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The spy in your wallet: Credit cards have a privacy problem

Source: Geoffrey Fowler, Washington Post (Paid Registration)

The card data business is booming for advertisers, for aiding investors and for helping retailers and banks encourage more spending. And there are many ways a card swipe can be exploited that don’t always require a transaction being “sold” or “shared” in a way that fully identifies you. Data can be aggregated, anonymized, hashed or pseudonymized (given a new name), or used to target you without ever technically changing hands.

When I used my Visa, Chase’s privacy statement reserves the right to share my data for seven different kinds of reasons. The most appalling category is: “For nonaffiliates to market to you.” Who are “nonaffiliates?” Whoever the bank darned well wants. The term just means a company not owned by Chase.

Read Full Article: The spy in your wallet: Credit cards have a privacy problem


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