Facebook Wants Access to Your Banking Data

07 August, 2018, 23:11 | Author: Gerard Cortez
  • Facebook wants banks to share your personal finances: Report

In exchange for potential features including fraud alerts and checking-account balance checks, Facebook is asking for some of its users' most sensitive financial information, such as their balances and where they use debit and credit cards.

The social media company has reportedly asked USA banks to share financial information about their customers, including checking-account balances and card transactions. Far less trusted Facebook, probably because it is in the business of marketing personal information to others, and more recent surveys have indicated user trust in the company has taken a nosedive.

The talks, reflecting Facebook's desire to be a site where people buy and sell goods in addition to chat with their friends and share cat videos, are being held up by the banks' concerns about data privacy, partially a reflection of the selling of user data to Cambridge Analytica, the Journal reported.

"Like many online companies, we routinely talk to financial institutions about how we can improve people's commerce experiences, like enabling better customer service", Diana added. The sticking point for banks, unsurprisingly, is data privacy.

"We haven't shared any customer information or data to Facebook or any other technology platform", said Dana Ripley, chief communications officer at US Bancorp, in an email statement. At least one has cited concerns over customers' privacy.

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Facebook has proven time and again that it plays fast and loose with users' data, and while it's not cool for some random third-party to know you check in at Chipotle twice weekly, it's way less cool for them to know exactly how much money you have, especially considering Facebook would presumably need to connect Messenger to the servers of banks to provide this information in real-time.

But Facebook is denying the "data sharing" aspect of the report, per an article from TechCrunch.

"We don't use purchase data from banks or credit card companies for ads", spokeswoman Elisabeth Diana told the Journal.

But Facebook is saying it won't collect any of your bank's financial or transactional information about you, and that opting into the service will only enable better integration with Facebook Messenger. Citigroup and Wells Fargo refused to comment. American Express customers can use Messenger to track purchases.

A spokeswoman for Citigroup said the company recognizes its customers are increasingly spending more time on social media and it wants to be where consumers are.

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