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For my latest @PostTech privacy experiment, I traced how my credit cards sell me out.— Geoffrey A. Fowler (@geoffreyfowler) August 26, 2019
I found 6 types of businesses that could mine and share elements of each swipe.
And very few would give straight answers about what they’re doing with the data. https://t.co/OQuWtdwNeF pic.twitter.com/pM5G3i8kH5
When I teach about #BigData, I start off by talking about sources of it. When I mention credit cards and loyalty cards, people look at me like I'm so boring. My comeback is "Who could best predict when I'm going to die? My doctor? No, my Tesco Clubcard. They know what I eat." https://t.co/FxcEujz4ld— David Stillwell (@david_stillwell) August 27, 2019
Yikes. When you swipe your credit card, here's who gets your data:— JP Koning (@jp_koning) August 27, 2019
-your bank's marketing partners
-co-branded card partners
-Visa/MasterCard (who may onsell it)
-the store (who may share it)
-the store's bank
-swipe machine company
Source: https://t.co/V6nV1rSXJl pic.twitter.com/iAmvGq4h16
I bought 2 bananas with 2 different cards at Target, and compared what happened.— Geoffrey A. Fowler (@geoffreyfowler) August 26, 2019
Data ended up with marketers, Target, Amazon, Google and hedge funds, to name a few.
And its entirely legal in the U.S.
Our data problem is bananas.https://t.co/OQuWtdwNeF pic.twitter.com/foCMJXr32g
What's the harm in credit cards sharing our data?— Geoffrey A. Fowler (@geoffreyfowler) August 26, 2019
Spending patterns can reveal enough to blackmail you.
And as @hoofnagle says, it puts consumers at a disadvantage. “The more they know about you, the more opportunities there are for manipulation.” https://t.co/OQuWtdwNeF
The new Apple Card’s best feature is privacy.— Geoffrey A. Fowler (@geoffreyfowler) August 26, 2019
It prevents partner bank Goldman from sharing with marketers.
What’s disappointing is it doesn’t introduce much new tech to combat all the other companies mining data — including Mastercard & retailers. https://t.co/OQuWtdwNeF pic.twitter.com/B9L7Uv7p0S
Titanium Apple Card has two different on-boarding methods.— Dark Mode Dave (@davemark) August 27, 2019
Mine required me to use my iPhone to activate.
As pointed out by @gassee, his wife’s just appeared in her wallet.
Anyone know why?
Side note: @gassee’s take on Apple Card is a solid read:https://t.co/tmQIqe1IhF pic.twitter.com/8oYm9lm5t8
Card: What vs How - Monday Note by @gassee https://t.co/hTiP0aL3an— Juan Tatay - silta (@juan_silta) August 27, 2019
…the new payment system is a classic How vs What proposition —and the “How” wins.
If I were in the consumer finance industry, I’d think long and hard about Apple playing the How vs What game in my territory.
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