Consumers face a greater risk of identity theft and burglary under a Coalition scheme that would allow them to see all their personal spending data, the Government has admitted.

Officials have raised a number of potential problems with the “Midata” initiative, which will give customers the right to request information from companies on their household utility use, banking transactions, mobile phone calls and high street loyalty cards. Business ministers hope that allowing people access to data about their spending patterns will help them save money and make better shopping choices. But the Government’s official impact assessment of Midata has raised concerns that making personal spending details more widely available could mean it is “misappropriated”.

It said the Government received several warnings about privacy and data security during a consultation on the scheme, particularly over the potential for banking details to be stolen. One major fear is that consumers will hold more sensitive information about themselves on insecure home computers. Another risk is that they will give details of their bank transactions, mobile phone calls and energy usage for price comparisons or analysis to companies which may not have strict web security.....Read more here: 'Monitor your spending scheme raises risk of ID fraud identity theft