The Revolut data breach should make every consumer sit up and take notice, but perhaps not for the reason you might think.

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Around 680 customers reportedly had highly sensitive information disclosed after criminals posed as law-enforcement officials using a compromised Italian government communications system. The information reportedly included identity documents, addresses, phone numbers and transaction histories. Revolut says its own systems were not breached.

The obvious question is: how could this happen?

But there’s a much bigger question consumers should be asking:

How much information can governments legitimately obtain from our banks in the first place?

The answer may surprise you.

Banks hold an extraordinary picture of our lives. They know where we shop, where we travel, what subscriptions we have and who we pay. They also hold identification and know-your-customer information.

In some circumstances, public authorities can legally require financial institutions to provide........

© LBC