Secret Trade of Personal Data

What Data Brokers Aren’t Telling You?

 

The data brokering industry has been gaining momentum for several decades now. Back in the mid-20th century, data broking started in the finance sector, with companies like Equifax, Experian, and TransUnion collecting key financial data to create credit reports.

This changed, however, when the internet and e-commerce became a reality for many companies – harkening the dawn of database marketing and ‘list brokers’. From the 1990s onwards, data brokers have been gathering all sorts of data, including public records, purchases, survey data, and, of course, online activity.

Whenever you browse the internet, data from the websites you visit, your social media platforms, as well as cookies and tracking pixels are harvested and used to create a profile. This profile is then sold to companies looking to create targeted advertising campaigns, as well as business intelligence companies and even people search services.

 

Data Brokers in 2024

It’s hard to escape data brokers in 2024. While it’s easy to find the best data removal service to wipe your personal information from the internet, many people still browse unprotected – most of whom believe their data will never be used against them.

But the assumption that you’re well protected – or that you have a choice in what data you share – is a lie that has largely been appropriated by data brokers themselves. The truth is, data brokers aren’t telling you everything. If every broker was upfront and honest about their practices, it’s unlikely the market would be sitting at over $250 billion.

There are many offhand practices that data brokers utilise, and many dangerous avenues your data could travel down, so what aren’t they telling you and what do you need to know about?

 

• The Extent of Data Collection

Data brokers collect a vast amount of data from various sources, including your online activities, social media, and purchase history. This is often ongoing, with brokers continuously updating and expanding their databases without informing you what kind of data they hold. Right now, there are likely brokers out there that have a full profile of you, including your name, your gender, your place of work, your home address, and more. This is something that can be taken by anyone, so even if you have strong cybersecurity softwares, your data is still out there waiting to be stolen.

 

• The Use of Third-Parties

Data brokers also aren’t telling you all the initiatives they take to collect your data. Often, they’ll obtain information from third-party sources, including other businesses, websites, and even government databases. This isn’t like when you click on a website and see an ‘Accept or Deny Cookies’ option. You’re not going to be notified about the specific sources data brokers harvest from, nor how the data itself is going to be used.

 

• The Purpose of Data Collection

Speaking of which, no one knows – or has any control over – how their data is used after it’s collected. As mentioned previously, these profiles have a lot of information, including insights on your behaviour, preferences, and lifestyle.

The potential negative implications of this are enormous. Information is often sold to the highest bidder, regardless of their intentions. This is why so many people end up on ‘People Search Sites’, where anyone can glean information on your everyday life – including where you live.

Along with the lack of consumer control, the undisclosed data breaches, and the monetary value of your own information, the secret trade of data brokers has never been more murky. With this in mind, it’s important that you realise what you’re doing online and take all the steps necessary to stop yourself from becoming a victim.