Allow me to share a narrative about your data – the information swirling around your daily life, the bits of data generated by your online searches, and even the highly sensitive data concerning your private moments.

Data brokers and advertising platforms have been collecting this data, segmenting it, packaging it, and selling it to the highest bidder for years. Frequently, your data falls into the hands of individuals and companies you may not have ever heard of.

It has long been known that companies track our activities. Initially, they sought your location data. Applications tracked our movements and the stores we visited, including sensitive places such as health facilities.

Subsequently, health data became the target – from period trackers to fertility apps and mental health platforms, commodifying the most personal aspects of our lives. And yes, even your car is keeping tabs on you. Your driving tendencies, each sharp turn, every acceleration, are monitored and sold to insurance companies. They then determine whether you pose too much risk and adjust your premiums accordingly, often without your knowledge.

Thus, your location, health status, and driving habits are consistently monitored to fuel the advertising industry. Now, they are influencing the prices you pay for various things, ranging from loans to insurance costs to groceries. What are the repercussions when your data decides your value? It is a concern for all of us.

Over the years, the Federal Trade Commission has closely scrutinized the use of data in advertising. However, the conversation is expanding. The Consumer Financial Protection Bureau has started exploring how financial institutions utilize consumer data – not only for selling products but also for forming entirely new business models. Banks, lenders, and other financial institutions have transformed consumer data into a significant revenue stream, employing it to shape pricing models, advertising networks, and retail partnerships.

Scrutinize your bank statement more closely. It is not just a record of your expenditures – it is data. Perhaps you have observed advertising for “credit journeys” or custom financial tools that you have never encountered, even when you did not request them. This is not a coincidence. Financial institutions are developing networks to monetize the data they gather on customers, frequently without explicit permission or comprehension.

And they are not alone – this phenomenon is prevalent across various sectors.

The Consumer Financial Protection Bureau has raised concerns about whether consumers comprehend how their data is amassed or have significant control over its usage. While certain state-level privacy laws are starting to grant consumers more rights, such as knowing what data companies possess or requesting its deletion, these safeguards often exclude financial institutions, creating a sizable accountability gap.

What happens when these data-driven practices infiltrate everyday commerce? Enter surveillance pricing, a system in which what you pay is not just dependent on supply and demand but on your identity.

Companies are already investing in systems to monitor shoppers in real time, even within physical stores. Some grocery stores are implementing digitized price tags that can be modified on the spot, automatically adjusting based on factors like expiry dates, demand, or the customer standing before them. The price you observe could vary from what the next person sees, contingent on the data the system has about you.

Your willingness to pay could be assessed based on data you may not even realize is publicly available: your location, shopping history, or even subtle behavioral patterns. Surveillance pricing represents the next stage of what is known as “personalized pricing,” which retailers have employed for years to estimate how much a customer may be willing to pay.

What is distinct now is the type of data used to establish these prices. It is no longer solely about supply and demand – it is about you and what companies know about you.

The potential consequences are alarming. Companies could leverage their data on you to identify tendencies toward addictive behaviors – be it in gaming, gambling, or impulsive buying. Perhaps it is not intentional, but if an algorithm detects these patterns, prices on items you are more likely to purchase in a vulnerable moment could be elevated. This data is derived from loyalty cards, online shopping behaviors, and, of course, the vast network of third-party data brokers.

You are not necessarily giving away your data voluntarily – consent to collect it is frequently buried within unread 200-page user agreements or sneakily obtained when you click “accept” on a cookie notice just to get it out of the way. Sometimes, companies do not even bother to seek permission – they just take the data.

Undoubtedly, we have witnessed how data has influenced advertising, insurance, and health choices. Presently, it is extending its reach to commerce and financial services. Without stronger protections, these practices could become so widespread that the impact on our finances will go largely unnoticed until it is too late.

The only solution is to grant consumers meaningful control over their data. This encompasses clear rights to access, correct, and delete information, along with the capacity to opt out of data collection altogether. Without these safeguards, the convenience of digital commerce might come at a price none of us are willing to bear.

Hence, will consumers demand a transformation? Will we demand increased transparency and control? Or will we continue to trade our data for convenience, only to discover that the price we pay – quite literally – is far higher than anticipated?

Jennie Baird serves as the chair of the Ethical Tech Project.