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Facebook Wants Banks to Hand Over Your Financial Information

Facebook Wants Banks to Hand Over Your Financial Information

New features could include tools that help users check their account balances or alert them about bank fraud, according to the Wall Street Journal.

While Facebook insisted in response to the Journal's story that it doesn't want to use any of this data for advertising purposes or share it with third parties, many pointed out that there is no reason to trust Facebook's expressed commitment to user privacy, particularly in the wake of the Cambridge Analytica scandal and other abuses.

"Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management", a Facebook spokesperson said in an email statement. Its latest effort? To try and convince banks to offer services inside Messenger, according to a new report.

"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.




Citigroup declined to comment regarding any possible discussions with Facebook about Messenger.

Chase isn't "sharing our customers' off-platform transaction data with these platforms, and have had to say no to some things as a result", said JPMorgan Chase's spokeswoman Patricia Wexler, referring CNET to her statement to the Journal. At least one major U.S. bank left talks with the company due to privacy concerns, the Wall Street Journal reports. In order for Facebook to show users' banking information, Facebook would need to have access to that same data too, which it could then use to improve its ad-targeting algorithms. A critical part of these partnerships is keeping people's information safe and secure.

The dust surrounding the Cambridge Analytica data privacy incident still hasn't fully settled, but Facebook is already looking for additional ways to get its hands on user data.

Shares in the social network have regained some ground, and rose 4.4 percent to close at $185.69 on Monday.


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