Data brokers are mining and refining our data and then sharing and selling it to the highest bidder. There is little to no transparency in how data brokers collect, share and use personal information and it presents three key risks for Australian consumers:
As for many data-based related practices, the issue cannot be resolved in a piecemeal approach. The Federal Government must prioritise the following economy-wide reforms to deliver a holistic consumer protection framework that effectively holds data-enabled businesses accountable:
At a minimum, the Federal Government should consider labelling requirements for products and services where data captured or used involves data brokers. In addition, the ACCC should consider using its information gathering powers to identify the prevalence and process of consumers requesting information or redress from data brokers.