Data brokers are companies that collect data about us from the websites we visit, social media accounts and online searches. A data broker’s sole purpose is to create personal profiles of millions of people to sell to other companies, mainly for targeted advertising purposes. Collecting and selling personal data is a multimillion-dollar industry – yet many don’t even realise this industry exists.
Imagine if this data were to fall into the wrong hands. Cybercriminals want our personal data to:
- Gain access to financial accounts, crypto wallets or other investments and steal money
- Perform identity theft and open credit card or other accounts in the victim’s name
- Commit healthcare fraud, such as ordering medication in someone else’s name.
The more details criminals have about a person, the easier it is to defraud them or clone their identity. So-called ‘fullz’ – full profile records – are sold in the underground market for the reasons mentioned above.
Sanlam’s clients entrust us with their personal information and it’s our responsibility to ensure this is protected. It’s not just an IT issue, as there are many ways in which information could be lost or land in the wrong hands. That’s why Sanlam has launched a communications campaign to raise awareness among our advisers.
Please watch out for further communication.
What is POPIA?
The purpose of the Protection of Personal Information Act (POPIA) is to protect people’s personal information, to stop their identity or money being stolen and to protect their privacy, which is a fundamental human right.