I don't have a problem with the goal, which is to reduce fraud. The problem that I have with "big data" is that it shifts the balance of power. By destroying privacy, individuals become powerless to do crime (that's good) but also to organize secretly to work for social or political or economic change (that's bad).

We end up with utterly powerless men who have huge gun collections and ride motorcycles or drive obscenely large trucks in order to avoid confronting the reality that they are powerless at home, powerless at work, powerless in their local communities, powerless against their local government, and powerless in general society, including all of the concentrations of power at that level of aggregation: big government, big corporations, big unions, and big propoganda (I won't call it "media" or "news" or anything other than what it is.)

The issue is that the powerlessness of the individual is an existential threat to the survival of Western cultural notions of liberty, justice, individual responsibility and empowerment, sovereignty of the people, and self government.