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Privacy Social Networks Australia The Almighty Buck Technology

Aussie Bank Wants To Trade Social Network Data For Better Deals 68

Posted by timothy
from the free-implanted-heads-up-display dept.
natecochrane writes "An Australian bank has raised the possibility of offering better deals to customers who share its social network activities with it. But at the same security conference at which Commonwealth Bank's CIO made the suggestion, another speaker, security guru Bruce Schneier, warned of the dangers of vendor lock-in. Would you trust your bank — or any institution — to be the gatekeeper for your private data and thoughts in return for a cheaper mortgage or percentage points off your credit card?"
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Aussie Bank Wants To Trade Social Network Data For Better Deals More

Aussie Bank Wants To Trade Social Network Data For Better Deals

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  • Re:Of course! (Score:4, Insightful)

    by w_dragon (1802458) on Tuesday November 15, 2011 @10:44AM (#38059480)
    If you're getting more than a 3% discount it's probably because they aren't planning on paying taxes on your purchase, not because they can skip the CC fee. Visa and MasterCard are in the 2.5-3% range mostly, Amex is a fair bit higher. Plus deposit fees plus the time you have to pay employees to balance the cash in tills aren't free.

Often statistics are used as a drunken man uses lampposts -- for support rather than illumination.

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