If you saw the news in the New York time and read here often enough then you know what the deal is on data selling, privacy and profits. I have quite a few articles about that topic as well as a couple ideas to help regulate and control some of this epidemic that is making everyone crazy and making banks and companies filthy rich. The best line from the entire article below and fully substantiates my year and a half old campaign to license and tax data sellers. It’s an epidemic that is not healthy but generates huge bank and corporate profits.
“But she didn’t know which company had collected and shared the data in the first place, so she didn’t know how to have her entry removed from the original marketing list. “
I do have to tell you have written about it to the FTC and other agencies and the hardest thing to get throughs someone’s head is the amount of money this creates and goes right to the bank or company bottom line, i.e. Walgreens in 2010 making short of $800 million selling data so since a couple years have passed I’m sure they are up over a billion in profits, but remember they are the most “innovative” company in someone’s words, maybe the most innovative data selling company? Well what I can say is that they are innovative in figuring out how to capture and sell mountains of our data. So much of what they provide also provides for scraping and selling your data.
They and other drug chains and pharmacy benefit managers reap a ton of money selling your data to insurance companies for one and I’m sure there’s tons more but we don’t know who the buyers are and what they buy. The can query your retail purchases and combine that with your prescription purchases and have yet one more profile. I have a friend who’s going through the same stuff being over marketed with diabetes information as she did a few searches, etc. for friend on the web and now she’s stuck will the US mail plus email marketing crap that comes in.
Now that the “data” has identified her as a diabetic, which is false, the next level of marketing shows up, the insurers buy this flawed data and they start marketing her with “now that you are a diabetic” information and it just doesn’t stop and she’ irritated and mad and I don’t blame her. Shoot I had my car insurance with their machine learning put a second driver on my car. The machine thought it was smarter than me I suppose, did an address match at a house still on record somewhere that I sold over a year ago so the new owner of my house that I sold over a year ago gets auto added to my policy.
Healthcare Scam Hits Up Seniors, Yet One More Good Reason to License and Tax Data Sellers, Where Do These Folks Get Their Lists and Did They Buy From a Licensed Data Seller..
As usual, banks and companies rack in the money while we have to fix all their mistakes they profited with on our own time. Free labor with consumers who are trapped as we can’t get a car, house or whatever until all the bank and corporate errors are fixed. That data that made someone millions or billions in profit. Health and Human Services doesn’t have a clue but just want everyone to “hurry up” with Health IT, so again clueless and we suffer.
Speed Up Rate of Change in Health IT?–“Short Order Code Kitchen Burned Down a Few Years Ago and There Was No Fire Sale”..IT Infrastructure Chance and Revisions Takes a Lot of ”Code”, “Time” and “ Most Importantly Money”
ANY PRIVACY LAWS THAT DO NOT INCORPORATE DATA SELLING IT INFRASTRUCTURES FOR REGUALTION ARE LAWS WITH NO BALLS AND DO NOTHING FOR CONSUMERS AND THAT’S ALL THAT WE HAVE SEEN.
I really have tried very hard to explain this and I get this blank look from law makers and others, duh? It what goes on behind “closed server doors’…and of course banks and companies don’t want you to know anymore than you have to so they can keep the flow going. See what they do with retirement funds with hedge funds, one more example, they hose you.
Sad to say too we have Richard Cordray who is a lost puppy as he announced he is building a data base on US Citizens to study how we interact with financial companies and software…give me a break as you can hire quants that can tell you and sure wish he would have gone to coding school or we had someone in his position who did. We need more than just an executive building a data base to show he’s doing something, again when you don’t have any tech background you do dumb things like that as you don’t have data mechanic logic and probably have some staff members that do and might be getting kick backs to keep him moving in this direction…he’s duped. Banks and insurance companies are really just software companies that move a lot of money for profit.
Richard Cordray, Fail With Understanding Flawed Models and Algorithms -Big Case of“Algo Duping”With Big Data-Save Time, Hire Quants Who Know How Consumer Financial Models Are Built and Function…Geez
Here’s an interesting new alliance with device companies joining health insurance trade associations..first thing that comes to my mind, device companies have collected data to sell to insurance companies. Insurance companies are addicted to any kind of data, useful or not and if not they can broker and resell it too, so here you go being sold half a dozen times down the corporate daisy chain. Look below, what are insurance companies doing buying your master card and visa data? They can take what they want and “resell” the rest when they get done with their queries, which will usually appear as new analytics report, software or whatever. That’s the way it works, they all do it.
Insurance Companies Are Buying Up Consumer Spending Data-Time is Here to License and Tax the Data Sellers-As Insurers Sell Tons of Data, Gets Flawed Data When Data Buyers Uses Out of Context Too
This is the solution and just one of my posts on the topic that nobody can get their head around that would give consumers a searchable website to see who sells what kind of data and to who and have all purchase a license to sell data and quarterly excise tax them, just like you and I pay an excise tax on a tire we need for our car. They pay as they make the billions in profits this time.
Time Has Come to License and Tax the Data Sellers of the Web, Companies, Banks, Social Networks..Any One Making a Profit-Latest Microsoft/Google Privacy War Helping the Cause –Consumers Deserve to Know What Is Being Sold and To Who in a Searchable Format
Another great thing too is that consumer agencies like the FDA and NIH could get supplemental funding and we need both of those agencies. You are being abused with flawed data. The link below has a great video to where you can hear NASA and other big corporations talk in a forum, stumbling around trying to figure out how to find value with Big Data, doesn’t get any better than that and with some of the throw against the wall to see what sticks methods being tried out there half of what they come up with will be a waste of investment.
Big Data/Analytics If Used Out of Context and Without True Values Stand To Be A Huge Discriminatory Practice Against Consumers–More Honest Data Scientists Needed to Formulate Accuracy/Value To Keep Algo Duping For Profit Out of the Game
When you look at what is really being done it’s easy to write posts like this as it’s fact and just uncovering that for the consumer, it’s not opinion or politics, just facts. Now it’s time for my little “I told you so with a couple back links going back 2 to 3 years. When you work with data and have a sales and marketing background as well, you can visualize easy enough and project what will occur in this area and it has.
Does the US Government Need a Department of Modeling and Algorithms–Is Data Addiction and Abuse the Next Up and Coming 12 Step Program, Some Classic Posts & Topics Revisited
“Devaluate the Algorithm” And “Tax the Data Sellers”–A Cure for Both Healthcare and an Economy Based Heavily on Intangibles–We’ve Lost Our Balance
Here’s a link to a link that has a ton of every day examples of Algo Duping and the resultant Attack of the Killer Algorithms, started this almost 2 years ago with the series. Again I use logic and know data mechanics and thus can easily see it. So when you see your data floating around out there know you have been probably been sold, once, twice, three or more times and the chances of that data being flawed is pretty big.
Inequality has been modeled this way by banks and companies on purpose and again we have nobody at any government level with a clue and glad some of the major media is covering some of this. Been at this blog with that problem for 3 years and counting:) Privacy laws and bills are a waste of time without incorporating the data selling element since this is the biggest abusing element done for profit. Scroll down and watch the videos in the footer if you want a little more education on this topic, you should. BD
Modeling for Inequality With Segmentation, Insurance Industry Uses Backwards Segmentation As Some Models Stand to Threaten Overall Democracy
The thing is that my friend, who requested that I keep her name out of this column, does not have multiple sclerosis, an autoimmune disease that affects the central nervous system.
But last year, she did search online for information about various diseases, including M.S., on a number of consumer health sites. She also subscribed to an online recommendation engine where she looked up consumer reviews of local physicians.