Banks’ ‘Surveillance-Based’ Customer Ads Flagged by CFPB (1)

JPMorgan Chase & Co. and PayPal Holdings Inc.‘s plans to engage in targeted advertising using sensitive consumer data present severe privacy concerns, the top federal consumer finance watchdog said.

The plans from the two banking giants to use customers’ spending and income data “fuel surveillance-based targeting,” CFPB Director Rohit Chopra will tell members of the Senate Banking Committee Wednesday, according to prepared testimony the panel released.

“These plans to monetize sensitive financial transaction data are a reminder that the United States is slowly lurching toward more financial surveillance and even financial censorship,” Chopra said in the prepared remarks.

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