Not too long ago we had the story of the hospital buying patient credit card data and sure they could buy it directly from Master Card and Visa but there’s also the “middle man” who has already processed analytics about you, and in this case the price for the data sold about you goes up as you pay for the analytics services that digs out all the “dirt” on what you really do. All I say here is yes, just one more reason to use cash if you want a speck of privacy out there.
Again as with all data, context is everything (see video #1 in the footer) and when reconstructing a data story, the perception may not be what you think it is. All you have to do for proof on that thought is think about a dating site, how’s that for perception and things not always be as they seem:)
As I have mentioned how weak our Consumer Protection Agency really is with having the wrong person at the helm before, we have to wait now until Richard Cordray learns how all this works. Why not put someone in this office that understands data mechanics logic? He’s another one with the Sebelius Syndrome hanging out there in government today. His agency spent about 2 million in 2012 with buying data and studies from Argus too, so he’s an expensive student. Again if we had the right people in the right jobs there’s 2 million saved right there.
Richard Cordray Yet One More “Algo Duped” Government Executive Sucked In To Virtual Values and Unable to Locate the “Real World” Now Creating Huge Data Base Of All US Consumer Credit Information…
Of course if you are paying for your doctor’s visits, your prescriptions, it’s all in the mix, so here’s one more company making money “selling data”. Even the US government is sucking it up so cash is king for privacy. You can read a couple paragraphs from the company website below and see how you get “scored” again. As the World Privacy Report wrote in “The Scoring of America” this detailed nonsense is not happening to the extent we have it here so once again the US is the leader on exploiting their citizens and Cordray can’t even see the forest for the trees here.
World Privacy Forum Report - The Scoring of America: How Secret Consumer Scores Threaten Your Privacy and Your Future - One Big Element that Fuels the Continued Attack of Killer Algorithms & Demise of the Middle Class Creating Profiteering And/Or Denial of Access
You know we reach a point of having when is “enough data enough data” if you will. I used to be a query monster and know how this works as well as the additive process of those who build queries and yes it almost is like developers, data scientists, etc. being on “crack” as you dig an dig and dig to find some value. In the course of this, there’s crap that gets sold and justified too, take a look at quantitated justifications for things that are not true. It’s not always going to play out the same in virtual worlds as it it does in the real world as the folks looking at the data more times than not will develop a different perception that what occurs in the real world and poor old consumers with the wrong perception spin and marketing get “scored” and look horrific.
What we need here is some kind of index so we have access to claim some responsibility for the billions and millions made selling data with a total “hands off” approach for the perceptual values buyers will assess. It’s ridiculous and hurts consumers. I’m in there and have had it happen to me, and thus I do cash whenever I can as I know the data is getting more flawed all the time as now “data flippers” just keep it rolling and resell you again and again. Old slow moving Cordray has not figured out yet what a “data flipper” is yet..augh…the time and money wasted with folks like that running high tech regulation agencies, all they can really do is catch some low hanging fruit.
US “Data Selling Epidemic”-Privacy, mHealth and More Is Not Going Anywhere Until We Require All (Banks, Corporations, Insurers, Brokers, Etc.) To Buy A License to Distribute Data-You Need An Index Stupid To Identify Who to Regulate And Where…
So yes would it not be nice to require folks like this to buy a license so we know who they are besides having to read it on this blog?? Activity like this is the direct correlation to the growth of accelerated inequality in the US, why it’s growing so fast. Lawyers only focus on verbiage while code like this at Argus, runs hog ass wild. BD
Today, credit card issuers are not only competing to gain qualified customers, they are competing to be their customer’s primary provider of payment services. As a result, financial institutions need to make some compelling offers to get more of their customers’ business. This is not an easy task if an issuer lacks insight about what’s happening in their customer’s wallet.
Argus has created a unique cross-issuer solution that provides the full view of a customer’s credit card wallet. This information has been used by financial institutions to determine what “share of wallet” their credit card commands.
- What is the “off-us” spend and revenue opportunity for the customer? What types of usage behavior is the customer exhibiting on her/his other cards?
- What type of product, pricing, and value-proposition are driving the customer’s “off-us” usage behaviors?
- What competitor actions (promotions and offers) are driving “on-us” account attrition — silent and closure?
- How effective are the balance-generation and usage programs (investments) in capturing incremental spend and revenue share at the customer level?
- Are the customer’s payments a fair representative of the customer’s capacity to pay? If not, what are the drivers?