The arrival of big data in the mainstream payments space presents immense potential to those wishing to utilize it. From cost savings to revenue generating to fraud protection, big data can provide players in the payments industry more efficient means of targeting consumers as well as inoculating themselves against potential fraud. However, with the broad collection and processing of financial data, concerns have been raised over consumer privacy and data protection. The question is whether these concerns are justified and what can be done to help ease these apprehensions.