Facebook Wants Access to Your Banking Data

Mark Zuckerberg CEO of Facebook

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

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. "We're not using this information beyond enabling these types of experiences - not for advertising or anything else". "We also do not have special relationships, partnerships, or contracts with banks or credit-card companies to use their customers' purchase data for ads".

JPMorgan isn't "sharing our customers' off-platform transaction data with these platforms, and have had to say no to some things as a result", spokeswoman Trish Wexler told the Journal.

Facebook has asked large US banks to share financial information about their customers as it seeks to offer new services to users, according to The Wall Street Journal.

"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.

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

However, concerns over data sharing and privacy have held up talks with at least one bank, sources told the Wall Street Journal.

But word Facebook is fishing for financial information comes amid concerns it has not vigilantly guarded private information. Facebook has pulled in $11.8 billion in advertising revenue in the USA and Canada so far in 2018.

When news of the potential partnerships became public, Facebook shares increased by about 3.5% through midday.

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Wells Fargo declined to comment.

However, Facebook said that users must opt in to linking the Messenger chat app to their bank accounts.

"The Messenger chatbot pilot was created to be a short-term study to learn as much as possible about how conversational banking capabilities can improve our customer experience, and to learn about delivering banking information using AI", Wells Fargo's O'Byrne said in the statement.

Facebook's person-to-person payments capability inside Messenger ranked below similar offerings from Square Inc., Apple Inc. and PayPal in a review from Consumer Reports on Monday. A partnership with Facebook could help them do it.

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