Facebook wants banks to share your personal finances

Eileen GuzmanAug 07, 2018

Facebook has also suggested that it could perhaps integrate banks' fraud alerts or account balances into the app.

The company has reportedly sought information, including card transactions, in order to offer new services to users on Facebook Messenger, reported The Wall Street Journal.

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

Citigroup spokeswoman Elizabeth Fogarty said while the bank regularly has "conversations about potential partnerships, safeguarding the security and privacy of our customers' data and providing customer choice are paramount in everything we do". (JPM), Wells Fargo & Co.

But word Facebook is fishing for financial information comes amid concerns it has not vigilantly guarded private information.

Despite this, Facebook claimed in a statement that the data would not be used for advertisement targeting. And those on Facebook have become more comfortable using their credit cards in the news feed because of a product that enables people to ask their friends to donate to charitable causes.

Facebook confirmed the effort in a statement to AFP, but said it was not asking for transaction data.

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

Facebook reportedly wants you to check your bank account on its instant message platform, Messenger.

A JPMorgan spokesperson said that the company is not sharing its customers' transaction details with these third parties.

"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 likely hopes to capitalize on the pressure that big banks are experiencing to develop partnerships with large online platforms to reach more customers digitally.

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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