UK: Financial firms are responsible for data trading
Tony Hazell nails it in a column that begins:
The revelation that intimate financial and medical details are being sold to firms with dubious intentions should have sent shockwaves through the financial community. But it probably will not.
The Daily Mail last week revealed that financial details were being sold for as little as 5p while medical details were being sold for less than 20p.
But where are the firms who are flogging these data to cold callers obtaining it?
One claimed the data had come from Sesame – an accusation Sesame vigorously denied. It examined the details sold to reporters and confirmed these did not match its records.
The information being traded includes precise details of mortgages, pension savings and other investments. It also covers medical records, some of which appear to be based on insurance claims.
So where is this level of detail coming from? The information can only be from financial companies, whether it is being sold or stolen.
Read more on Financial Times Adviser.