Accc Report: Loyalty Schemes and Australian Competition

accc report: The Australian Competition and Consumer Commission has questioned whether people are getting a raw deal from hugely-popular frequent flyer, supermarket, credit card and other loyalty schemes, according to Nine News Australia. The schemes are increasingly generating revenue from the rich data they collect about their customers' habits, interests and preferences, an ACCC report released on Thursday said. To improve your experience update it targets customer loyalty schemes By AAP4 38pm Sep 5, believe loyalty schemes are rewarding them with points and discounts, but the consumer watchdog warns the programs are increasingly selling detailed customer profiles to other businesses. ACCC chair Rod Sims said the schemes' privacy policies are frequently very vague and do not tell consumers who their data is being shared with and how it is being used, shared or monetised. Selling insights and access to loyalty scheme members are becoming increasing sources of revenue. Most people think they are being rewarded for their loyalty with discounts or points, but in reality some schemes are building up detailed profiles about consumers and selling those insights to other businesses, Mr Sims said. (news.financializer.com). As reported in the news.