ATLANTA — Artificial intelligence is increasingly being used by companies to set individualized prices, potentially costing loyal customers more money.
Channel 2 Consumer Advisor Clark Howard said companies are using AI to analyze consumer data and determine pricing based on individual profiles.
“One industry has been notorious for this over the years. And that’s the auto and homeowners’ insurance industries,” Howard said.
Howard said the companies may charge loyal customers more because their data suggests they are less likely to shop around for better deals.
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“This is something that is going on, although a lot of companies don’t want to talk about it,” Howard said.
He recommends that shoppers use private browsing sessions and clear their cache when shopping online to potentially find better prices.
Consumers are encouraged to be aware of how their online shopping habits can influence the prices they are offered and to take steps to protect themselves from paying more.
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