World Wide Web is a complex network and there is no easy way to figure out if privacy ensures is privacy provided. According to a recent article on ABC news, banks are extracting data like personal information, status updates, posts by other users etc from Social Media sites and archiving it.

These Social Media sites allow a detailed view into the personal lives of people which can also reflect someone’s financial condition, on the basis of which bank credits could be denied. The banks can also use this information as security checks in case of lost cards, personal identification numbers and other cases where identification is an issue. It is indeed alarming and certainly not in good taste as nobody would like to be asked a personal question as an identification subject which has not been provided by him to the bank.

Companies like RapLeaf do the unethical job of providing client information to banks from social sites like Facebook, Twitter or Linkedin. But we believe its the bank that goes for it to be considered the main wrongdoer in all of this.

This also calls for a better security set up to be adopted by the Social Media websites in order to protect the privacy of its users and not allow any company like Rapleaf attain access to the secured data on the web.

The bottom-line is that Social Media is a boon for individuals and companies to communicate, expand their network and more but it is advisable to place only that information around the web which can be of no harm to you if leaked.