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Banks Find Way To Sell Consumers' Shopping Data 195

Posted by timothy
from the milo-minderbinder-comes-to-mind dept.
nonprofiteer writes "Banks plan to compete with Groupon and LivingSocial by targeting coupons and deals at credit card holders based on their shopping habits. They found a way to do it without violating financial privacy laws: 'They're "selling" shopping habits the same way Facebook "sells" personal data about its users: in-network. It's a clever privacy work-around. Just as Facebook allows advertisers to specifically target certain kinds of users based on their profile information (without actually providing that profile information to the advertisers), banks plan to allow advertisers to send deals and coupons to their customers based on what they've bought before. That way, no user data actually leaves the network — instead, deals just enter the network. Each time a customer cashes in on one of those deals, the bank gets a commission.'"
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Banks Find Way To Sell Consumers' Shopping Data

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  • by Anonymous Coward on Monday July 11, 2011 @07:59PM (#36728258)

    I am my thoughts. If they exist in her, Buffy contains everything that is me and she becomes me. I cease to exist. No one else exists either. Buffy is all of us. We think. Therefore she is.

  • A Technicality: (Score:3, Interesting)

    by Hartree (191324) on Monday July 11, 2011 @08:03PM (#36728292)

    So, I send a bank a deal aimed at consumers who (for example) bought alcohol and restrict the geography to an overwhelmingly Mormon neighborhood and get back a list of names. I cross reference those with church memberships. I now can target the backsliders.

    I have somehow magically not violated anyones privacy.

  • Chase Bank (Score:5, Interesting)

    by spire3661 (1038968) on Monday July 11, 2011 @08:59PM (#36728724) Journal
    did this to me at the ATM today. I COULD NOT complete my ATM transaction without agreeing or denying a 2% cash back on my card if i went to a certain local italian chain (i refuse to give them more advertising). I went in and asked for a feedback form. No point in yelling at a teller for something that she has no control over. I will also be sending a formal typed and mailed letter of complaint to Chase headquarters.

"Only the hypocrite is really rotten to the core." -- Hannah Arendt.

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