure access to customer data. This data is essential for delivering Smartcent's services, allowing you to make informed financial decisions while maintaining full control over your information. Basiq provides a platform that helps us receive data from financial institutions securely and in compliance with regulations.
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How Does Smartcent Receive Data?
Since Basiq directly manages the connectivity with your banks as an Accredited Data Recipient, Smartcent cannot access your banks directly. This means we do not have direct access to your financial data in any circumstances. Furthermore, the data we receive from Basiq is Read-Only. Therefore, Smartcent cannot do anything with your data other than display it on our platform.
As a customer, you remain in control of your data with transparent consent mechanisms that clearly explain how your information is being used. Furthermore, you always have the right to revoke access to your data, providing an added layer of control and security.
You can permanently delete your data for a connected bank at any time. Furthermore, you can permanently deactivate your account, which will automatically delete your bank-related data and your personal information apart from your registered email address.
All user data transferred between financial institutions and Basiq is encrypted using bank-grade encryption standards. At Smartcent, we adhere to the principle of data minimisation, ensuring that only the necessary data for a service is accessed.
With Basiq's secure APIs and security measures in place, You can confidently share your financial data, knowing that it is protected and managed with care.
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Last Updated: 1 October 2024