Facebook Wants Access to Your Banking Data

Facebook Wants Access to Your Banking Data

It's not clear if Facebook's attempts to obtain user financial data will be successful or not, but we'll likely find out in the coming months.

Facebook has asked major United States banks to share customer data to allow it to develop new services on the social network's Messenger texting platform, a banking source told AFP on Monday.

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

The banks' primary concern with this partnership is, unsurprisingly, about data privacy.

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 don't use purchase data from banks or credit card companies for ads", claimed Facebook spokesman Elisabeth Diana.

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"We're not using this information beyond enabling these types of experiences - not for advertising or anything else", Facebook explained in its statement.

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

Facebook acknowledged last month that it was facing multiple inquiries from USA and British regulators about a scandal involving the now bankrupt British consultancy Cambridge Analytica.

"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. "An essential part of these efforts is keeping people's information safe and secure".

In response to the Journal's reporting, critics of corporate power used the word "dystopian" to describe the push by Facebook, Google, and Amazon for ever-greater access to users' personal information in a bid to boost profits.

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