Alt Data’s Ethical Day of Reckoning
With the alternative data industry projected to be worth over $350 million by 2020, it's time to consider whether financial services is on the brink of its own Cambridge Analytica moment or if it is simply time for an alt data ethics evaluation.
In April 2017, during an atypical criminal case fitting for an era driven by technological advancements, a jury convicted Nan Huang, an experienced data analyst at Capital One Financial Corp., of insider trading.
Huang, hired to investigate fraudulent credit card activity, created detailed spreadsheets of private consumer credit card purchases from Capital One customers, amounting to 2.4 percent of the company’s sales. He then cross-referenced the non-public information with historical
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