Mastercard is spying on you. No surprise there. But did you know it uses what it learns to squeeze as much money from you as possible? It's practice of using AI-powered systems that decide you should pay more for cat food because you once Googled "luxury pet spas," is known as surveillance pricing, and the FTC has finally decided to look into the matter.
On July 23, 2024, the FTC issued orders to eight companies, demanding details about how they adjust prices based on individualized consumer data, using algorithms and artificial intelligence to analyze factors such as a consumer's financial capacity, shopping habits, and location to set personalized prices.
FTC Chair Lina M. Khan said in release: "Americans deserve to know whether businesses are using detailed consumer data to deploy surveillance pricing, and the FTC's inquiry will shed light on this shadowy ecosystem of pricing middlemen."
The FTC's list includes Revionics, Bloomreach, JPMorgan Chase, Task Software, PROS, Accenture, and McKinsey & Co., in addition to MasterCard. It's demanding info on everything from data collection methods to the potential impact on consumers.
In the game of surveillance capitalism, we're not the customers — we're the product. And products don't get to haggle over the price tag.
Previously:
• Very fun algorithm guesses your name with surprising accuracy
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