News

Cash In On Your Online Information

TRI-STATE NEWS HEADLINES

From our newsroom to your inbox weekday mornings at 9AM.
Sign Up

NEW YORK (CBSNewYork) — Search the web, buy online, go on Facebook. Whatever you do, you’re leaving personal information behind.

Now, as CBS 2’s Diane Macedo reported, you can cash in on your data.

“The only person who really has the full 360-degree view of who you are is you,” said Matt Hogan, CEO and founder of Datacoup.com.

So shouldn’t you be the one in control of your own information?

Hogan thinks so. He created Datacoup.com to allow users to decide what personal data they want to put online for marketers to see, and ultimately pay the user for.

“Businesses would love to know as much as possible, the more about people the better,” he explained.

What makes Hogan’s site unique is that it can connect your financial and social information all in one place, Macedo reported.

“You can connect a debit or credit card and four or five social media accounts in probably less than 30 seconds,” explained Lance Ulanoff, Mashable’s editor at large.

Eric Flemming posted his data on the site.

“If I’m going to be sharing all of this data anyway, why not get something in return. And if that means I can buy someone a drink at the end of the week, great,” Flemming said.

Consumers are already using shopping and commuting apps that are offering them rewards for sharing their data. Rewards such as free gas, or sandwiches, or points towards bigger prizes, Macedo reported.

This is the first site that offers you cash, and for people who use it, seeing all their information can be eye opening.

Tech expert Ulanoff said the Datacoup concept may be good, but there are still troubling privacy concerns.

“Do they know where I live, that my kid had a cold last week, or do they simply know my shoe size and that I like to travel to Miami,” he said.

Fleming isn’t making a lot of money yet, but he said at least he’s profiting.

“I’m up to $40 bucks now. It’s a great $40 dollars. It’s $40 dollars I wouldn’t have had otherwise.”

Datacoup is a new site and still in the early stages. It should be fully operational soon, Macedo reported.

Check Out These Other Stories From CBSNewYork.com: