Facebook asks big banks to share customer details

07 August, 2018, 01:34 | Author: Billie Castillo
  • Facebook wants banks to share your personal finances: Report

Reports now claim the platform wants to gain access to its users" financial information to "boost engagement.' .

The social media titan has reportedly put forward a proposed feature that would allow users to see their own checking-account balances through the platform, as well as fraud alerts that could be delivered through Facebook as well.

According to the report, over the past year the social media giant has requested personal financial details such as credit card transactions and checking account balances from banks including JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp, in an effort to create offerings for bank customers on messenger. Facebook is now facing multiple investigations related to its ties to Cambridge Analytica, the political analytics company that accessed data on up to 87 million Facebook users without their consent.

Though the identity of that bank is unknown, it's not a surprise that some of Facebook's potential partners would be a bit leery of the company's business practices.

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Facebook has reportedly said that it wouldn't use the data to improve its ad-targeting or share it with others.

Facebook told the paper that any financial information it obtains would not be shared with third parties or used to target advertisements. Unless Facebook is able to reassure the banks that it either won't have direct access to the data itself, or that the data will never be used for advertising purposes, then the company may not succeed in convincing US banks to share their customers data.

A recent Wall Street Journal story implies incorrectly that we are actively asking financial services companies for financial transaction data - this is not true.

"The idea is that messaging with a bank can be better than waiting on hold over the phone - and it's completely opt-in", the statement said. We're not using this information beyond enabling these types of experiences - not for advertising or anything else.

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