Love it or loathe it there is mounting evidence to suggest a growing concern over the protection of privacy and unethical use of Big Data to the detriment consumers… A leading corporate analyst Bigham Consulting reveals that ordinary consumers are increasingly at risk of being exploited by large corporates employing a swathe of unethical stealth practices that take advantage of the power afforded by Big Data algorithms embedded in billing systems.
For all the undeniable value and deserved praise that is today heaped upon the phenomenon that is Big Data, in this article we explore the darker side of Big Data. Our research findings point to a series of practices concentrated amongst a small group of Telecom Giants who appear to be colluding with a handful of Private Equity subprime portfolio investors, to “Farm” the Origination of Subprime Debt. We believe that the unchecked misuse of Big Data could lead to potentially damaging consequences that are economically significant.
Our research uncovers how certain secretive Private Equity firms and Large Corporations are colluding by using certain unethical practices and stealth operating models to originate unnecessary subprime debt at an alarming rate. We believe these behaviours, if not properly regulated, could create a Financial Crisis mark two.
But before we lambaste the actions of a few miscreants let’s frame the reality of the situation to gain a little perspective. It’s probably not controversial to suggest that the average consumer is unlikely to possess the knowledge to fully grasp let alone measure the power that Big Data places in the hands of a few very large corporates.
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