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FTC probes AI-powered ‘surveillance pricing’ at Mastercard, JPMorgan Chase, McKinsey and others
The FTC announced it will look into companies that offer "surveillance pricing" services powered by AI or similar technology and its potential impact on prices paid by consumers.
Companies that were ordered by the FTC to provide information for the regulator's study of surveillance pricing include Mastercard, JPMorgan Chase, McKinsey & Co., Accenture, Pros Holdings Inc., Revionics, Bloomreach and Task Software. The FTC's probe aims to improve the agency's understanding of "products by third-party intermediaries that claim to use advanced algorithms, artificial intelligence and other technologies, along with personal information about consumers – such as their location, demographics, credit history, and browsing or shopping history – to categorize individuals and set a targeted price for a product or service." Now firms could be exploiting this vast trove of personal information to charge people higher prices," FTC Chair Lina Khan said in a statement.
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