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August 23, 2018 05:43 pm

China Sees Surge in Personal Information Up For Sale

Personal data has become widely available in China and can be scooped up for pennies by insurance companies, banks, loan sharks, and scammers alike, according to sellers and financiers interviewed by Reuters. From a report: In May, China introduced its most comprehensive data protection laws to date, tightening restrictions on the sharing of private data held by financial institutions and other firms. "Personal information leaks are risky," said Susan Ning, a partner at the law firm King & Wood Mallesons in Beijing. "Such information can facilitate other crimes," she added. Insurers often buy numbers from shadowy online data sellers, who themselves have acquired the information illegally, according to people in the industry. Some companies illegally buy information from the department of motor vehicles, car licensing authorities, car sellers, or from police stations, said Michelle Hu, a partner at Boston Consulting Group who has been a consultant on insurance deals. By entering keywords like "personal data" or "cellphone data", in Chinese, Reuters found more than 30 groups created for the purpose of selling and buying personal information on Tencent's instant messaging service QQ and Baidu forum site Tieba.

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