Many business companies in internet marketing collect and analyze comments, posts, entries, etc. from social media portals.
It is also done by some financial institutions, banks acquiring additional information about potential borrowers and insurance companies against possible conclusion of insurance contract. Commercially operating companies and financial institutions operate in this area on the border of the law on the protection of personal data.
Until this type of acquisition of information about potential customers is legally regulated, then commercially operating companies and financial institutions will conduct such activity. In addition, the issue of the security of this type of data about users of social media portals is of particular importance, as there have been effective cybercriminal attacks that resulted in the theft of personal data of users of social media portals.
I invite you to the discussion
Basically because their Behaviour on Social Media can give clues about their Credit Behaviour. AI & ML have enabled processing of large pools of data and seeing trends to make reasonably accurate predictions.
Dariusz Prokopowicz First of all, in my opinion its not impunity. because users themselves put the data on social media and through Artificial Intelligence (AI) unstructured data can be converted into useful structured data. For example if I visit your profile, copy paste your data into watson analytics tool or even NVIVO, it will tell me certain information about you.
Just like "pymetrics" companies have made the behavior prediction models based on the data which customers put on social media
Yes you can call impunity, if you have unchecked the option of Facebook and other social media sites "Share my info with advertisers), still they are sharing it with financial companies, then its impunity. But now the companies and their analytics team dont need to request to Facebook, companies are directly collecting the data and analyzing it.
In my experience of working with Telenor group so far the bigger companies are using social media statistics to verify the available structured data made predictive models from unstructured data of social media to increase the accuracy of predictive models.
Social media interactions (posts, comments, likes) etc provide invaluable information of particular data subject. The information mined from such platforms provide unedited credit ratings reports which lenders can match with the purpose of the credit facility sought.
Social media activities are already being used for processing Visa applications in some countries across the globe. It is up to each social media account to be aware of risks associated with certain type of behavior, friends or comments which can have serious long term life implications.
The problems of the analysis of information contained on social media portals for marketing purposes are described in the publication:
https://www.researchgate.net/publication/322241537_THE_QUESTION_OF_THE_SECURITY_OF_FACILITATING_COLLECTING_AND_PROCESSING_INFORMATION_IN_DATA_BASES_OF_SOCIAL_NETWORKING
I invite you to discussion and cooperation. Greetings
Nowadays people use social networking to sing in all their lives on it. Everyone choose what information put on internet, journeys, holidays, parties,etc. Basically financial banks look for indacator about consume, income level, responsibility, and others that can help institutions to take a right decision, all to decrease risk levels and reach their targets as a efficient bank.
The problem is about how they use this information, because people at the moment they puboshed their information, they accept implicitly that is going to be free and public information. So how financial institutions use it, is the problem. Many countries can protect their consumers but not enough.
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