Facebook accused of asking banks for financial information about its users

Mark Zuckerberg CEO of Facebook

Facebook Wants Banks to Hand Over Your Financial Information Associated Press 6 Aug 2018

According to a new Wall Street Journal (WSJ) report, Facebook has asked us banks to share detailed information on their customers, including data on credit card transactions and checking account balances. The information would be used to offer new services to Facebook account holders.

According to The Wall Street Journal (WSJ), the latest data partnership Facebook is pursuing could involve some of the US' biggest banking organizations.

(C) and U.S. Bancorp (USB) in the past year to determine whether potential offerings for bank customers on Facebook Messenger might be possible.

The banks' primary concern with this partnership is, unsurprisingly, about data privacy. (JPM), Wells Fargo & Co. Specifically, the social media company wants to incorporate its users' financial data into Messenger, allowing them to to check their account balances or watch for fraud alerts. But after the Cambridge Analytica scandal and multiple other privacy scandals, even Facebook's current partners may not be willing to trust the company. One bank has reportedly pulled out of discussions with Facebook because of the issue.

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From Facebook's perspective, the company believes that more customer information means more targeted efforts at engaging its user base.

"Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management", she said in a statement on behalf of the social media giant. Facebook has pulled in $11.8 billion in advertising revenue in the USA and Canada so far in 2018.

"We don't use purchase data from banks or credit card companies for ads", Facebook spokeswoman Elisabeth Diana said in a statement.

Facebook has promised that it will not use the bank data for any ad-targeting purposes or in communications with third parties.

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