Credit card companies are tracking shoppers like never before(fastcompany.com)
fastcompany.com
Credit card companies are tracking shoppers like never before
https://www.fastcompany.com/90490923/credit-card-companies-are-tracking-shoppers-like-never-before-inside-the-next-phase-of-surveillance-capitalism
10 comments
Privacy.com looks promising:
> We only make money off interchange (the fee that the merchant pays for accepting a debit or credit card), and we will never sell your personal data.
Unfortunately, not available outside the US.
> We only make money off interchange (the fee that the merchant pays for accepting a debit or credit card), and we will never sell your personal data.
Unfortunately, not available outside the US.
> We only make money off interchange (the fee that the merchant pays for accepting a debit or credit card), and we will never sell your personal data.
Wasn't Occulus all big on "we'll never require Facebook login to use.." only to backtrack later? What's our standard for taking these future claims as ground truths? Surely we can do better than "we won't, pinky promise!" ?
Wasn't Occulus all big on "we'll never require Facebook login to use.." only to backtrack later? What's our standard for taking these future claims as ground truths? Surely we can do better than "we won't, pinky promise!" ?
Most services are basically a low level swindle. You will get your product, probably your money too, but you won't get many other guarantees or promises you can trust, and you likely won't get sufficient customer support.
And they don’t work with real credit cards, only if tied to a bank account.
Yes, I am a privacy.com customer.
Yes, I am a privacy.com customer.
Someone has to be authorizing their card numbers. They may not track your purchases themselves, but I'm sure there is some middleman capable of collecting and selling transaction data.
edit: it looks like they use visa. so visa can still sell your data
edit: it looks like they use visa. so visa can still sell your data
I am a privacy.com user and I like it, but there's a number of sites that won't accept the cards it generates.
having worked behind the scenes I'll tell you a secret. this isn't even new and the data is quite frankly pretty boring
The one good thing about mass data collection is that the data eventually becomes pretty useless, your eyes would bleed just looking it after a while.
The one good thing about mass data collection is that the data eventually becomes pretty useless, your eyes would bleed just looking it after a while.
Useless?
If you give that data to machine learning, it can still give interesting insights, assuming you have the product, shop type, time of purchase, profile of the buyer, etc.
I would have thought marketing people would die for this kind of data quality and quantity.
If you give that data to machine learning, it can still give interesting insights, assuming you have the product, shop type, time of purchase, profile of the buyer, etc.
I would have thought marketing people would die for this kind of data quality and quantity.
The issue is with the `quality` aspect. There are three different levels of credit card transactions[1].
Most consumer purchases will end up being a level 1 transaction, where the card network doesn't see much more than the transaction amount and bare minimum of details required to process that transaction.
The date is based on the transaction date, which may or may not be the actual time of sale. Many transactions involve placing an initial authorization/hold, and actually making a charge later on (when an item ships, for example).
The merchant data is likely to be unhelpful, as well. For example, the MCC for Amazon is 'Bookstores', which would be wholly unhelpful as a shop type. And while you can do some data cleaning for well known exceptions, the miscategorization issue holds true for pretty much any business that sells more than a single type of something.
So you don't know the specific product that was bought, you may not know the actual time of purchase, the merchant details are general and potentially unhelpful for categorization (or even misleading).
And even the buyer data isn't all that helpful - because of the way credit cards get used, it's more useful for a "household" level profile moreso than an individual's profile.
In general it ends up being far less useful than you'd expect. Level 2 transactions provide a bit more detail, and Level 3 transactions provide line-item breakouts of a transaction. But those are primarily used by vendors servicing businesses and governments. So the detailed transactions aren't consumer-related, and the consumer-related transactions end up too coarse to do much with.
[1] https://tidalcommerce.com/learn/what-is-level-3-data
[2] https://developer.wepay.com/api/reference/mcc
Most consumer purchases will end up being a level 1 transaction, where the card network doesn't see much more than the transaction amount and bare minimum of details required to process that transaction.
The date is based on the transaction date, which may or may not be the actual time of sale. Many transactions involve placing an initial authorization/hold, and actually making a charge later on (when an item ships, for example).
The merchant data is likely to be unhelpful, as well. For example, the MCC for Amazon is 'Bookstores', which would be wholly unhelpful as a shop type. And while you can do some data cleaning for well known exceptions, the miscategorization issue holds true for pretty much any business that sells more than a single type of something.
So you don't know the specific product that was bought, you may not know the actual time of purchase, the merchant details are general and potentially unhelpful for categorization (or even misleading).
And even the buyer data isn't all that helpful - because of the way credit cards get used, it's more useful for a "household" level profile moreso than an individual's profile.
In general it ends up being far less useful than you'd expect. Level 2 transactions provide a bit more detail, and Level 3 transactions provide line-item breakouts of a transaction. But those are primarily used by vendors servicing businesses and governments. So the detailed transactions aren't consumer-related, and the consumer-related transactions end up too coarse to do much with.
[1] https://tidalcommerce.com/learn/what-is-level-3-data
[2] https://developer.wepay.com/api/reference/mcc
There's a spec to support direct submission of highly detailed receipt details (Level III Data) but it's traditionally mostly used with corporate cards. Plenty of shopping carts don't even bother submitting it, and there doesn't seem to be huge momentum to demand it.
I could see a scheme where the merchants would use a subsidized processor, whose API demanded Level III data for everything.