New York has implemented a law requiring companies to disclose when they use consumers’ personal data for algorithmic pricing. This regulation aims to increase transparency and prevent unfair pricing practices based on personal information. #AlgorithmicPricing #ConsumerProtection
Keypoints
- New York’s law mandates disclosure of personal data use in pricing decisions.
- Algorithmic pricing adjusts prices based on consumer data like income and location.
- California has enacted a similar law that is not yet in effect.
- Attorney General Letitia James encourages consumers to report undisclosed data use.
- Privacy advocates warn about risks of discrimination and unfairness from surveillance pricing.
Read More: https://therecord.media/enforcement-begins-new-york-pricing-law