4 ms·

JPMorgan Chase is about to let advertisers target customers based on spending

thesuperbigfrog 3y ago
'Using customer transaction data, which is owned by the bank, brands and advertising agencies can "precisely target customers at scale based on purchase history," for example, by advertising to new, lapsed, or loyal customers differently.' Enshittification comes to banking and credit cards. This should be illegal since it is selling what should be private data (how people spend their money) and selling it to third-parties, likely without their consent. (It is probably an 'opt out' item hidden deeply in the legal text of a customer service agreement.)
- JHonaker 3y ago
  Unless you live in California, it's not likely even an option to opt out.
bell-cot 3y ago
Yet Another Reason to stick to cash for all of my in-person purchases.
- gatekpr 3y ago
  I'm about to convert to a cash basis because of this. I am also going to leave my 4 accounts with Chase if I "opt out" and still receive advertising.
  - electric_mayhem 3y ago
    How exactly do we opt out?
neilv 3y ago
Does this include the Amazon-branded Chase credit cards, and if so, what does Amazon think about this?
- ar_lan 3y ago
  Chase doesn't see the internals of those transactions, right? They just see "Amazon"?
  - IncreasePosts 3y ago
    Correct. And the charge might be for multiple items, plus a shipping charge, plus taxes and regulatory fees, so it seems unlikely Chase would be able to go from charge amount -> product purchased even if they had all the current prices of amazon products.
  - deleted 3y ago
    [deleted]
  - neilv 3y ago
    Unless JPMorgan gets the info from Amazon (in a post-Bezos company, where the customer-oriented Leadership Principle gets noticeably less emphasis). Also, I was thinking, if this particular news story happens to get promoted widely, then some of the Amazon card goodwill will be lost (because not all consumers realize that pretty much every company is quietly violating their privacy, but this one happens to be in the news).
  - lostmsu 3y ago
    Not sure what you mean. The question is about using Amazon-branded cards in regular stores, not just Amazon.
deleted 3y ago
[deleted]
Euphorbium 3y ago
Finally some true monero adoption.
xnx 3y ago
I didn't realize credits cards weren't doing this already. How have credit cards resisted selling this gold mine of data so far? Who cares about weak targeting signals like what television shows I watch when a business can find out exactly which of their competitors I'm spending money with, when, and how much.
- jms703 3y ago
  I was thinking the same. Isn't this how they can afford to give me reward points?

'Using customer transaction data, which is owned by the bank, brands and advertising agencies can "precisely target customers at scale based on purchase history," for example, by advertising to new, lapsed, or loyal customers differently.' Enshittification comes to banking and credit cards. This should be illegal since it is selling what should be private data (how people spend their money) and selling it to third-parties, likely without their consent. (It is probably an 'opt out' item hidden deeply in the legal text of a customer service agreement.)

JHonaker 3y ago
Unless you live in California, it's not likely even an option to opt out.

bell-cot 3y ago

Yet Another Reason to stick to cash for all of my in-person purchases.

gatekpr 3y ago
I'm about to convert to a cash basis because of this. I am also going to leave my 4 accounts with Chase if I "opt out" and still receive advertising.
- electric_mayhem 3y ago
  How exactly do we opt out?

neilv 3y ago

Does this include the Amazon-branded Chase credit cards, and if so, what does Amazon think about this?

ar_lan 3y ago
Chase doesn't see the internals of those transactions, right? They just see "Amazon"?
- IncreasePosts 3y ago
  Correct. And the charge might be for multiple items, plus a shipping charge, plus taxes and regulatory fees, so it seems unlikely Chase would be able to go from charge amount -> product purchased even if they had all the current prices of amazon products.
- deleted 3y ago
  [deleted]
- neilv 3y ago
  Unless JPMorgan gets the info from Amazon (in a post-Bezos company, where the customer-oriented Leadership Principle gets noticeably less emphasis). Also, I was thinking, if this particular news story happens to get promoted widely, then some of the Amazon card goodwill will be lost (because not all consumers realize that pretty much every company is quietly violating their privacy, but this one happens to be in the news).
- lostmsu 3y ago
  Not sure what you mean. The question is about using Amazon-branded cards in regular stores, not just Amazon.

deleted 3y ago

[deleted]

Euphorbium 3y ago

Finally some true monero adoption.

xnx 3y ago

I didn't realize credits cards weren't doing this already. How have credit cards resisted selling this gold mine of data so far? Who cares about weak targeting signals like what television shows I watch when a business can find out exactly which of their competitors I'm spending money with, when, and how much.

jms703 3y ago
I was thinking the same. Isn't this how they can afford to give me reward points?