For years, Google and Facebook have been showing ads based on your online behavior. Retailers from Amazon to Walgreens also regularly suction up your transaction history to steer future spending and hold your loyalty.
Now banks, too, want to turn data they already have on your spending habits into extra revenue by identifying likely customers for retailers. Banks are increasingly aware that they could be sitting on a gold mine of information that can be used to predict — or sway — where you spend. Historically, such data has been used mostly for fraud protection.
Suppose you were to treat yourself to lunch on Cyber Monday, the busiest online shopping day of the year. If you order ahead at Chipotle — paying, of course, with your credit card — you might soon find your bank dangling 10% off lunch at Little Caesars. The bank would earn fees from the pizza joint, both for showing the offer and processing the payment.
Wells Fargo began customizing retail offers for individual customers on Nov. 21, joining Chase, Bank of America, PNC, SunTrust and a slew of smaller banks.
Unlike Google or Facebook, which try to infer what you’re interested in buying based on your searches, web visits or likes, “banks have the secret weapon in that they actually know what we spend money on,” said Silvio Tavares of the trade group CardLinx Association, whose members help broker purchase-related offers. “It’s a better predictor of what we’re going to spend on.”
While banks say they’re moving cautiously and being mindful of privacy concerns, it’s not clear that consumers are fully aware of what their banks are up to.
Banks know many of our deepest, darkest secrets — that series of bills paid at a cancer clinic, for instance, or that big strip-club tab that you thought stayed in Vegas. A bank might suspect someone’s adulterous affair long before the betrayed partner would.
Continue reading your story on the app
Continue reading your story in the magazine
Q&A: BITCOIN'S MASSIVE RISE AND WHAT COMES NEXT
The digital currency Bitcoin rocketed to a record high last week above $40,000 a coin.
VOLKSWAGEN TRIPLES ELECTRIC CAR SALES AHEAD OF CLIMATE RULES
Europe’s push into electric cars is gathering speed — despite the pandemic.
UK INVESTIGATES GOOGLE'S PLAN TO REVAMP CHROME BROWSER
Britain’s competition watchdog said it launched an investigation into Google’s plan to overhaul its ad data system over worries it could leave even less room for rivals in the online ad industry.
RACE ON: THE LINEUP FOR THE REVOLUTION OF THE CAR INDUSTRY
Wherever you are in the world, it’s hard to deny that 2020 was a challenging year - not least the automotive sector. With car sales plummeting amidst stay-at-home orders, consumers had a chance to reflect on their environmental impact, and as a result, electric vehicles are now more desirable than ever.
SOME UBER, LYFT DRIVERS SUE OVER CALIFORNIA BALLOT MEASURE
Drivers for app-based ride-hailing and delivery services filed a lawsuit to overturn a California ballot initiative that makes them independent contractors instead of employees eligible for benefits and job protections.
TARGET CONTINUES TO THRIVE IN WHIRLWIND RETAIL ENVIRONMENT
Target’s strong sales streak extended through a pandemic-shrouded holiday season after a hard push online and an increased effort to provide alternatives to customers who are trying to minimize risk.
TIKTOK TIGHTENS PRIVACY FEATURES FOR YOUNGER USERS
A month after federal regulators ordered it to disclose how its practices affect children and teenagers, TikTok is tightening its privacy practices for the under-18 crowd.
NEW MERCEDES SCREEN TO STRETCH NEARLY FULL WIDTH OF CAR
Daimler’s Mercedes-Benz has unveiled a key interior component of its upcoming electric luxury sedan: a large, curved screen that sweeps across almost the entire width of the car in the place of a conventional dashboard.
ELECTRIC TRUCK MAKER HITS 100,000 ORDERS AHEAD OF FALL START
An upstart electric vehicle maker said that it now has more than 100,000 orders for its new pickup truck.
CHINA'S GEELY, BAIDU ANNOUNCE ELECTRIC CAR VENTURES
Chinese automaker Geely says it will form an electric car venture with tech giant Baidu, adding to a flurry of corporate tie-ups in the industry to share soaring technology development costs.
Data journalist Mona Chalabi delivers messages to the masses.
FACEBOOK MAY HAVE TO STOP MOVING EU USER DATA TO US
Facebook may be forced to stop sending data about its European users to the U.S., in the first major fallout from a recent court ruling that found some trans-Atlantic data transfers don’t protect users from American government snooping.
Call Centers Can't Simply Stay Home
Concern about data security, power outages, and poor internet service fuels a return to offices
Track the Extent of Economic Damage From Coronavirus In U.S. Import Data
TRADE BETWEEN THE world’s two largest economies fell to the lowest level in years in February as the coronavirus outbreak stalled Chinese factories.
Balancing The Impact, Ethiccs, And Security of People Data
As Access to Data Increases, so Does its Potential for Impact and Risk
A Question Of Trust
Data privacy issues in security apps and other unlikely places
US Says Chinese Military Stole Masses Of Americans' Data
Four members of the Chinese military have been charged with breaking into the computer networks of the Equifax credit reporting agency and stealing the personal information of tens of millions of Americans, the Justice Department said this week, blaming Beijing for one of the largest hacks in history to target consumer data.
Alexa, Protect My Privacy
Take steps to keep speakers, security cameras and other smart devices safe from hackers who want to steal your data—or worse.
US Official: China Steals ‘Massive Amounts' Of Data In West
China is stealing “massive amounts” of data from Western companies and Iran has stolen data from some 200 universities, the top U.S. cybersecurity diplomat said Wednesday.
Dating Apps Leak Personal Data, Norwegian Group Says
Dating apps including Grindr, OkCupid and Tinder leak personal information to advertising tech companies in possible violation of European data privacy laws, a Norwegian consumer group said in a report this week.