Data collection is one of the most used tools in a marketer’s or business’s tool chest. Companies are able to collect massive amounts of personal data from their customers and analyze it to optimize their business. On the whole, giving your personal data to a company in order for that company to better serve you seems ok; however, more and more, data have been stolen and used in unsavory ways, leading many individuals to invest in a personal data wallet to protect their information.
Having a personal data wallet is a new concept for many individuals. In fact, many are unaware of the potential dangers having unprotected data may lead to. Without proper education about how your personal data could be used in nefarious ways, people are reluctant to adopt a personal data wallet into their lives.
In this article, we will explain some of the ways data can be misused as well as cover some of the ways a personal data wallet can keep your personal data safe.
Theft
We often don’t realize how often we give out our personal data. Many companies require we enter our personal data when signing up for a service. Some of these data are so commonly asked for, we don’t hesitate to give them out. Name, Email address, Birthday; these are seemingly harmless data that we too often feel are ok to share.
But unfortunately, there are people in this world who feel that it is ok to try and steal your data and use it to commit crimes.
When you give your data to a big company, like a bank, credit card company, or telecommunications provider, that information is stored in giant servers. Those servers store information that you give them in addition to information about you they take from your usage of their service.
These companies are usually high-profile targets for cybercrimes, including data theft. Criminals breach through the security of a company and steal large datasets. These sets can have information such as your social security number, address, credit card information, and more. If your data is stolen from one of these breaches, you are at risk of identity theft or fraud.
Protect Your Data
A personal data wallet puts your data back in your control by taking it away from big companies.
Normally, when a company asks for our data, we enter it and elect to let the company keep it. With a personal data wallet, your information is entered one time only and not kept anywhere else.
To make the process of filling out online forms easier, your personal data will save the forms and automatically fill them for you each time you need to enter information.
Being in control of your data is the safest way to maintain your protection. Unfortunately, we cannot rest assured that a big company will have our data privacy secure.
