NEW YORK—A pricing practice from some large card issuers has drawn the attention of U.S. regulators, according to a new report.
Bloomberg reported that U.S. regulators are examining how companies—including Mastercard, JPMorgan Chase and a portfolio company of a Goldman Sachs Group Inc.—unit provide clients with algorithms that use consumers’ personal data to tailor product pricing to individuals, what the agency termed “surveillance pricing.”
Subpoenas are Sent
The Federal Trade Commission said it sent subpoenas to eight firms seeking information about what pricing products they offer, the data they collect and how it’s used to target which consumers receive offers, Bloomberg noted.