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The most obvious use of the data appears to be by credit card companies to detect fraudulent use of a card and decline those transactions. This is something I'm

The most obvious use of the data appears to be by credit card companies to detect fraudulent use of a card and decline those transactions. This is something I'm relatively comfortable with, though it's plainly in the interests of the bank and I only indirectly benefit from the tracking.

pdkl95 8y ago
The most obvious use is insurance companies looking for excuses to deny claims.
- dspillett 8y ago
  As blocking fraudulent claims could remove a reason for my premiums to he higher, I can't say I'm against that. With the caveat, for course, that people are not always where their phone is so this taken on its own would be circumstantial evidence: one would hope decisions are not made directly based on this information.
  - nojvek 8y ago
    It’s not in the interest of insurance companies to lower premiums. They only do it if competition is eating them alive. Geico has been raising their margins ever so slightly. I bet they are also the purchasers of ungodly amounts of data for targeting marketing. Insurance companies #1 goal is to make maximum profits for their shareholders without getting caught with their pants down.
    - mostlyskeptical 8y ago
      Mine go down fairly regularly. I have even been cut a check for adding cars to my insurance.
      - brewdad 8y ago
        Are you changing insurance companies regularly? Why would an insurance company have any reason to reduce your rates unless legally required to? Even if they've been overcharging you for years compared to competitors, if you aren't calling them up and threatening to change insurers, why would they ever give you money back?
        frockington 8y ago
        Probably the same reason airplanes have frequent flyer miles. If a customer has proven to be low hassle you don't want to lose them
        extr 8y ago
        Yes, if it gets to the point where they've already shopped around you're going to be paying a much higher price to retain that customer, than if you simply gave them a reasonably competitive premium or deserved discount. Insurance companies are not like cable, customers are free to switch to one of many options at any time. Acquisition and churn costs are huge problems.
    - vuln 8y ago
      GEICO is a private company. There are no shareholders. GEICO is owned by Birkshire Hathaway which is owned by Warren Buffett. I am sure your point is still valid with publicly traded insurance companies. http://investsnips.com/complete-list-of-insurance-companies-listed-on-u-s-exchanges/ http://investsnips.com/complete-list-of-insurance-companies-...
      - jogjayr 8y ago
        > GEICO is owned by Birkshire Hathaway which is owned by Warren Buffett. Berkshire Hathaway is publicly traded. Warren Buffet owns 36.8% of it.[1] 1. https://en.wikipedia.org/wiki/Berkshire_Hathaway https://en.wikipedia.org/wiki/Berkshire_Hathaway
- chillingeffect 8y ago
  Or maybe parallel construction used to deny/approve loans. E.g. I can't weight the loan approval negatively specifically bc the person is black, but the GPS information suggests they frequent black areas. But really every use of this information is highly assymetrical. If they're using it to trade stocks, while regular people are using traditional means, it's an advantage we don't have access to. This is basically the virtual castle walls keeping us peasants out in the fields. Modern feudalism.
whatshisface 8y ago
Does it bother you that you're being tracked?
- assblaster 8y ago
  Yes, I am greatly bothered by it, especially because I am not aware of the extent that my information is being distributed. On the one hand, I opt-in to location tracking for apps and services such as Google services, because I genuinely believe that I benefit greatly from location-targeted information. On the other hand, I would opt out of any other location tracking of my cellphone to companies that I do not see the benefit of having. I want fraud-protection and no liability when it comes to fraudulent purchases (opt-in for credit card companies and banks), but I don't want the government/Facebook/retailers/insurers to have this access without permission.
- wilsonnb 8y ago
  I'm not the person you're asking this question to, but I thought I'd reply anyways. No, it doesn't really bother me. Why would anyone care that I get up around 7AM on weekdays, drive to work around 9, stay there until 5, and then drive home? On weekends they will see me going to Target and the grocery store. Sometimes another store. Sometimes I go to visit my family in another city. I really don't care if people have that information. Many people (not me) post that information freely on Facebook, Instagram, or Twitter. There are some future situations in which I might care that I am being tracked. If that were the case, it's highly unlikely I would bring a phone with me. Would I prefer not to be tracked? Probably. Does it bother me that I am being tracked? Nope. I suspect these views line up with the majority of people in the US.
  - King-Aaron 8y ago
    I wonder how many of the 16-million East Germans had this same utopian outlook on it.. Edit: While things are "good", I'm sure you and a lot of others don't see an issue. But you're giving yourself a lot of rope to be hung on if ever things become hard.
    - 8y ago
jobigoud 8y ago
Do baks sell customers location data?
ihsw2 8y ago
How do you expect this data to be used in your favor? If there is a technical glitch/human error and your data is intermingled with someone else's, it will be used against you silently and you will have no recourse.

pdkl95 8y ago

The most obvious use is insurance companies looking for excuses to deny claims.

dspillett 8y ago
As blocking fraudulent claims could remove a reason for my premiums to he higher, I can't say I'm against that. With the caveat, for course, that people are not always where their phone is so this taken on its own would be circumstantial evidence: one would hope decisions are not made directly based on this information.
- nojvek 8y ago
  It’s not in the interest of insurance companies to lower premiums. They only do it if competition is eating them alive. Geico has been raising their margins ever so slightly. I bet they are also the purchasers of ungodly amounts of data for targeting marketing. Insurance companies #1 goal is to make maximum profits for their shareholders without getting caught with their pants down.
  - mostlyskeptical 8y ago
    Mine go down fairly regularly. I have even been cut a check for adding cars to my insurance.
    - brewdad 8y ago
      Are you changing insurance companies regularly? Why would an insurance company have any reason to reduce your rates unless legally required to? Even if they've been overcharging you for years compared to competitors, if you aren't calling them up and threatening to change insurers, why would they ever give you money back?
      - frockington 8y ago
        Probably the same reason airplanes have frequent flyer miles. If a customer has proven to be low hassle you don't want to lose them
        extr 8y ago
        Yes, if it gets to the point where they've already shopped around you're going to be paying a much higher price to retain that customer, than if you simply gave them a reasonably competitive premium or deserved discount. Insurance companies are not like cable, customers are free to switch to one of many options at any time. Acquisition and churn costs are huge problems.
  - vuln 8y ago
    GEICO is a private company. There are no shareholders. GEICO is owned by Birkshire Hathaway which is owned by Warren Buffett. I am sure your point is still valid with publicly traded insurance companies. http://investsnips.com/complete-list-of-insurance-companies-listed-on-u-s-exchanges/ http://investsnips.com/complete-list-of-insurance-companies-...
    - jogjayr 8y ago
      > GEICO is owned by Birkshire Hathaway which is owned by Warren Buffett. Berkshire Hathaway is publicly traded. Warren Buffet owns 36.8% of it.[1] 1. https://en.wikipedia.org/wiki/Berkshire_Hathaway https://en.wikipedia.org/wiki/Berkshire_Hathaway
chillingeffect 8y ago
Or maybe parallel construction used to deny/approve loans. E.g. I can't weight the loan approval negatively specifically bc the person is black, but the GPS information suggests they frequent black areas. But really every use of this information is highly assymetrical. If they're using it to trade stocks, while regular people are using traditional means, it's an advantage we don't have access to. This is basically the virtual castle walls keeping us peasants out in the fields. Modern feudalism.

whatshisface 8y ago

Does it bother you that you're being tracked?

assblaster 8y ago
Yes, I am greatly bothered by it, especially because I am not aware of the extent that my information is being distributed. On the one hand, I opt-in to location tracking for apps and services such as Google services, because I genuinely believe that I benefit greatly from location-targeted information. On the other hand, I would opt out of any other location tracking of my cellphone to companies that I do not see the benefit of having. I want fraud-protection and no liability when it comes to fraudulent purchases (opt-in for credit card companies and banks), but I don't want the government/Facebook/retailers/insurers to have this access without permission.
wilsonnb 8y ago
I'm not the person you're asking this question to, but I thought I'd reply anyways. No, it doesn't really bother me. Why would anyone care that I get up around 7AM on weekdays, drive to work around 9, stay there until 5, and then drive home? On weekends they will see me going to Target and the grocery store. Sometimes another store. Sometimes I go to visit my family in another city. I really don't care if people have that information. Many people (not me) post that information freely on Facebook, Instagram, or Twitter. There are some future situations in which I might care that I am being tracked. If that were the case, it's highly unlikely I would bring a phone with me. Would I prefer not to be tracked? Probably. Does it bother me that I am being tracked? Nope. I suspect these views line up with the majority of people in the US.
- King-Aaron 8y ago
  I wonder how many of the 16-million East Germans had this same utopian outlook on it.. Edit: While things are "good", I'm sure you and a lot of others don't see an issue. But you're giving yourself a lot of rope to be hung on if ever things become hard.
  - 8y ago

jobigoud 8y ago

Do baks sell customers location data?

ihsw2 8y ago

How do you expect this data to be used in your favor? If there is a technical glitch/human error and your data is intermingled with someone else's, it will be used against you silently and you will have no recourse.