There are many questions floating around the topic of data brokers and their acquisition of user information, but the biggest two are how did they get it and why do they want it? Organizations, such as marketing and advertising agencies, turn to data brokers when they want to buy processed user information.
Unfortunately, users unwittingly agree to provide these brokers with information every time they blindly accept cookie and privacy policies on a website. This is legal since the user has given their consent, meaning that their browsing can be tracked and this information sold. Brokers are also able to acquire information through social media, public records, credit card companies and free apps. But data brokers lack transparency on how they retrieve this data and what they do with it afterward.
Not only is it impossible to know who ends up with their hands on this personal information, but it’s also feasible that this broker gets hacked, leaving you vulnerable to identity fraud and cyberattacks. However, users don’t need to just sit around passively, as there are ways to get personal data out of the grasps of big data brokerage services. The first step is to know who and what they are.
The data broker industry is a multibillion-dollar market selling personal data, and Acxiom is one of largest with information on over 160 million households across the U.S.. As one of the biggest data companies, it provides information to the financial, insurance, and telecommunications sectors by collecting, storing, and processing first and third-party data. Acxiom acquires data from five different sources:
CoreLogic is up there as one of the largest data brokers in the U.S., providing data solutions for the real estate, mortgage, and insurance sectors. With data on 99% of U.S. properties, it’s popular with landlords and real-estate agencies looking to screen potential tenants and buyers. CoreLogic collects user data from:
Epsilon is a huge presence in the marketing industry. With insights into over 250 million U.S. consumers, it helps marketing companies understand who their persona is, what they buy, and what they care about. Epsilon obtains this data from:
In a 2021 report, 56% of U.S. companies admitted to having suffered a data breach. Personal data privacy and security are among the most significant concerns about data aggregation services. Large data monetization brokers like Acxiom, CoreLogic, and Epsilon lack transparency on exactly how data for such a large percentage of the U.S. population is collected, no matter what they claim. This is most evident from recent headlines confirming numerous data breaches and the misuse of personal information.
In 2004, Acxiom experienced one of the worst data breaches in terms of the number of records exposed. It exposed over 1.6 billion customer records through two stolen vital Acxiom login credentials. The breach cost Acxiom almost $7 million in compensation fees and the hacker responsible was prosecuted.
In 2017, CoreLogic admitted that it had suffered unauthorized access and consumer information had been breached. The attack exposed consumers’ credit card information, home addresses, Social Security numbers, account numbers, and more. However, nothing came of this in the courts.
Epsilon lost a case in 2021 against the U.S. government for participating in the fraud of elderly consumers between 2008 and 2017. The company admitted knowing that its Direct to Consumer (DTC) Unit had sold consumer lists to clients engaged in fraud schemes. Epsilon was charged $150 million, of which $127.5 million went to the victims.
Understandably, this is all quite terrifying. However, there are ways to prevent your consumer data from being obtained by the big three data monetization services:
While opting out of these big data companies is feasible, it can take weeks and requires a lot of your time and attention. Luckily, Incogni exists to ensure no data brokers collect or retain your personal information.
Incogni contacts more than 180 data brokers on the client’s behalf to request the deletion of personal information. The users can access a dashboard where each request is filed and divided by ‘Not Started’, ‘In-Progress’, ‘Completed’, or ‘Rejected’. But have no fear – Incogni will complete the request even if it’s been rejected, by repeatedly contacting the relevant data protection agencies until the broker has complied with the request.
In an age of increasing cybersecurity threats, personal data protection and privacy education are essential to understanding how your identity is at risk. Fortunately, Incogni works hard to keep your personal information safe by regularly contacting these brokers to ensure they don’t regain access to your sensitive data. With this kind of protection, you can sleep easy knowing that companies aren’t selling your information.
Regulation and transparency will eventually become a standardized practice amongst large data brokers. But until that day comes, lawmakers, citizens, and consumers alike are responsible for highlighting the failures and loopholes used in relation to individual consent.
As consumers, the daily choices that are made each day will continue to be collected unless we take steps to block these intrusions. It may be worth reviewing every company you’ve given consent to in your email, making a list, and checking the opt-out options for each service. Alternatively, Incogni can do all of this for you and ensure this security is maintained going forward.
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