FTC wants answers from Mastercard, JPMorgan, others on use of AI to collect data

Eight large companies, including Mastercard and JPMorgan Chase, have been ordered by the Federal Trade Commission (FTC) to provide detailed reports about their possibly secret use of artificial intelligence (AI) to track customers and use the information to set prices.

The FTC alleged that many companies, from retailers to banks, are using surveillance technology and private data about customers, often collected by third parties, to help set prices for their products.

The FTC will use the reports to understand any impacts that the surveillance has on the price of products, and also the types of data the companies or third parties are collecting about people.