Mastercard Should Stop Selling Our Data (eff.org)

Article summary

The Electronic Frontier Foundation (EFF) has joined a campaign to call on Mastercard to limit its data collection and stop selling cardholder information. Mastercard's data collection and monetization strategies have raised concerns about privacy and trust. The company's access to vast amounts of financial data allows it to create detailed profiles of cardholders, which can be used to target them with advertisements. The EFF argues that Mastercard should respect the trust and privacy of its cardholders and change its current data practices.

Main themes

• Data Privacy
• Financial Transactions
• Credit Card Companies
• Alternative Payment Systems
• Credit Reporting
• Financial Control and Power
• Privacy vs Convenience
• Data Sharing and Monetization

What commenters say

• Some argue that pseudo-anonymous data can still be traced back to individuals and should not be shared without explicit consent.
• Others believe that having data publicly available is better than having it privately sold.
• There are concerns that credit card companies like Mastercard and Visa have too much power and control over financial transactions.
• Some argue that a payment system that is not held hostage by a few providers is needed, and that alternatives like free software or EU-based competing services could be a solution.
• It is argued that credit reporting and credit scores can be invasive and disproportionately harm certain individuals.
• Others see benefits to credit, such as fraud protection and convenience, but acknowledge that it can complicate transactions and lead to data sharing.
• Some believe that debit card transactions are a more straightforward and private alternative to credit card transactions.
• There are differing opinions on whether the benefits of data sharing outweigh the potential harms and privacy concerns.