As Banks Start Nosing Around Facebook and Twitter, the Wrong Friends Might Just Sink Your Credit | Betabeat |Silicon Alley 2.0.

A new wave of startups is working on algorithms gathering data for banks from the web of associations on the internet known as “the social graph,” in which people are “nodes” connected to each other by “edges.” Banks are already using social media to befriend their customers, and increasingly, their customers’ friends. The specifics are still shaking out, but the gist is that eventually, social media will account for at least the tippy-top of the mountain of data banks keep on their customers. Read more…

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Filed under Economism and neoliberalism, Global finance, Surveillance

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