In an effort to regulate the digital platform services industry in the country, Australia’s competition watchdog monitors and requested feedback from consumers, businesses, and other key stakeholders on Monday over the business practices of data brokers.
In order to compile a report on the industry, the Australian Competition and Consumer Commission (ACCC) will investigate the products and services offered by major data brokers such as Oracle, Equifax, Ireland-based Experian , and global technology company LiveRamp , amongst other numerous providers.
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“Despite the vast amounts of information they collect about Australian consumers and the central role they play in enabling the exchange of information between businesses,” said Gina Cass-Gottlieb, chairwoman of the Australian Competition and Consumer Commission (ACCC), “there is little transparency and awareness of how data brokers operate in Australia.”
Data brokers typically collect information such as personal details of clients, including their browsing and purchasing behavior, from a broad variety of sources including mobile applications, social media sites, and card payment providers. This information can include sensitive financial data.
The Australian’s Competition and Consumer Commission (ACCC) stated in a statement that the upcoming study will serve as watchdog to monitors whether or not there may be potential competition and consumer issues as a result of how third-party data brokers collect and use information to produce products and services.
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In order to investigate the markets for the provision of digital services, the regulator’s digital platforms section has been carrying out an investigation that will last for the next five years, until the year 2025.
The research will focus on firms that gather information from third-party sources and distribute or sell data to other organizations and, on the off chance that there might be competition and customer difficulties arising from it, it will also look into the possibility of there being such issues. According to the ACCC, the transfer will take place in March of 2024 and will be made to the treasurer.
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