“If you’re someone who’s buying products on the web, we know who is buying the products where, and we can leverage the data,” Grether said in a statement to the WSJ. He also said that PayPal will receive shopping data from customers using its credit card in stores.
A PayPal spokesperson tells the WSJ that the company will collect data from customers by default while also offering the ability to opt out.
PayPal is far from the only company to sell ads based on transaction information. In January, a study from Consumer Reports revealed that Facebook gets information about users from thousands of different companies, including retailers like Walmart and Amazon. JPMorgan Chase also announced that it’s creating an ad network based on customer spending data, while Visa is making similar moves. Of course, this doesn’t include the tracking shopping apps do to log your offline purchases, too.
Yeah because it’s really secure anyone can take out your cash via ACH or whatever by your account numbers on that piece of paper.
Your bank is required to investigate and such, yeah? And you will most likely get your money back - after a while - if their investigation determines it was fraudulent. But a long process that’d be avoided by having a safer electronic transfer system. And what will you do if the bank thinks it’s some friendly fraud?
Not worth it. I don’t even like direct debit. No one should initiate taking money from my account other than myself.