Bank Puts a Billion Transaction Records Behind Analytics Site 86
schliz writes "Australia's UBank has put a billion real-world transaction records behind a website that allows users to compare their spending habits with others of the same gender, in the same age/income range, neighborhood and living situation. The 'PeopleLikeU' tool surfaces favorite shops and restaurants surprisingly accurately — because it's based on real customers' transactions, it lists places like good takeout joints that wouldn't normally come to mind when you think of a favorite place to eat. The bank says all data was 'deidentified' and it consulted with privacy authorities."
Re:Why should a bank care where and how I spend ?? (Score:3, Informative)
Unfortunately, fraud detection works for shit.
My credit card is shut off an average of at least once per week and I have to call up the bank, sit on hold, go through the whole verification process, go through the listing of my recent purchases, etc. Then go make my purchases again. I can tell the things that are going to trigger it, before it even happens. And nothing ever changes. For example, I buy something on Steam probably twice per week. I have for every week for almost eight years. Yet, inevitably, it triggers fraud detection on my card every two or three times.
The same happens with many other purchases, but Steam is the most common. I could understand, if they didn't have a database showing that I have made hundreds or thousands of purchases with them over the past decade. It also happens almost every time I order something from Apple. And many other places. . . . despite a history of buying things from them.
I appreciate them keeping an eye out and protecting me if someone gets my card and goes nuts, but it's not worth having to go through this hassle EVERY WEEK.