FTC orders 8 companies to provide information on ‘surveillance pricing’ practices [Video]

FILE – The Federal Trade Commission building is seen, Jan. 28, 2015, in Washington. The Federal Trade Commission said on Tuesday, July 23, 2024, that it’s ordering eight companies that offer surveillance pricing to turn in information about their practices, as the agency investigates potential impacts on privacy and consumer protection. (AP Photo/Alex Brandon, File) (Alex Brandon, Copyright 2023 The Associated Press. All rights reserved.)

NEW YORK – The Federal Trade Commission has ordered information from eight companies that the agency says offer products and services that use personal data to set prices based on a shopper’s individual characteristics.

In a Tuesday announcement, the FTC said it was seeking to better understand the “opaque market” of “surveillance pricing” practices using consumer data — including credit information, location and browsing history — to charge different customers different prices for the same goods.

To do this, the agency noted, third-party intermediaries claim to use advanced algorithms, artificial intelligence and other technology.

“Firms that harvest Americans’ …