Sunday, 23 September, 2018


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
Conrad Doyle | 07 August, 2018, 07:58

The goal was to create new ways for Messenger to be woven into and facilitate interactions between banks and customers, according to the reports.

The social network has asked several United States banks to share customers' financial data, including card transactions and checking account balances, The Wall Street Journal reported on Monday.

In effect, these deals would give Messenger the ability to alert customers to fraudulent activity on their accounts or allow them to check their balances.

Facebook Inc (FB.O) said on Monday it is in talks to deepen links with banks and financial institutions, saying it can help the firms improve their customer service.

Despite this, Facebook claimed in a statement that the data would not be used for advertisement targeting. I reached out to Facebook for comment and will update this post if I hear back.

Citing "people familiar with the matter", the Journal reported that over the past year Facebook has sought out JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp "to discuss potential offerings it could host for bank customers on Facebook Messenger". "An essential part of these efforts is keeping people's information safe and secure". The social media giant is facing lawsuits over the debacle in the U.S. and the United Kingdom, is being investigated by various agencies and has inspired a handful of data privacy bills in both the House and the Senate.

'We don't use purchase data from banks or credit card companies for ads'.

"The idea is that messaging with a bank can be better than waiting on hold over the phone - and it's completely opt-in", she added.

Wells Fargo declined to address the news.

In recent months, Facebook has been scrutinized for its approach to user privacy. "We're not using this information beyond enabling these types of experiences - not for advertising or anything else".

Facebook CEO Mark Zuckerberg announced in May he was rolling out privacy controls demanded by European regulators to Facebook users worldwide because "everyone cares about privacy". Facebook has pulled in $11.8 billion in advertising revenue in the US and Canada so far in 2018.

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