American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Business

FTC launches probe into ‘surveillance pricing’ that it says links cost to customer data

by admin July 24, 2024
July 24, 2024
FTC launches probe into ‘surveillance pricing’ that it says links cost to customer data

The Federal Trade Commission is launching an investigation into so-called “surveillance pricing,” seeking more information about how artificial intelligence is used to change pricing rapidly based on data about customer behavior and characteristics.

The FTC says the practice allows companies to charge different customers, different prices.

The agency is serving eight companies with a mandatory request for information — all companies it says that advertise their AI and other tech tools along with a trove of customer information to target prices to individual customers.

The list includes Mastercard, JPMorgan Chase, Accenture and consulting giant McKinsey. It also includes software firm Task, which counts McDonald’s and Starbucks as clients; Revionics, which works with Home Depot, Tractor Supply and grocery chain Hannaford; Bloomreach, which services FreshDirect, Total Wine and Puma; and Pros, which was named Microsoft’s internet service vendor of the year this year.

“Firms that harvest Americans’ personal data can put people’s privacy at risk,” FTC Chair Lina Khan said in a news release. “Now firms could be exploiting this vast trove of personal information to charge people higher prices.”

Kahn describes surveillance pricing as a “shadowy ecosystem of pricing middlemen.”

The FTC is demanding information about the types of products and services offered; how the companies collect consumer data; who their customers are; how the clients are using this product or service; and what impact it has on consumer pricing.

The agency’s undertaking the action under its 6(b) authority, which authorizes it to collect information for study without a specific law enforcement action.

CNBC has reached out to the companies included in the FTC’s requests.

Mastercard said in a statement, “We will cooperate with the FTC in this process.”

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Harris hauls in $81 million in first 24 hours since Biden bowed out
next post
Delta cancels hundreds more flights as DOT opens probe

Related Posts

Long DLR: Digital Realty Trust Rebounds Strongly from...

February 18, 2025

Interview: ‘We anticipate short-term pricing pressures,’ says Euro...

March 6, 2025

How a single failure can take down a...

July 21, 2024

SoundHound stock price is soaring: more upside?

December 14, 2024

Lufthansa weighs flight cuts as state-backed Chinese airlines...

September 21, 2024

Are foreign investors returning to Indian equities? Here’s...

March 25, 2025

Bill Ackman raises stake in Hertz: here’s why...

April 18, 2025

Wizz Air to keep 40 planes grounded through...

December 31, 2024

Recalled cucumbers linked to at least 449 illnesses...

August 17, 2024

CFPB rule to save Americans $10 billion a...

May 11, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • How Donald Trump’s immigration crackdown may tank the labor market

      August 4, 2025
    • Trump’s tariff threat looms over India’s Russian oil deals

      August 4, 2025
    • Trump moves nuclear submarines near Russia: what triggered the move and what’s ahead

      August 3, 2025
    • BOE rate cuts offer little relief as UK households face mounting financial strain

      August 3, 2025
    • Retail investors shift focus to Europe as US valuations stretch

      August 3, 2025

    Categories

    • Business (3,583)
    • Investing (2,703)
    • Latest News (2,031)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 americaninvesthub.com | All Rights Reserved