Global financial watchdogs take aim at Big Tech's data dominance

By Huw Jones

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This is scary.

Fragmented data capture is fine - but the thought of an aggregation of everything you do into one place just is mindblowing. Think of the consequences... Profiling for starters - Your prospective employer could obtain a single government approved attribute that describes you based off this data, and make a decision to employee or not. Likewise, your prospective Partner could do the same. Airlines could ban you based on the simple fact that you have a Complainer's ranking, Banks could ban you for using an overdraft or never maintaining a set balance, your browsing history if it ever included a Porn site could deem you as a pervert, the Taxation bodies would be focused more closely upon your activities if you ever purchased BitCoin or another eCurrency.... since the assumption of guilt of tax evasion will come first.

The Chinese Government appears to be currently doing this with their new Social Credit system... modern day freedoms will naturally shutdown as a result, so where will it end ?

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The financial services sector is going to get its lunch eaten by by tech, which poses a threat to the cozy arrangement the financial markets have with politicians and international money launderers.

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I am not exactly happy with tech companies having so much information on me. However. I would be even more worried if a bank has access to all this information on me. Banks have a long history of predatory practices and biased behaviors. Also, some of the biggest criminals in the world are in banks.

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Very normal actions , anything else to fret abt ????.

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As long as it’s two ways then I’d say let’s study this proposition. I’d like to see the data banks and other financial services hold on us

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