Your frequent flyer accounts are more than rewards for your behavior. They’re also data that’s valuable, too. So is your credit card spending. Banks don’t just give you points, get transaction value, and make money on interchange (merchant swipe fees) and revolve (interest). They generate intelligence about your buying behavior that can be rented out to companies that want to sell more to you.
When data is hacked, we hear about biographical information that’s taken – name, address, e-mail address, and we worry about social security numbers. That’s not even the really valuable stuff.