FTC Launches Study on Data-Driven Targeted Pricing Practices by Eight Major Companies
![](https://www.pymnts.com/wp-content/uploads/2024/07/AI-web-scraping-content-scraping-data-protection.jpg)
The U.S. Federal Trade Commission has initiated an inquiry into products that enable companies to set different prices for consumers based on their locations, past purchases, and other personal data. The FTC announced on Tuesday that it had ordered Mastercard, J.P. Morgan Chase, and six other companies to disclose information about targeted pricing products, including the data they utilize, their users and the impact on prices.
In addition to Mastercard and J.P. Morgan Chase, the FTC is seeking similar information about targeted pricing from IT services provider Accenture, consulting firm McKinsey & Co., and software providers Pros Holdings, Revionics, Bloomreach and Task Software. These companies offer products that leverage consumer data and artificial intelligence or other technology to tailor prices for individual consumers, the agency stated.
FTC Chair Lina Khan highlighted the goal of the study as shedding light on a “shadowy ecosystem of pricing middlemen.”
“Firms that harvest Americans’ personal data can put people’s privacy at risk. Now firms could be exploiting this vast trove of personal information to charge people higher prices,” Khan said in a statement.
Related: FTC: Federal Court Freezes Assets of USA Student Debt Relief
While the companies involved are not accused of any wrongdoing, the FTC investigation aims to understand the implications of targeted pricing on consumer privacy and price fairness. The use of consumer data in online advertising, such as browsing history and device location, has long influenced the advertisements seen by consumers.
Source: Reuters
Featured News
FTC Launches Study on Data-Driven Targeted Pricing Practices by Eight Major Companies
Jul 23, 2024 by
CPI
Regulators in US, EU, and UK Sign Joint Statement to Ensure Fair Competition in AI
Jul 23, 2024 by
CPI
Bayer Faces Antitrust Battle in California Over Pet Care Market Practices
Jul 23, 2024 by
CPI
Google Reverses Decision to Eliminate Cookies in Chrome After Four Years of Efforts
Jul 23, 2024 by
CPI
Italy Seizes €121 Million from Amazon Unit Over Alleged Tax Fraud
Jul 23, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Private Equity Roll-Up Schemes
Jun 28, 2024 by
CPI
The FTC’s Focus on Private Equity is Warranted
Jun 28, 2024 by
CPI
Unraveling the Roll-Up: Private Equity’s Misunderstood Investment Strategy
Jun 28, 2024 by
CPI
Antitrust Focus on Private Equity Funds and Serial Acquisitions
Jun 28, 2024 by
CPI
Private Equity Roll-Ups Amidst Heightened Antitrust Enforcement
Jun 28, 2024 by
CPI