The stumbling block for the collation and collaboration of this data has been the inability to group and categorise this “data stream.” Social media is not structured, we don’t fill out forms when we post or voice something and as such, collecting this data that is not standardised in any way, proved troublesome for a long time.
If a company or person could offer you public information backed with user preferences, inside edge information and real time cases studies of target groups, would you be interested? We think most people would be. Of course, knowing your audience has always been paramount when using social media to engage with these individuals.
An interesting use to come out of this data mining has been the measures put in place for fraud prevention and financial services. What these companies engage in now is the usual security checks but they will also compare the public data on your social media profiles to verify not only your answers but usability as well. Naturally this sounds like a double edged sword and it is to a degree but we believe that another step a fraudster would have to take to be able to scam you is an extra step we’d take to prevent it.
With these measures on their way to being enforced worldwide in the next few years, what can you do to better protect yourself from credit card fraud or online fraud in general?
Remembering that your social media platforms are increasingly becoming extended versions of yourself, you’d do well to remember that most of the information is public and unfortunately there will be people that may try to exploit it if given the chance.
We’d love to hear your thoughts on AI and data mining, please feel free to contact us here or on any of our various social media platforms.