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The Daily Mail reports that Samuel Rae, who has dementia, lost £35,000 (about $54,000) after his information ended up with scammers.
Information was passed to charities when Rae filled in a survey, but did not tick a box stating that he did not want his personal details shared.
The watchdog will consider whether any breaches of the law have taken place.
Former army colonel Rae is said to have been contacted and asked for money by charities more than 730 times after his data was repeatedly sold.
As well as selling, sharing and swapping details, the paper says some charities also passed them on to rogue firms responsible for scams, and Rae was later targeted by fraudsters.
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