AI is quietly being used to pick your pocket

AI is increasingly being used for personalized pricing, allowing retailers to set prices based on individual data such as age, mood, and sexual orientation. This practice not only raises concerns about bias and potential inflation but also creates a scenario where consumers may unknowingly be charged different prices for the same products or services. The use of algorithms for personalized pricing extends beyond retail to various sectors like streaming, fast food, and dating apps. Companies gather extensive data on consumers to determine the price they are willing to pay, leading to concerns about privacy and fairness. The implications of personalized pricing can be far-reaching, affecting public trust in pricing mechanisms and potentially leading to discrimination based on factors like age or class. As AI-driven pricing becomes more prevalent, there are growing calls for regulatory oversight to prevent exploitation and ensure transparency in pricing practices.