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Consumer Surveillance and Financial Fraud

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Listed:
  • Bo Bian
  • Michaela Pagel
  • Huan Tang
  • Devesh Raval

Abstract

In today’s digital economy, firms near constantly collect, analyze, and profit from consumers’ personal information, which might expose consumers to financial fraud. We examine the effects of Apple’s App Tracking Transparency (ATT) policy, which significantly curtailed data collection and sharing on the iOS platform. Using zip code level variation in iOS user shares, we show that ATT substantially reduced fraud complaints. The effects are concentrated in complaints that have more relevant narratives and in complaints about companies engaging in intensive consumer surveillance and lacking data safeguards. Our evidence quantifies one of the main harms of lax privacy standards.

Suggested Citation

  • Bo Bian & Michaela Pagel & Huan Tang & Devesh Raval, 2023. "Consumer Surveillance and Financial Fraud," NBER Working Papers 31692, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:31692
    Note: CF LE
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    JEL classification:

    • G5 - Financial Economics - - Household Finance

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