""It's all about the privacy of the data. And it's a very common practice that the businesses use your personal data. In many cases, without your knowledge, to be able to set prices or target you for advertising material," Ersin Uzun, executive director of Rochester Institute of Technology's Global Cybersecurity Institute, said."
"Uzun describes algorithmic pricing to be similar to the "Wild, Wild West" because companies are always trying new ways to secure a customer's business. The method has been used successfully for years. Companies often look at a few things. For example, your location may be considered if you're online shopping from a high-income ZIP code, or if you're going to a store in person to shop for your items. Businesses may also look at your shopping habits or history, as well."
New York's Algorithmic Pricing Disclosure Act took effect on Nov. 10 and requires companies to clearly state when customers' personal data is being used to adjust prices. The practice has been legal for years, with companies gathering data through store accounts, loyalty programs, location signals, and cross-site tracking to build shopper profiles. Businesses may adjust prices or target ads based on ZIP code, shopping history, browsing times, and behavior. Privacy protections recommended include private/incognito tabs, VPNs, and stronger device privacy settings. Consumers who suspect undisclosed price changes can file complaints with the New York Attorney General's office.
Read at Spectrumlocalnews
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