FTC Investigates Custom Prices Based on Personal Data
The FTC wants to know if major brands charge people different prices based on their private data.
Imagine paying more for an airplane seat because of your location. The Federal Trade Commission wants answers about this practice. Regulators call it surveillance pricing.
The agency ordered nine giant companies to explain their pricing tools. The list includes Walmart and Delta Air Lines. Officials want to see how these firms track habits to set individual costs.
Companies gather details about your online habits. Automated computer systems study your search history and your zip code. Then software picks a special price tailor-made for you.
Federal leaders want to protect everyday shoppers. You can safeguard your wallet by comparing prices on different phones and computers. Checking multiple screens helps you spot hidden markups.
Source: Fox Business
More from Personal Finance
