FTC launches probe into whether surveillance pricing can boost costs for consumers
CBSN
Federal regulators want to know how JPMorgan Chase, Mastercard and other companies may use people's personal data to sell them a product at a different price than what other consumers might see.
The practice — which the Federal Trade Commission calls "surveillance pricing" and- is also known as dynamic pricing or price optimization — has long been used by retailers such as Amazon and Walmart, along with ride-sharing providers, to boost profits.
More recently, companies have deployed artificial intelligence and other advanced software tools to collect personal information about consumers, including their location, credit history, device type, and browsing or shopping history, which can then be used to individualize prices.
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