Well, what’s the next step after they have ran their analytics and made their decisions…they sell the data, error ridden and all. Again it’s the wild wild west and information can be real or it can be fake. I somehow think that some of this will end up moving more folks away from social networks. Granted what they are using is what is public but so do other sites who scrape data. If you have not seen the great 60 Minute report on credit agencies and their flawed data, you can find it over at the Algo Duping page.
This again takes me back to my same old campaign with licensing and excise taxing the data sellers who make billions upon billions just selling data and help keep the inequality going in the US with using data out of context and selling erroneous data as being accurate in some areas. Now they can even use a “faceprint” to identify you.
Licensing and Excise Taxing Data Sellers, Facial Recognition Yet One More Tool Used To Secure & Match Data - The Epidemic, Billions in Profits for Banks and US Corporations Using Killer Algorithms to Further Erode Consumer Privacy
Not too long ago it was reported that health insurance companies are buying your credit card and debit purchases too. So now what? Will they be able to tell that you can’t afford health insurance when they aggregate? (grin) Credit data is riddle enough as it is as corporations and banks don’t timely update, so do you wonder why it takes you so very long to fix mistakes? We do this as consumers on our own dime while banks and corporations make billions selling it. They have a captive audience as we can’t do much of anything as they control the data and how it gets interpreted.
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 article states they are using the data to find fraud and sure there might be a little of that going on, but the real deal here is money and more data for sale. It’s an epidemic. Richard Cordray is so far behind the times with technology that his agency is of little use to really help consumers, but what do you expect from an attorney anyway.
Data Floating Around the Web and You Don’t Know How It Got There? Time to License and Excise Tax Data Sellers–Identify “Flawed Data” Epidemic At The Root of the Problem
“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. “
As I keep saying, time has come to excise tax and license the data sellers to raise some nice tax revenue for the NIH and FDA and identify who they all are and what kind of data they sell and to who. Without licensing, Congress and other federal agencies are just spinning their wheels with privacy and banks can continue to lie about their risk but let’s bring this tiny consumer down to their knees. BD
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
Credit bureaus and payment companies are testing ways to use social media -- say, a Facebook Inc. (FB) post about a recently purchased Corvette -- to verify a person’s identity and even assess consumer creditworthiness.
Equifax Inc. (EFX), EBay Inc. (EBAY)’s PayPal and Intuit Inc. (INTU) have begun trials to see whether social posts can help prove identities, and, in some cases, detect whether customers are lying about their finances.
“We are investing a lot in how can we use unstructured data that is sitting out there in social media that can help us understand a little more about identity,” Rajib Roy, president of Equifax Identity and Fraud Solutions, said in an interview.
While the companies can only access public information or what people choose to share, a great deal is readily accessible. Many young people allow the public to see certain parts of their Facebook profiles, as well as accounts on Twitter and LinkedIn Corp. (LNKD) Consumers also leave traces of themselves on blog posts, Yelp Inc. (YELP) reviews and online forums.
While scouring the Web can help companies combat scams, it can heighten concerns among consumers and privacy advocates who say social-media sites don’t do enough to protect users’ data. The U.S. Consumer Financial Protection Bureau and Federal Trade Commission have started examining how debt collectors use Facebook and Twitter to contact potential debtors.
Credit bureaus refer to social-media posts and photos as self-efforted data, or information voluntarily provided by the consumer, which can be inferior to data gathered from banks and phone companies. The problem with the user-provided information is the same as it was in 1999, when chat rooms were filled with purported 21-year-olds who were actually 12.