FTC Probes Big Brands Over Secret Price Changes
The FTC wants to know if big companies use your personal data to change the prices you pay.
Two shoppers look at the exact same item online. One shopper sees a higher price tag. Federal officials want to know why this happens.
The Federal Trade Commission opened an inquiry into nine major companies. The list includes Walmart and Delta. It also includes Uber. Regulators demand answers about secret pricing software. They want to see how these firms track customer habits.
Companies collect data on your location and shopping history. They feed this info to computer models. The models set custom prices for each shopper. The FTC calls this practice surveillance pricing.
Shoppers deserve fair prices. If companies track you to charge more, the government wants to stop it. Clear rules help keep more money in your wallet.
Source: Fox Business
More from Personal Finance
