Legacy Thread

[basserdan]

When Did You Consent?

by Karl Denninger
2018-08-06 11:37

When did you consent to your bank "sharing" data on your account with Facebook?

Would you consent? Under what terms?

Are you out of your ****ing mind?

Facebook's stock is up some 3.5% today on the "news" that it is working on "partnerships" with major banks, which will include access to your account data -- including balances.

May I remind you that the major credit-card processing networks -- same banks, ultimately folks -- have over the last few years, prompted by the "chip" thing in cards, quietly been changing from "Level 1" (that is, amount-of-transaction only) data from merchants to Level 3, which captures the quantity, price and exact items or services purchased?

The merchants are being coerced into this with a lower discount rate if they consent, with the argument being "better fraud detection" and thus lower losses. In other words where the discount rate might be 2% if they just do transaction total the banks will give them a 1.5% rate if they consent to Level 3.

When were you consulted on any of this and given fair disclosure?

When was a sign posted at the checkout that every single line item in your cart was being sent, in detail, to both Visa and your bank and that they may do with that data as they please, including selling it to your health insurance firm, car insurance company and, quite-possibly, your employer?

Never.

So now you go into a restaurant and instead of the bank knowing you charged $45.02 on your card they now know you bought a $20 steak and $18 worth of beer -- and the rest was tip.

They also now know if those beers were $6 each -- you drank three -- or if you got them on happy hour for $2 and you drank nine of them!

This is extremely valuable information; among other things if you ever buy alcohol far enough away from your home that you could not have reasonably walked you are instantly assumed to drive drunk by your car insurance company and pay another $200 a year -- or more -- for your car insurance.

Think I'm kidding?

Nope.

This is happening right now, today.

Now Facebook wants the same thing, indirectly, so they can exploit it and they're going to get it.

When did you consent to any of this from either end?

Never.

Were you ever told that the local eatery went from "total transaction amount" (which you could reasonably assume) being communicated to Visa, Master Card, Discover, Amex and your bank to every single line item being reported to them?

No, you were not, just like you were not told when Verizon stuck "supercookies" on every web transaction you made through a mobile phone on their network and collected all that data on exactly where you go, when, on your phone handset.

That happened years ago and not one person has ever been prosecuted for it nor has it been stopped.

Has any of this been curtailed or this data been restricted or deemed to belong to you, anywhere, or has any executive ever been indicted or prosecuted even if you get directly screwed by some "glitch", such as Wells Fargo's repeated and outrageous hosing of customers?

Nope, never.

The same screwing will happen here -- and if you think it's not worth anything and you're not "interesting enough", well, the market says you're going to get ****ed up the ass by it because the stock market just added $20 billion to Facebook's valuation this morning immediately following the announcement.

Enjoy the buttsexing of both your person and wallet folks, because it's certainly not******as long as you keep consenting.

https://market-ticker.org/akcs-www?post=233929
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Facebook asks U.S. banks for financial info to boost user engagement: WSJ

https://www.reuters.com/article/us-facebook-banks/facebook-asks-u-s-banks-for-financial-info-to-boost-user-engagement-wsj-idUSKBN1KR1KY