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Aussie Bank Wants To Trade Social Network Data For Better Deals
natecochrane writes "An Australian bank has raised the possibility of offering better deals to customers who share its social network activities with it. But at the same security conference at which Commonwealth Bank's CIO made the suggestion, another speaker, security guru Bruce Schneier, warned of the dangers of vendor lock-in. Would you trust your bank — or any institution — to be the gatekeeper for your private data and thoughts in return for a cheaper mortgage or percentage points off your credit card?"
Everyone who currently makes advertising money off my personal data doesn't share it with me. This way I'd at least be getting something.
it's not like the bank can start doing real profit from that too much.
sounds like gimmick marketing towards younger folk. customers should ask for the same deals without it or threaten to switch banks.
world was created 5 seconds before this post as it is.
Considering my facebook account is empty - and purposefully so - yes, I would happily share additional lack of information for a better deal.
"If anyone needs me, I'm in the angry dome."
Since when has a bank's role expanded to include selling behavioural and psychosocial data? Perhaps they should stick to simply lending money (as a commercial bank should) or, separately, investing money (in an investment banking role) rather than treading beyond their pervue into all this nonsense? Yes, quite rhetorical.
It's all very simple -- they want this data because they feel it has value, and that value is realized only when they sell it to some other party in the future.
*they* are shameless about it.
Since when have people EVER cared in the slightest bit about what happens to their private data?
Just look at the millions of sheep posting the minutia of their lives on Facebook, letting their friends network be sold by other people to who knows who, letting their every move on the net be sliced, diced, analyzed and sold to _anyone_.
People don't care. They'll jump all over this if it'll save them five dollars. Hell, they will probably do it for free, just because their friends do it. People follow the pack, they don't think for themselves.
Of course people will willingly give up this data. Pretending they don't is to ignore the present reality.
As long as they can deal with the fact that I'm a 90 year old female that lives in 90210.
Oh, you mean we have to tell the truth? Somewhere there is an entire branch of statistics dedicated to throwing away the mandatory answers I give to some websites.
cheaper mortgage
If you have applied for a mortgage (at least with any bank I've ever done it with), they know a *lot* more than who your Facebook friends are. Most of my social stuff isn't secret anyway. Compare that to the fine-toothed comb they went through my credit history with, and I'm pretty sure I would take this deal.
SJW: Someone who has run out of real oppression, and has to fake it.
Is it really all that different to the implicit arrangement we have now: credit card companies and banks mining our purchasing habits to sell to advertisers? Or what facebook, advertisers, and every online presence with a "Like" button does? If anyone is worried about vendor lock in, they should have already abandoned Facebook and the like. Uprooting and changing banks is not nearly as difficult as, say, migrating email addresses, let alone going to a different social network (even if such a thing were possible).
If you're already getting fucked, you may as well lay back and enjoy it.
Right?
There's nothing I put out there, on a blog, comment Facebook, or even (especially) Twitter, that I'd consider to be private information. The stuff I had to reveal to get approved for my mortgage, however, that was private information. See the difference?
You're special forces then? That's great! I just love your olympics!
Create a fake site on facebook and give that to these idiots.
I prefer the "u" in honour as it seems to be missing these days.
If my bank would suggest something like that, the best deal would be another bank.
Nae king! Nae laird! Nae yurrupiean pressedent! We willna be fooled again!
What is to stop you from just creating a new ID to give the bank, that you fill with pictures of puppies, and beige Corollas?
I, like most of my friends are more mature now, but as a younger man I would have made up an assumed ID to post my pics of unacceptable behavior.
It is better to be the hammer than the anvil.
What company won't "leverage" this lock-in once uts established to increase prices
That is all.
This is the same bank that can't provide CVC checks for most of its credit card transactions for its card holders or merchants. There is no hope of doing simple address verification for online orders so fraud rates are quite high and the only thing that is limiting that type of fraud is the high demand for housing so there is a lack of empty houses to use as delivery points for goods ordered using stolen cards.
I treat these networks like I treat email. I have multiple email accounts and multiple social networks accounts. Find an email provider that provides filtering and forwarding.
Mine are roughly divided like this; 1) Personal, close, true and trusted friends and selected family members. 2) A business account for legitimate and legal uses. One for each business. 2) Social contacts, acquaintances, blogs, SOME social media sites. 3) Throw away accounts, may or may not use a pseudonym with significantly different demographics. This is used for sites that demand a valid email address. This account is rarely check except to hassle Nigerian scammers. Use your imagination for other possible uses.
Would you trust your bank — or any institution — to be the gatekeeper for your private data and thoughts in return for a cheaper mortgage or percentage points off your credit card?"
HeLL NO!
I have to wonder: is our privacy worth more to us than is our data worth to them? That brings us to the question of how much our privacy is worth to us. My worry is that when we see people en masse surrendering their privacy for a $50 instant on a TV, everyone else will say that the market value of an individual's privacy is fifty bucks. The market has spoken! Not too much later, the market will also determine that our dignity is worth about $250.
BUY. They want to buy your data.
Just create a dummy facebook/twitter/google+ account for situations like this... problem solved.
--- If the bible proves the existence of God, then Superman comics prove the existence of Superman.
Why does this sound like one of those 'deals' that simply becomes a rate hike for everyone and the discount for disclosing information just puts you back at the normal price?
Or they introduce a new fee or surcharge for not providing this info?
Or becomes one more bogus way to manufacture fake lending risk (like driving records) -- how would you like your Facebook profile factored into your credit score?
How do we educate the not so tech savy population who don't really understand what they are doing by giving this information away? I think ideas like this are going to become mode widespread over time. It's bad enough all the information Facebook and Google have on me, never mind whoring it out to third parties like banks.
Sounds like I'll be propping up the bank with high fees as opposed to all those sad faceslap, twatter, etc.b*****s who share every piece of cr*p with the world and it's dog.
/. is the closest thing I have to social networking! If they bring this in I'll change banks, assuming it gets past all the regulations and anti-competitive restrictions.
I don't have a single "social" account,
Go permanent? In your dreams and my worst nightmares.
I doubt the terms explicitly state that I cannot create a blank account with a fresh gmail address to get the deal.
I purposefully don't use a computer, you English.
Nobody believes anything they say anymore. We need to create our own bank databases that store our own currency. There is no reason to use central-bank-issued currencies anymore. Creating banks, currencies, credit systems, currency exchange systems, and credit cards are all becoming decentralized.
Then, how are you posting? :P
Ant(Dude) @ Quality Foraged Links (AQFL.net) & The Ant Farm (antfarm.ma.cx / antfarm.home.dhs.org).
He's using butterflies
General Relativity: Space-time tells matter where to go; Matter tells space-time what shape to be.
I mean, come on - people are ready to sell their kids for a half a point on their mortgage. And I'm talking about the young, cute ones, not just the teenagers!
Imagine all the extra excuses insurance companies could fabricate once you let them milk even more of your personal information. Will governments ever have an incentive to protect our personal information? Until they do, I expect the commercialization of personal information will continue - to the detriment of the consumer. When are people going to realize that there ain't no such thing as a free lunch, online or otherwise?
I've only got one Facebook account, and I don't use it very often. But I've got multiple Twitter accounts - one's named something like "dontfollowme", because some newspaper insisted on using Twitter logins for comments. If a bank really wants low-quality Facebook data, they'll find I have no friends, but I'm a fan of several random not-currently-produced TV programs or brands of cheese or something.
Bill Stewart
New Fast-Compression-only CPR http://preview.tinyurl.com/dy575ks
No problem. Lemme create an account.
Is there some kind of activity required?
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
It's nice that they asked.
A blog I run for the wealth
Step 1: Setup Fake Facebook account
Step 2: Give bank Fake account info and get lower rate
Step 3: Never use Fake account again.