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Special Topics - Fintech, Subtypes - Coggle Diagram
Special Topics - Fintech
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Title: Snowball Effect, a Little Information Can Lead to a Lot
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The story recounts an incident where programmers at the City of Chicago's computer center matched various data files and discovered unpaid parking fines linked to high-paid city employees. This led to further discoveries, including employees listed on registers who hadn’t paid fees associated with drug abuse programs.
When this information was leaked to the public, it caused a scandal, and officials had to establish new rules to prevent such privacy invasions.
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There is no limit to what can be done with collected information. The matched information can be used in unknown ways by unknown parties.
Databases containing individual records can accumulate vast amounts of data over a person's lifetime, leading to potential misuse.
U.S. Legal Framework:
The extensive list of laws underscores the efforts to curb misuse and protect privacy, but the ever-growing amount of data and its uses pose ongoing challenges.
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