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  1. #1
    Registered User New Member
    Posts
    13

    Your Data is For Sale

    It all started decades ago, with American Express selling mailing lists of their cardholders - often grouped by zip codes.

    But thanks to big data and data mining, more and more information can be sliced, diced and sold. Now retailers (and probably governments) are buying all sorts of data. Any way they want it.



    This type of actual sales data - your demographics, what you buy, when and where (hey - they know where you travel too, even) - is much more powerful than anything Facebook has to offer. Yet no governments seem concerned about this sort of privacy issue.

    Why? because they want it collected. To track you.

    So as much as I love credit cards, I know they come with a cost. Fees. Interest rates. Higher purchase price on every day goods. And my loss of privacy.

  2. Your Data is For Sale
  3. #2
    Registered User Enthusiast
    Posts
    76
    It has always been thus. With the convenience comes some costs.

    But I never understood why the interbank/processing fees were never capped or regulated, like with debit cards.

  4. #3
    Registered User Semi Pro Member
    Posts
    271
    Back in the old days, you used to just get catalogues mailed to you.

    Now you are bombarded with emails, pop up ads online, and other things that are getting harder to ignore.

    Plus, enough data, include where and what was purchased, and lots of vendors can buy information that gives a pretty good detail of who you are. All thanks to the joys of computer power and data mining. Yeah.

  5. #4
    Registered User Enthusiast
    Posts
    91
    Do you ever feel like big brother is watching?

  6. #5
    Registered User Enthusiast
    Posts
    51
    Maybe credit card issuers should have to decide between high transaction fees and being able to sell your data. Or maybe consumers should be offered an option where they pay an annual fee in return for their data not being for sale.

  7. #6
    Registered User Senior Member
    Posts
    171
    Quote Originally Posted by garyol View Post
    Maybe credit card issuers should have to decide between high transaction fees and being able to sell your data. Or maybe consumers should be offered an option where they pay an annual fee in return for their data not being for sale.
    Our government doesn't really care about your privacy or your cost of living. Let alone giving you a choice between the two.

  8. #7
    Registered User Semi Pro Member
    Posts
    271
    How much data do issuing banks in the Visa and MasterCard network have on customer activity, versus what is available to closed loop providers like Amex and Discover?

  9. #8
    Registered User Senior Member
    Posts
    195
    For Amex, one of their big information advantages is the combo of control of the entire network and their strong position with businesses. I think I've read they have approx 45% of that market - and selling that data is probably very lucrative.

  10. #9
    Registered User Semi Pro Member
    Posts
    271
    Why would Amex, if it acted like a regular bank, have less data? Won't they still know where the transaction is made, by whom, and for how much?

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