Let me tell you a story about your data — the data that swirls around your routines, the particles of information kicked up by your internet searches, and even the extremely sensitive data about your most private moments.
Over the years, data brokers and advertising platforms have been collecting this data, dividing it up, packaging it, and selling it to the highest bidder. Most of the time, your data will end up in the hands of people and corporations you’ve probably never even heard of.
We have known for years that companies are tracking our lives. First, they came for your location data. Apps tracked where we went and what stores we visited, even sensitive places like health clinics.
Then came health data — period trackers, fertility apps, mental health platforms — commoditizing the most intimate details of our lives. And yes, your car is spying on you too. Your driving habits, every sharp turn, every moment of acceleration, are being tracked and sold to insurance companies. They then decide whether or not you’re “too risky” and raise your premiums accordingly. You might not even know it’s happening, but it is.
So your location, your health and your driving are all under constant watch to power the advertising machine. And now they’re influencing the prices you pay for everything, from loans to insurance premiums to groceries. What are the consequences when your data determines your worth? It should worry all of us.
For years, the Federal Trade Commission has been keeping a close eye on how data is used in advertising. But the conversation is broadening. The Consumer Financial Protection Bureau has started looking into how financial institutions are using consumer data — not just to sell products but to build entirely new business models. Banks, lenders and other financial institutions have turned consumer data into a major revenue stream, using it to shape pricing models, advertising networks and retail partnerships.
Take a closer look at your bank statement. It’s not just a record of what you’ve spent — it’s data. Maybe you’ve noticed ads for “credit journeys” or tailored financial tools that you’ve never heard of, even when you didn’t ask for them. That’s not a coincidence. Financial institutions are building networks to monetize the data they collect on customers, often without explicit consent or understanding.
And they’re not alone — this is happening across multiple industries.
The Consumer Financial Protection Bureau has raised concerns about whether consumers understand how their data is collected or have meaningful control over its use. While some state-level privacy laws are starting to give consumers more rights, like knowing what data companies have or requesting its deletion, these protections often exclude financial institutions, leaving a glaring gap in accountability.
What happens when these data-driven practices seep into everyday commerce? Enter surveillance pricing, a system where what you pay isn’t just based on supply and demand but on who you are.
Companies are already investing in systems to monitor shoppers in real time, even in physical stores. Some grocery stores are already using digitized price tags that can be updated on the fly, automatically adjusting based on factors like expiration dates, demand or who’s standing in front of them. That’s right — the price you see could be different from the price the next person sees, depending on what the system knows about you.
Your willingness to pay could be gauged by data you might not even realize is publicly available: your location, your shopping history, even subtle behavioral patterns. Surveillance pricing is the next evolution of something called “personalized pricing,” which retailers have used for years to estimate how much a customer is willing to pay.
What’s different now is the kind of data being used to set these prices. It’s not just about supply and demand anymore — it’s about you, and what companies know about you.
It is frightening to think about where this could end up. Companies could use their data on you to identify tendencies towards addictive behaviors — whether it’s gaming, gambling or impulse buying. Maybe it’s not intentional, but if an algorithm picks up on these patterns, prices could be raised on the items you’re most likely to buy in a weak moment. That data is coming from loyalty cards, online shopping habits and, of course, the endless web of third-party data brokers.
You don’t even have to hand over your data willingly — permission to collect it is often hidden in 200-page user agreements no one reads, or sneakily acquired when you click “accept” on a cookie notice just to get it out of the way. Sometimes, companies don’t bother asking at all. They just take it.
We’ve already seen how data has been used to influence advertising, insurance, and health decisions. Now, it’s coming for commerce and financial services. Without stronger protections, these practices could become so pervasive that we’ll barely notice the impact on our wallets — until it’s too late.
The only way forward is to give consumers meaningful control over their data. That means clear rights to access, correct and delete information, along with the ability to opt out of data collection entirely. Without these protections, the convenience of digital commerce could come at a price none of us are prepared to pay.
So, will consumers demand change? Will we insist on more transparency and control? Or will we continue to trade our data for convenience, only to find that the price we pay — quite literally — is far higher than we expected?
Jennie Baird is chair of the Ethical Tech Project.
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