New YORK – The gloves are off in the battle against price cheaters. New York Attorney General Letitia James issued a stern consumer alert today, warning residents about the dark arts of algorithmic pricing. This sneaky practice allows companies to tweak prices based on personal data like location and shopping habits, hitting consumers with surprise fees.
The AG’s office is stepping up its game with the introduction of New York’s Algorithmic Pricing Disclosure Act, which takes effect November 10. This new law forces firms to be upfront about their price-tweaking algorithms, requiring a clear disclosure near each price tag: “THIS PRICE WAS SET BY AN ALGORITHM USING YOUR PERSONAL DATA.”
“New Yorkers deserve transparency,” declared Attorney General James. “I will not hesitate to go after companies that hide behind complex algorithms to rip off consumers. If you suspect price manipulation, report it to us right away.”
Consumers are advised to keep a sharp eye out for signs of algorithmic pricing. Tips include comparing prices with others for the same product, scrutinizing personalized discounts, and checking if prices change after tracking behavior like online searches or store visits.
Failure to comply with the new law could cost companies big: a $1,000 fine per violation. The AG’s office is counting on an army of informed consumers to help enforce this legislation and protect against price manipulation.
AG James is urging New Yorkers to file complaints directly with the Office of the Attorney General (OAG) for any instances of hidden algorithmic pricing they encounter. It’s a call-to-arms in the fight against secret prices, and AG James is leading the charge.”
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Key Facts
- State: New York
- Agency: NY AG
- Category: Fraud & Financial Crimes|Cybercrime|Public Corruption
- Source: Official Source ↗
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