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Facebook Has Asked Large US Banks To Share Detailed Financial Information About Customers as it Seeks To Boost User Engagement [Update] (wsj.com)
Facebook wants your financial data. The social media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking account balances, as part of an effort to offer new services to users, The Wall Street Journal reported Monday. From the report: Facebook increasingly wants to be a platform where people buy and sell goods and services, besides connecting with friends. The company over the past year asked JPMorgan Chase, Wells Fargo & Co., Citigroup and U.S. Bancorp USB to discuss potential offerings it could host for bank customers on Facebook Messenger, said people familiar with the matter. Facebook has talked about a feature that would show its users their checking-account balances, the people said. It has also pitched fraud alerts, some of the people said. Data privacy is a sticking point in the banks' conversations with Facebook, according to people familiar with the matter. The talks are taking place as Facebook faces several investigations over its ties to political analytics firm Cambridge Analytica, which accessed data on as many 87 million Facebook users without their consent. Update: Shares of Facebook surged nearly 3% following the report. A paywall free, alternative source of this story.
Update 2 (18:10 GMT): Talking to TechCrunch, Facebook has, in part, denied WSJ's report. TechCrunch: Facebook spokesperson Elisabeth Diana tells TechCrunch it's not asking for credit card transaction data from banks and it's not interested in building a dedicated banking feature where you could interact with your accounts. It also says its work with banks isn't to gather data to power ad targeting, or even personalize content such as what Marketplace products you see based on what you buy elsewhere.
Update 2 (18:10 GMT): Talking to TechCrunch, Facebook has, in part, denied WSJ's report. TechCrunch: Facebook spokesperson Elisabeth Diana tells TechCrunch it's not asking for credit card transaction data from banks and it's not interested in building a dedicated banking feature where you could interact with your accounts. It also says its work with banks isn't to gather data to power ad targeting, or even personalize content such as what Marketplace products you see based on what you buy elsewhere.
"I've got a great idea guys, the Stasi, but on the internet!"
the preceding comment is my own and in no way reflects the opinion of the Joint Chiefs of Staff
This makes me even happier that I ditched Facebook 9 months ago never to return.
Only 9 months ago? Pfttt! I quit Facebook well before it was the 'cool' thing to do.
AC comments get piped to
..."Privacy Rapists" - seems more accurate as the days go by.
Even that fails to accurately capture how bad Facebook is.
The most vile, despicable rapists in history have only been able to rape one victim at a time.