PRIVACY: WHO OWNS YOUR BANK TRANSACTION DATA?
Financial data privacy is dead!
Your transaction data is now a commodity to be sold to advertisers. The problem is that even so-called anonymized data can be combined with similar data in a zip code or a smaller census tract, manipulated by machine learning and artificial intelligence to produce a high probability identification of an individual or their family.
JP Morgan Chase is joining other electronic platforms that monetize their customer’s transaction data…
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Today, Chase launched Chase Media Solutions, its new digital media business, providing brands with the ability to connect directly with the financial institution’s 80 million customers. Chase Media Solutions serves as a key conduit for brands, connecting them with consumers’ personal passions and interests. In turn, Chase customers benefit from personalized offers and the ability to earn cash back with brands they love or are discovering for the first time. As the only bank-led media platform of its kind, Chase Media Solutions combines the scale and audience of a retail media network with the exclusive advantages of Chase’s first-party financial data, institutional credibility and precise targeting capabilities. Today, the bank’s large consumer base and 6 million small business customers benefit from Chase’s wide range of travel, dining and shopping offerings — generating unparalleled insights across consumer categories. The launch of Chase Media Solutions follows the integration of Figg, a leading card-linked marketing platform. JPMorgan Chase & Co. acquired Figg in 2022 as a natural step in Chase’s effort to build out its owned, two-sided commerce platform, and as part of the firm’s vision to bring win-win value to both business clients and banking customers. “Our deep understanding of consumer spending across categories has driven us to reimagine what retail media networks can offer,” said Rich Muhlstock, President of Chase Media Solutions. “Like retailers, we have first-party data and a dedicated audience. But what sets us apart is the unrivaled scale and insights from our customers – having long-served as a trusted guide for their financial decisions. Chase reaches across brands, merchants and shopping verticals, providing a comprehensive view of purchase behavior; this strengthens the degree of personalization, helping brands deliver offers that stoke consumer interests.” Chase Media Solutions platform advantages
Among initial pilot partners, Chase Media Solutions designed 30-day campaigns for Air Canada, Solo Stove, Blue Bottle and Whataburger, seeing significant traction for those brands in driving incremental sales and new customers growth. Regarding the success of their initial campaign, Scott O’Leary, Vice President of Loyalty and Products for Air Canada, said, “The Chase team succeeded in creating a thoughtful, targeted offer that exceeded our expectations. Two distinct offer constructs drove incremental revenue and awareness for Air Canada amongst Chase’s cardmember base. These tests clearly demonstrated the potential of the Chase Media Solutions channel, and we look forward to working together more in the future.” About Chase Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading financial services firm based in the United States with assets of $3.9 trillion and operations worldwide. Chase serves nearly 80 million consumers and nearly 6 million small businesses, with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: More than 4,700 branches in 48 states and the District of Columbia, more than 15,000 ATMs, mobile, online and by phone. <Source> |
What they don’t mention…
Since this is a “commercial” offering, government agencies, including intelligence and law enforcement entities, that are generally prohibited from collecting and maintaining their own databases, can simply purchase the data for their own purposes—both legitimate and nefarious. Thus, a malevolent regime can also use the very same precision targeting methods used commercially to advance their own interests. Likewise, activist organizations can do the very same thing: identify potential donors or target organizations. Since there are no regulatory restrictions on data use beyond those imposed by the financial institutions themselves, this represents a clear and present danger to our democracy.
It appears that our major banks were more than willing to act as agents of the progressive communist democrat regime when it comes to de-banking customers who are associated with goods and services that run counter to the regime’s narrative.
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Advocacy groups, government officials, and activist shareholders are using Environmental, Social, and Governance mandates to coerce banks to cut ties with politically disfavored industries like oil companies and firearms manufacturers. Now, it appears this cancellation threat is spreading to political and religious views that activists disfavor, too. Both of our organizations have had recent run-ins with debanking. The National Committee for Religious Freedom (NCRF)—a nonprofit advocacy group that exists to defend the right of everyone in America to live out their faith freely—opened a JPMorgan Chase checking account last April. A few weeks later, the bank shut down the account without explanation. NCRF only found that out when one of its founders tried to deposit a donation at a local Chase branch on May 19. That’s when NCRF was informed that the account was restricted and marked for closure. All the local branch could share was that the corporate office had closed the account, and that bank employees weren’t permitted to give additional information. The following week, NCRF received a letter dated May 6 stating that Chase would close the account and end its relationship on May 9. Eventually, a representative at Chase’s corporate office said the bank might reinstate the account if NCRF disclosed a list of donors who contributed 10 percent or more of its operating budget and divulged the criteria it uses to decide whom to support politically. Respecting donors’ privacy and skeptical that the bank made the same demands of other nonprofits, NCRF declined. As pressure mounted over cancellation of the account, Chase changed its story several times. It initially denied asking invasive questions about donors but quickly changed its tune and claimed that it had to ask these questions to comply with federal banking guidelines on money laundering and funding terrorism. Pressed on the weakness of this untenable rationale, Chase pivoted and claimed that, as a former U.S. senator and ambassador, I (Sam Brownback) am a “Politically Exposed Person”—a designation that Chase claimed triggers heavier scrutiny before NCRF could open an account. But the relevant guidelines specify that “Politically Exposed Persons” do not “include U.S. public officials.” Put simply, the rule Chase cited does not even apply. <Source> |
Bottom line…
We know that commercial enterprises are now using purchase category codes and that the government uses this data to identify individual gun owners. What would keep them from trying to identify unregistered owners of gas-power small engines in the future?
It is time to force our legislators to implement data use and privacy protections to protect personal, non-public data and to impose heavy jail sentences on government-related individuals, including third-party contractors, who breach the public’s trust to access and use prohibited data.
We are so screwed.
--Steve
“Nullius in verba”-- take nobody's word for it!
"Acta non verba" -- actions not words
“Beware of false knowledge; it is more dangerous than ignorance.”-- George Bernard Shaw
“Progressive, liberal, Socialist, Marxist, Democratic Socialist -- they are all COMMUNISTS.”
“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS "The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius “A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell “Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar “Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS