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What action will FTC take against JPMorgan in the surveillance pricing investigation by December 31, 2024?
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Story
FTC Investigates 'Surveillance Pricing' by Major Companies Including Mastercard and JPMorgan
Jul 23, 2024, 02:10 PM
The U.S. Federal Trade Commission (FTC) has initiated an investigation into 'surveillance pricing,' where companies use personal data to set individualized prices for consumers. The FTC issued orders to eight companies, including Mastercard, JPMorgan, and McKinsey, to provide information on their pricing practices. This study aims to understand how businesses utilize data such as finances, browser history, and past purchases to determine different prices for different individuals. The FTC's concern is that such practices could lead to discriminatory pricing and potential market manipulation. The investigation was launched with a unanimous 5-0 vote by the FTC commissioners as part of a 6(b) study. The FTC is also examining the role of AI in these pricing strategies.
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