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JPMorgan Chase announces it is selling 80 million customer transaction histories to third party advertisers

  The largest bank in the United States based on assets  quietly announced  earlier this month that it has begun selling the transaction his...

 The largest bank in the United States based on assets quietly announced earlier this month that it has begun selling the transaction histories of around 80 million customers to third parties, which are using the information to curate targeted advertising.

JPMorgan Chase launched a subsidiary, Chase Media Solutions, that bragged about the move, claiming it will connect "Consumers with the Brands They Love." In truth, JPMorgan Chase is selling out its customers for more profit.

According to the bank, Chase Media Solutions is the vehicle through which the bank itself connects its customers with brands that want to sell them more things. Chase earns a profit for the ads while its customers get bombarded with promotions for things they probably do not need.

"As the only bank-led media platform of its kind, Chase Media Solutions combines the scale and audience of a retail media network with the exclusive advantages of Chase's first-party financial data, institutional credibility and precise targeting capabilities," the company boasted.

"Today, the bank's large consumer base and 6 million small business customers benefit from Chase's wide range of travel, dining and shopping offerings – generating unparalleled insights across consumer categories."


Selling out your customers

In 2022, Chase acquired a company called Figg that created the world's leading card-linked marketing platform. From there, Chase launched Chase Media Solutions in an effort to build out its planned two-sided commerce platform.  

"Our deep understanding of consumer spending across categories has driven us to reimagine what retail media networks can offer," says Rich Muhlstock, president of Chase Media Solutions.

"Like retailers, we have first-party data and a dedicated audience. But what sets us apart is the unrivaled scale and insights from our customers – having long-served as a trusted guide for their financial decisions. Chase reaches across brands, merchants and shopping verticals, providing a comprehensive view of purchase behavior; this strengthens the degree of personalization, helping brands deliver offers that stoke consumer interests."

Some of Chase's early pilot partners include Air Canada, Solo Stove, Blue Bottle and Whataburger. All of these companies have seen increasing sales and new customer growth as part of the targeted advertising scheme.

"The Chase team succeeded in creating a thoughtful, targeted offer that exceeded our expectations," commented Scott O'Leary, vice president of loyalty and product for Air Canada.

"Two distinct offer constructs drove incremental revenue and awareness for Air Canada amongst Chase's cardmember base. These tests clearly demonstrated the potential of the Chase Media Solutions channel, and we look forward to working together more in the future."

Members of the public have been shocked to learn about what Chase is doing. It is bad enough to have to deal with the banking industry's predatory usury, but to now have to be bombarded with targeted ads so America's largest bank can pad its pockets only adds fuel to the fire.

"Banksters make the Mafia look like amateurs," one commenter wrote about the banking racket.

"This is awful and should be highly illegal," wrote another. "A bank should not be able to sell customer data to tell companies what I am purchasing. That should be completely private, and that is insane."

"Isn't there some kind of privacy law against this?" asked another. "I straight up believe that targeted advertisements should be banned."

"To solve this, stop using Chase bank," said someone else. "In fact, you should never use any bank that got bailed out. Use local or credit unions."

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