Slashdot Mirror

← Back to Stories (view on slashdot.org)

Facebook Has Asked Large US Banks To Share Detailed Financial Information About Customers as it Seeks To Boost User Engagement [Update] (wsj.com)

Posted by msmash on from the aggressive-expansion dept.

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.

107 of 180 comments (clear)

  1. How do I scour my self out of Facebook? by mmmVenison · · Score: 1

    I'm sure there are legacy bits of my long deactivated Facebook account, how can I completely and utterly remove any trace of my existence from their servers?

    --
    Offended? Find a safe space and cry yourself to sleep.
    1. Re:How do I scour my self out of Facebook? by richy+freeway · · Score: 1

      Good question. I "deleted" my account about 4 years ago, but I wouldn't be surprised if all my data is still lurking on their system somewhere.

    2. Re:How do I scour my self out of Facebook? by tsa · · Score: 2

      You can be sure that they are still collecting data about you. FB, like Google is impossible to avoid.

      --

      -- Cheers!

    3. Re:How do I scour my self out of Facebook? by Thud457 · · Score: 5, Funny

      "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

    4. Re:How do I scour my self out of Facebook? by rogoshen1 · · Score: 1

      there needs to be a new moderation option "fun-formatative" because yeah, that's pretty much spot fucking on, while still being funny.

    5. Re:How do I scour my self out of Facebook? by AlanBDee · · Score: 1

      Everybody has the wrong idea and Facebook is doing it wrong.

      Hear me out. From what I read it looks like their looking for a better way to integrate Facebook messenger with the bank's customer service. They have explicitly said that this is not a part of the main facebook and that they will not share that data with 3rd parties. I don't believe that any more then I believe any of those banks have customer service but this has turned into a, "Facebook bad!" mob.

      I'm more concerned about Amazon or Google getting a hold of my banking information and then charging me more for products if I have more money or available credit. I don't trust Amazon's pricing system today.

      However, if Facebook really wanted to integrate user's bank information then they should create a budgeting system which then users would want tied to their bank so that they can track transactions.

    6. Re:How do I scour my self out of Facebook? by Zontar+The+Mindless · · Score: 1

      "It makes you laugh because it's true."

      --
      Il n'y a pas de Planet B.
    7. Re:How do I scour my self out of Facebook? by zlives · · Score: 1

      the real question is about trust... do you trust FB? if so, there is nothing to see here, move along citizen.

    8. Re:How do I scour my self out of Facebook? by b0s0z0ku · · Score: 1

      What does doing my banking through FB give me that the bank's website or app doesn't already give me?

    9. Re:How do I scour my self out of Facebook? by dryeo · · Score: 2

      To quote the summary,

      Facebook increasingly wants to be a platform where people buy and sell goods and services, besides connecting with friends.

      Which sounds to me that Facebook hopes to compete with Google and Amazon in being a market.
      I wouldn't any of the three.

      --
      https://en.wikipedia.org/wiki/Inverted_totalitarianism
    10. Re:How do I scour my self out of Facebook? by slickwillie · · Score: 1

      What does doing my banking through FB give me that the bank's website or app doesn't already give me?

      More exposure to hacking and data breaches?

    11. Re:How do I scour my self out of Facebook? by Impy+the+Impiuos+Imp · · Score: 1

      Everyone is funneling what you look at into a shared DB based on your IP address. It has nothing to do with where you are logged in or not. Amazon or Google or whoever.

      There is AI to monitor switched addresses and multiple devices, but it all goes to the same analysis. These sites then sign up with one of the big companies and feed tailored ads to you

      Even porn sites. Especially porn sites. Gay, horses, Barely Legal.

      If, like South Park prognosticated, this giant db was ever leaked...

      --
      (-1: Post disagrees with my already-settled worldview) is not a valid mod option.
    12. Re:How do I scour my self out of Facebook? by datavirtue · · Score: 1

      Yeah...I was about to say. This has been faintly attempted by many over the years but no one is willing to share that data...at all.

      --
      I object to power without constructive purpose. --Spock
    13. Re:How do I scour my self out of Facebook? by Aighearach · · Score: 1

      Not only does US Bank have customer service, but I get excellent service at the branch, I can also do most of those things through the website, and there is also a phone number that I can call for service.

      The banks listed have a wide range of customer satisfaction levels, including the best and worst. Interestingly, they all said "No" to this idea.

      For business users, they bought of the biggest US payment processors, after that payment processor bought out one of the big CC terminal manufacturers, so you can get merchant accounts totally in-house, even the hardware. Huge advantage from a customer service perspective; even when the bank has to hand you off to the subsidiary, that subsidiary knows they're supposed to make you happy.

    14. Re:How do I scour my self out of Facebook? by iMadeGhostzilla · · Score: 2

      As someone said here earlier, it is better to give FB bad data than to delete the account with good data.

  2. Seems like a good way for fraud to happen by Joe_Dragon · · Score: 5, Insightful

    Seems like a good way for fraud to happen or for debt collectors to bully your Facebook friends.

    1. Re: Seems like a good way for fraud to happen by sound+vision · · Score: 1

      They can already bother your friends, most user profiles have that info publicly accessible. This is about Facebook getting access to the banks, not the other way around.

    2. Re:Seems like a good way for fraud to happen by cjmnews · · Score: 2

      It seems that the elderly that use Facebook Messenger on their PCs are getting their Facebook accounts hijacked at a pretty good clip.
      Having banking information assigned to their Facebook account sounds disastrous.

      Losing your Facebook account is not a huge deal, losing your bank account because of Facebook, especially when you are unlikely to know that the link is there being a retiree, could be the worst case scenario.

      --
      You can lose something that is loose, so tighten the loose item so you don't lose it.
    3. Re:Seems like a good way for fraud to happen by Anonymous Coward · · Score: 1

      First response when I read this was:

      Americans, are you sure you don't want GDPR like protections for your data?

    4. Re: Seems like a good way for fraud to happen by Anonymous Coward · · Score: 2, Interesting

      Facebook probably never dared dreaming about getting data from banks until the EU started the madness:

      "EU lawmakers hope that the introduction of the revised Payment Services Directive (PSD2) will give non-banking firms the chance to compete with banks in the payments business and give consumers more choice over financial products and services."

    5. Re:Seems like a good way for fraud to happen by DutchSter · · Score: 2

      Until recently I worked in the financial services industry where this topic was being hotly debated. Set Facebook aside for a minute. Third party aggregation services like Mint.com have been around for a while. What they offer is a way for customers to access their own data from their platforms of choice.

      A lot of it is accomplished by screen scraping - you give them your online banking credentials and a bot logs in to download your data and do something with it. Naturally there's risks and downsides to this.

      As a group, customers are demanding access to their financial data outside of what FIs provide. Functionally this means some kind of an API where consumers can request that their bank share their information with specific third parties. Believe it or not, banks are not eager to open the floodgates. They're very reluctant to allow this to occur because there are big unanswered questions about who is responsible when things go wrong. Banks have obligations under GLBA to protect customer data. But when JoeBlow startup loses financial data given to them by a bank at a customer's request? Very much an open question. Same with fraud liability. On the other hand, regulatory bodies such as the CFPB are pushing for consumer ease of access.

      Back to FB, no surprise that they'd want in on this. So long as they only get access to customers who have properly consented and so long as they have controls to properly protect the data entrusted to them, more power to 'em. Let the customer decide if they trust them. Personally I wouldn't, but who am I to decide for my neighbor?

    6. Re:Seems like a good way for fraud to happen by reboot246 · · Score: 1

      We really need something like the HIPAA laws for financial portability and privacy.

      I don't have a fakebook account, but I'm fairly sure they know a lot about me from all of my dumb friends and family having accounts there. If I ever find out that fakebook has any of my financial information, I'll sue them. In fact, let's make it a class action lawsuit.

    7. Re:Seems like a good way for fraud to happen by Jason+Levine · · Score: 1

      Years ago, my wife and I were friends with someone - I'll call her C. After C's wedding and the birth of our first child, C and my wife had a falling out and didn't speak to each other again. We heard from some mutual friends that she moved out of the area, but that was it. Years passed and we get a call out of the blue from a collections agency asking us where C was because she owed them some money. We told them that we hadn't spoken to C in years, but they kept calling back. Eventually, they got the point and stopped calling us, but it took quite awhile for them to decide to quit. (We don't know if C ever paid her debt or whether she still owes it.)

      Now combine this with giving collection agencies access to Facebook: "We see that you were once Friends with C on Facebook. She owes us money. Tell us where she is now!"

      --
      My sci-fi novel, Ghost Thief, is now available from Amazon.com.
  3. I hope they do not by oldgraybeard · · Score: 1

    but I guess we all know it comes down to how much money Facebook is paying them to sell out their customers.

    But then I do not use Facebook since it provides nothing of value beyond private family contact points.
    Maybe someday the masses will figure out they do not need Facebook, one can always hope ;)
    Just my 2 cents ;)

  4. Data privacy should remain a sticking point by Muckluck · · Score: 2

    Silly fees for not using my accounts enough (really, silly fees, in general) and giving away or inappropriately using my transaction data are the two top reasons I will leave a bank. Data privacy for financial institutions is critical for continued trust in that industry.

    --


    --I like turtles...
    1. Re:Data privacy should remain a sticking point by JaredOfEuropa · · Score: 2

      One would expect the banks to have told FB to go to so much hell. However, don't count on it

      There are new EU rules forcing banks to share customers' financial data with 3rd parties if said customer asks for it. For instance, to give your accountant access to your data so they can process everything automatically without your involvement. Which is great... except that while banks were pissed of about having to enable 3rd parties to offer financial services this way, they weren't above freely interpreting those rules and entertaining ideas about monetizing data (aggregated or anonymized) themselves by selling it to 3rd parties. ING famously floated such an idea which backfired rather badly: when asked, fully 70% of respondents said they'd switch to a different bank if the data sharing trial would go ahead. They thought better of it, but even so I'm appalled that this idea wasn't shot in the back of the head and buried in the first internal meeting it came up in.

      --
      If construction was anything like programming, an incorrectly fitted lock would bring down the entire building...
    2. Re:Data privacy should remain a sticking point by Muckluck · · Score: 1
      >>Why should they provide any service to you? What do you provide?

      I help them meet their minimum reserve requirements and loan the money I store there. This is how US banks have worked since the beginning, essentially. There are products they can sell me like loans or they can rent to me when it comes to a safe deposit box. My data and I are not a product. to be resold

      --


      --I like turtles...
  5. Well ... by DaMattster · · Score: 1, Interesting

    This makes me even happier that I ditched Facebook 9 months ago never to return. There is no way those fuckers are going to get their hands on my financial data. Fuck Zuckerberg and fuck Facebook!

    1. Re:Well ... by Sebby · · Score: 3, Funny

      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 /dev/null
    2. Re:Well ... by TheFakeTimCook · · Score: 2

      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.

      I never joined. Saw it for what it was right from the start. Samething with Twitter and all the rest of "Social Media".

    3. Re:Well ... by 110010001000 · · Score: 4, Interesting

      What are you talking about? You can't just "ditch" facebook. They just disable your login. Your profile and data is still there, and more is linked to it every day.

    4. Re:Well ... by Hentes · · Score: 1

      If your bank is monetizing your financial data whether Facebook is one of the buyers or not makes little difference.

    5. Re:Well ... by thegarbz · · Score: 1

      There is no way those fuckers are going to get their hands on my financial data.

      hahahaha you think by not using Facebook they don't have your data. That's cute.

    6. Re:Well ... by forkfail · · Score: 1

      Hotel-California-Book

      You can check in, but you can never check out.

      --
      Check your premises.
    7. Re:Well ... by markdavis · · Score: 1

      >"Only 9 months ago? Pfttt! I quit Facebook well before it was the 'cool' thing to do."

      Bah.... I knew it was a disaster from before you quit it. I have NEVER had a Facebook account, and plan to keep it that way. :)

  6. Need public list of banks willing to cooperate. by Fly+Swatter · · Score: 5, Informative

    So I can be sure to take my business elsewhere.

    1. Re:Need public list of banks willing to cooperate. by Rob+Riggs · · Score: 1

      Don't worry. It will only affect the little people. JPM would not risk losing a Chase Private Client(tm) customer over this.

      You're not "little people", are you?

      --
      the growth in cynicism and rebellion has not been without cause
    2. Re:Need public list of banks willing to cooperate. by McGruber · · Score: 1

      Need public list of banks willing to cooperate.

      All of them.

      So I can be sure to take my business elsewhere.

      Good luck with that.

    3. Re:Need public list of banks willing to cooperate. by zlives · · Score: 1

      or instead of the symptoms... you could just cure the disease by leaving FB.

    4. Re:Need public list of banks willing to cooperate. by Anonymous Coward · · Score: 1

      Actually, Chase already backed out of this. Even JP Morgan's greed isn't sufficient to blind them to how much risk and how little upside their is in giving Facebook anything.

    5. Re:Need public list of banks willing to cooperate. by SuseLover · · Score: 1

      Until there is no more "elswhere" to go.

  7. Amazing by tsa · · Score: 1

    I keep being amazed about Facebook. They are under the magnifying glass because of all their privacy issues but they just keep on as if nothing is the matter. Of course they know that the American gouvernment won't touch them, but if I were them I would keep quiet for a while, just to make it seem that I cared about the allegations thrown at me.

    --

    -- Cheers!

    1. Re:Amazing by ichimunki · · Score: 1

      Of course they know the American government won't touch them. Facebook has access to all their private posts, friend lists, all their friends' posts, etc etc. The "accidental" data leaks are just waiting to happen as soon as anyone in government actually gets serious.

      --
      I do not have a signature
    2. Re:Amazing by Aighearach · · Score: 2

      This story is about something they did last year, not something that happened after the media interest started.

    3. Re:Amazing by datavirtue · · Score: 2

      They are too big to fail. All of the major media depends on FB for traffic. The politicians use it for campaigns. There is probably more but this is enough. Oh...and politicians know that most people pay zero attention to important current events and they do not want to be called out for being the one who messed up jane-q-public's facebook experience. Cause that's how it would be spun (by the platform controlling the message: FB) if they did oppress facebook's privacy intrusion.

      Too big to fail. Untouchable. Washington and the mainstream media is being held hostage by Facebook--not to mention democracy. It is a sick fucking twisted symbiosis.

      Zuckerberg knows this and is just standing there with his mouth hanging open. I don't think he likes it but the monster is out of the basement and there is nothing he can do without being stripped of his wealth and prestige/power.

      --
      I object to power without constructive purpose. --Spock
    4. Re:Amazing by tsa · · Score: 1

      Oh my, why didn't I think of that!

      --

      -- Cheers!

    5. Re:Amazing by DogDude · · Score: 1

      I keep being amazed by people that use Facebook.

      --
      I don't respond to AC's.
  8. This Idea Stinks by DERoss · · Score: 5, Interesting

    Several years ago, I discovered that Facebook cookies were being set on my PC whenever I logged-in to my accounts at the credit unions (2) and bank (1) where I have accounts. I was surprised since I do not have a Facebook account and do not want one.

    I then found that practice was contrary to the published privacy policies of all three financial institutions. I sent postal letters to all three. Two of them changed their Web site such that no Facebook cookies were being set.

    After a repeated letter to the third institution resulted in no correction in 6 months, I wrote to the institution's federal regulatory agency requesting an enforcement action to make the institution comply with their own privacy policy. Now, none of the three Web sites set Facebook cookies.

    1. Re:This Idea Stinks by Anonymous Coward · · Score: 1

      DERoss,

      Thank you for this public service. Much appreciated.

      I mean this sincerely. Thanks!

    2. Re:This Idea Stinks by Rick+Zeman · · Score: 2

      Several years ago, I discovered that Facebook cookies were being set on my PC whenever I logged-in to my accounts at the credit unions (2) and bank (1) where I have accounts..

      Everyone should have 3rd party cookies disallowed in all of their browsers.

    3. Re:This Idea Stinks by Waccoon · · Score: 1

      I have 3rd party cookies turned off, I have no Facebook account, and just now I found out I had some Facebook cookies stored.

  9. Well, off course by Errol+backfiring · · Score: 1

    They are looking at China with great envy, where people have one app open all the time, so every breath the people take can be monitored. This is what facebook is for, remember?

    --
    Nae king! Nae laird! Nae yurrupiean pressedent! We willna be fooled again!
  10. Article is paywalled. by QuietLagoon · · Score: 1

    Is there an alternate source?

  11. Re:I wonder if msmash gets a comission... by Anonymous Coward · · Score: 2, Insightful

    This is breaking news and a WSJ scoop. When the story hit Slashdot, nobody else had a rewrite. So they had little to no choice to link back to someone else. Besides, Slashdot readers know how to bypass a paywall. I mean, c'mon.

  12. I once heard Facebook referred to as... by Sebby · · Score: 4, Insightful

    ..."Privacy Rapists" - seems more accurate as the days go by.

    --

    AC comments get piped to /dev/null
    1. Re:I once heard Facebook referred to as... by Anonymous Coward · · Score: 3, Funny

      ..."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.

  13. Wait, How Is That Legal!? by BlueStrat · · Score: 2

    How the hell is it even remotely legal for banks to "share" that sort of very personal and private data with anyone outside government regulatory and law enforcement agencies, especially without your express written permission? What the actual fuck!?!?

    [HeavyRussianAccent]

    "Hello, yes, I from Facebook am, please to give me all your transaction data."

    [/HeavyRussianAccent]

    Strat

    --
    Progressivism (aka US 'Liberalism'): Ideas so good they need a police/surveillance-state to enforce.
    1. Re:Wait, How Is That Legal!? by 110010001000 · · Score: 1

      You are kidding, right? What do you think financial institutions do with your data?

    2. Re:Wait, How Is That Legal!? by 110010001000 · · Score: 1

      No, you don't. But the marketing companies do. How do you think the various corporations know what your average account balance is? There is no law to protect you, but you can opt out in certain cases.

    3. Re:Wait, How Is That Legal!? by swb · · Score: 1

      It's all buried in that 73 page privacy addendum they mailed you. By not cancelling your accounts (including paying off any loans held in full), you agree to the change in privacy terms.

      You may also opt out if you reply in writing within 72 business hours. All replies must be on 8.12" x 11.73" paper, in a type size between 11.1 and 11.9 points and notarized.

    4. Re:Wait, How Is That Legal!? by ole_timer · · Score: 1

      and you gave them permission when you opened your account...

      --
      nothing to see here - move along
    5. Re:Wait, How Is That Legal!? by ole_timer · · Score: 1

      both the bank and fakebook...

      --
      nothing to see here - move along
    6. Re:Wait, How Is That Legal!? by datavirtue · · Score: 1

      In the US you just have to change the terms of service.

      --
      I object to power without constructive purpose. --Spock
  14. Re:Misleading headline by Zontar+The+Mindless · · Score: 1

    Nice try, but this is Facebook, creator of the famed "shadow account" for people who don't actually have Facebook accounts.

    --
    Il n'y a pas de Planet B.
  15. What's in it for the banks? by rsilvergun · · Score: 1

    This looks bad for everyone except Facebook.

    --
    Hi! I make Firefox Plug-ins. Check 'em out @ https://addons.mozilla.org/en-US/firefox/addon/youtube-mp3-podcaster/
    1. Re:What's in it for the banks? by DarkOx · · Score: 1

      The banks make money on every transaction - well if they are also the card issuers anyway - they usually are. Why do think the industry is always talking about a cashless society. Retailers lover it. Take a way the pain people feel counting out cash which they can intrinsically see dwindle in quantity and replace it with waiving this unchanging plastic card around. Card issuers love it - less cash more transactions; so they can now profit even on those little $2 purchases. Sure %2 of $2 isnt much but multiple that by every candy bar and soda sold across the nation and its a pretty chunk of change.

      The next step in the game of ensuring consumers are separated from every last cent they earn is to take over thinking for then, You already see money and budget management web sites and services that aggregate all your accounts. Personally for security and privacy reasons I would anyone who chooses to use one of these things really should be classified as a danger to themselves and others and committed but its happening anyway. One of the features of these sites is they basically give people a "traffic signal" view of the monthly finances. Are they on budge? Green, nearing budget Yellow, over budget red etc.

      What FB wants to do here is move that kind of site of opt-in to opt-out so they will sweep up a lot of uses who were not interested or even actively objected to but did not read all the way to the last page of the most recent privacy mailing their bank sent. So they will get a lot people. The next they will do is they will put that green traffic light image right next to the "sponsored content" basically they will run the ads right a long side a statement of "see you can afford to indulge in this this month!"

      See they want to destroy the last vestiges of the physiology of saving. Today if you or I have a good month, we spend less on auto maintenance than anticipated, maybe the weather is nice and our energy costs or much lower than usual etc, we do crazy things like make an extra retirement savings contribution or just set it aside in our general rainy day funds. The retailers of the world, facebook, and even your bank don't want you doing that though - they'd rather convince you that you should buy some more Chinese plastic BS and have another $10 cup of coffee because a little circle is green...

      --
      Repeal the 17th Amendment TODAY! Also Please Read http://www.gnu.org/philosophy/right-to-read.html
    2. Re: What's in it for the banks? by denis.goddard · · Score: 1

      These days, when I have a little money left over, I buy private untraceable crypto like Monero. Call me crazy, but stories like this one make me all the more certain that truly private currency is something that more people will come to value.

    3. Re: What's in it for the banks? by Anonymous Coward · · Score: 1

      truly private currency is something that more people will come to value.

      You mean cash?

    4. Re: What's in it for the banks? by datavirtue · · Score: 1

      You shouldn't lock your wealth in crypto. Preferably you could use a trading and payment platform that would convert and send using any of them...instantly. Keep your wealth in a stable currency, like USD for instance, but easily pay with crypto of choice by converting at market rate at the time of sale. Unfortunately, this is regulated because USD are involved--forcing you to essentially speculate as you are now.

      --
      I object to power without constructive purpose. --Spock
  16. Re:I wonder if msmash gets a comission... by Zontar+The+Mindless · · Score: 5, Insightful

    Update: Shares of Facebook surged nearly 3% following the report. A paywall free, alternative source of this story.

    Wait a minute...

    Shares of Facebook surged nearly 3% following the report.

    WTF is wrong with people?????

    --
    Il n'y a pas de Planet B.
  17. Identity verification... by b0s0z0ku · · Score: 4, Interesting

    Real benefit for FB -- they will be able to reliably tie accounts to a real identity. Fecebook will off-load their ID verification onto banks by tying accounts to a bank account/routing number and verifying via two ACH deposits/withdrawls of random quantity (same as PayPal does). This is of course not a benefit for their customers, but it benefits Zuck&Co in being able to track and throw ads at real people more reliably.

  18. Yet another reason by Cutterman · · Score: 1

    Yet another reason to get off Facebucket.

    Only reason is use it is to find out what is happening in my son's life (I'm too old and stupid to talk to, although I'm good enough to subsidize his Masters)
    Not that he seems to use it all that much. Where those 5673 friends came from I have no idea...
    [I have lots of acquaintances vague and otherwise, but only half-a-dozen friends.]

    Oh for the old BBS...

    Mac

  19. Hoping that an opt-in will be available for users by zuki · · Score: 1

    I mean, that's how WeChat does it. There's no escaping the fact that a seamless, integrated all-in-one platform is the unavoidable present (not the future).

    As long as we're given an opt-in for such integration. Because if we're not, I am pretty sure millions will cancel their accounts and be OUT in a microsecond... (myself among them).

  20. What if having a bank account required this by Streetlight · · Score: 1

    What protection would one have if buried in a bank's 100,000 word terms of service document it was required to let Facebook have your financial records whether you had a FB account or not? Don't agree to these terms, sorry, no bank account for you or your checking account is closed. Disaster will happen.

    --
    In a time of universal deceit, telling the truth is a revolutionary act. George Orwell
    1. Re:What if having a bank account required this by datavirtue · · Score: 1

      The social score is coming to America. China is perfecting it now.

      --
      I object to power without constructive purpose. --Spock
  21. No. by Mysticalfruit · · Score: 1

    No, No, No. Nope, nope, no no no no no! NO! No.

    --
    Yes Francis, the world has gone crazy.
    1. Re:No. by dcw3 · · Score: 1

      No, No, No. Nope, nope, no no no no no! NO! No.

      That's a duodecuple (12) negative, so yes?

      --
      Just another day in Paradise
  22. Re:I wonder if msmash gets a comission... by Zmobie · · Score: 4, Insightful

    Investors often don't give a single shit how moral/ethical/just plain evil a company's plan is as long as it is legal. Remember, the almighty dollars rules many at the top. I personally avoid investments in any of the companies engaging in such activities, but I am by far in the minority...

  23. Not just NO... by fallen1 · · Score: 2

    but FUCK NO. Any bank that allows or sells access to any portion of my banking accounts should get sued into oblivion. The only people that need my account balance are the bank and myself.

    Anyone else is a violation of privacy and, I believe, several Federal banking regulations as well. If I need to prove my banking information (say, mortgage or other large loan), then sure -- but only because _I_ approved the bank to share that information. Under no other circumstance should any of my bank balances be shared with anyone.

    Holy fuck, I think we need a reset in this country and "the people" need to take back control -- not the corporations.

    --

    Dream as if you'll live forever.
    Live as if you'll die tomorrow.
    ~Anonymous~

    1. Re:Not just NO... by rickb928 · · Score: 1

      True, but not many of them are designed to share information about me with most anyone, and fewer have a history of being unable to secure that information, even in the ways THEY SAY THEY WILL.

      --
      deleting the extra space after periods so i can stay relevant, yeah.
    2. Re:Not just NO... by datavirtue · · Score: 1

      "Authorized agents and third parties" means their partners that require having personal information in order to service your account or comply with government regulations. Quit spreading bullshit.

      Banks cannot sell information for marketing reasons.

      Let me give you an example. Company A issues you a card/account on Bank A. Your direct deposits are sent to Bank B which has a relationship with Company A. Your information can be shared obviously...even though you do not have a relationship with Bank B. The terms of service must clear this.

      Another example: Company A issues you a card/account. Company A contracts with a customer service call center--lets call it Company B. The terms of service clause you point out also serves to clear them for this as well. This type of relationship is VERY common-and-many in each financial services company. There is a risk that these other companies will steal your personal information--and some bad actors do quite often. But customers and regulators are notified in those cases.

      The clause you identify as a means for the bank to share your information willy-nilly is not in fact used for that.

      --
      I object to power without constructive purpose. --Spock
  24. Following the Tencent WeChat Model by Koreantoast · · Score: 2

    It's clear what Facebook is doing: they're trying to establish themselves as the Tencent WeChat of the United States, the one-stop portal that messaging, mobile commerce, electronic payments, and just about everything else runs through. However, they won't be able to pull it off in the United States for several reasons. One is that in China, the banking infrastructure is weaker, so before they had a chance to step-in, WeChat basically established themselves as the gatekeeper. In the United States at least, banks have already seen what happened with credit cards (MC/Visa monopoly) and are trying to prevent that from happening again with electronic payments. They'll talk, but they're certainly not going to hand this over to a company like Facebook.

    Stepping back, this of course was all pre-Facebook data scandals. Now, with general public trust in Facebook weakening, people are probably going to be even less inclined to support a Facebook-based system.

  25. why only US banks? by houghi · · Score: 1, Insightful

    Why not European banks? Oh, that is right, because they have socialist laws for the people by the people that prevent it.
    Poor European companies.

    --
    Don't fight for your country, if your country does not fight for you.
    1. Re:why only US banks? by iMadeGhostzilla · · Score: 1

      I was hoping (and still am) that in the age of Trump people in the US will ditch facebook.

  26. Re:Sounds like a great idea by zlives · · Score: 1

    Putin would disagree, its his kind of comrades.

  27. Re:I wonder if msmash gets a comission... by forkfail · · Score: 1

    Resistance is futile. You will be assimilated.

    --
    Check your premises.
  28. Re:I wonder if msmash gets a comission... by infolation · · Score: 1

    Slashdot readers know how to bypass a paywall. I mean, c'mon.

    And for the Slashdot readers who don't know how to bypass a paywall: Facebook to Banks: Give Us Your Data, We’ll Give You Our Users unlocked

  29. Re:Welp, I think that's about it for me by Rick+Zeman · · Score: 1

    (deletes Facebook account)

    Along with that ditch your bank accounts and credit cards from any major bank.

  30. Re:I wonder if msmash gets a comission... by datavirtue · · Score: 2

    "Facebook has told banks that the additional customer information could be used to offer services that might entice users to spend more time on Messenger,"

    People are spending too much time as it is on FaceBook...and they want more! What the serious fuck. This is completely out of hand...Facebook reminds me of Hal 9000.

    --
    I object to power without constructive purpose. --Spock
  31. Re:I wonder if msmash gets a comission... by datavirtue · · Score: 1

    Agreed...this is like a really scary, creepy Onion story.

    --
    I object to power without constructive purpose. --Spock
  32. DAMN Bleeped over a comma there by Provocateur · · Score: 1

    Speed reading my a$$

    Gay horses, barely legal

    WTF

    --
    WARNING: Smartphones have side effects--most of them undocumented.
  33. Re:I wonder if msmash gets a comission... by datavirtue · · Score: 1

    The answer I get usually is: Recipes.

    We are selling our soul to Hal 9000 for food porn.

    --
    I object to power without constructive purpose. --Spock
  34. Re:Welp, I think that's about it for me by datavirtue · · Score: 1

    You are turning me on.

    --
    I object to power without constructive purpose. --Spock
  35. Re:I wonder if msmash gets a comission... by Aighearach · · Score: 2

    My interpretation is that since the banks said "No," this is Facebook investors recognizing that the company almost shot themselves in the foot again, but were saved by the banks.

  36. Re:Welp, I think that's about it for me by Aighearach · · Score: 1

    (deletes Facebook account)

    Along with that ditch your bank accounts and credit cards from any major bank.

    Well, no, to ditch bank accounts you need to have a cabin in the woods, a subsistence garden, and a manifesto. Shelter, food, entertainment.

  37. This should not be a thing. by fahrbot-bot · · Score: 1

    Facebook has talked about a feature that would show its users their checking-account balances ...

    If you need to check your checking-account balance on Facebook, on your cellphone, or before a purchase, like in those mobile-banking commercials, then you're managing your personal finances wrong. And, why in hell would anyone want Facebook to know their bank balances, etc...?

    --
    It must have been something you assimilated. . . .
  38. Re:VPN Fun by datavirtue · · Score: 1

    6:00 AM Urinated
    6:05 AM Woke up
    6:10 AM Showered
    6:11 AM Brushed Teeth
    8:00 AM Caffinated
    8:10 AM: Defecated
    8:30 AM: Urinated

    Fixed it.

    --
    I object to power without constructive purpose. --Spock
  39. No humans != better privacy by QuietLagoon · · Score: 1
    From the TechCrunch article, "...That chatbot integration, which has no humans on the other end to limit privacy risks,..."

    .
    That statement is a total non-sequitur for me. Indeed, not having humans involved means that data can be slurped up all the more quickly.

  40. FB response by 1ucius · · Score: 1

    "We’re not using this information beyond enabling these types of experiences – not for advertising or anything else."

    For now... note the present tense in this denial; they are not committing to never do it in the future.

  41. Re:I wonder if msmash gets a comission... by thomn8r · · Score: 1
    Investors often don't give a single shit how moral/ethical/just plain evil a company's plan is as long as it is legal.

    s/legal/profitable/g

  42. Re:I wonder if msmash gets a comission... by Boh00711 · · Score: 2

    It's scary how true this is. I love the idea of capitalism, but like anything else, it requires honesty and integrity which is severely lacking, and especially so when money is involved. What concerns me even more is how the public opinion is that there is more to life than money, and yet the members making that public opinion contradict it so firmly.

    Disclaimer: "Public Opinion" is hard to pin down to specific people. I use it in this case because, in my experience, peers talk about money not being so important, and public speakers talk about the important of enjoying the organic things in life, and so on. This does not insinuate that any particular percentage of people feel this way, but that it is presented as such in open forums.

  43. You know what I think? by Chas · · Score: 5, Insightful

    Nobody BUT MY BANK should have MY BANKING INFO.

    PERIOD!

    --


    Chas - The one, the only.
    THANK GOD!!!
    1. Re:You know what I think? by geowash01 · · Score: 1

      Make sure you tell them that. Though if there's a buck in it, you may have less influence as a customer than you think. There's always your mattress.

    2. Re:You know what I think? by PunkFloyd · · Score: 1

      Nobody BUT MY BANK should have MY BANKING INFO.

      PERIOD!

      You should have it, too.

  44. ABSOLUTELY....NOT.... by wap911 · · Score: 1

    Well, well, Mr. Evil Suckabug.... Monetize this $ ; ; ! ; ,

  45. Re:I wonder if msmash gets a comission... by Jason+Levine · · Score: 1

    Investors are willing to set legal aside if it'll be profitable after the lawsuits/fines. If you can make a service that brings in $10 million and might incur a $100,000 fine for breaking the law, investors will pile on because of profit.

    --
    My sci-fi novel, Ghost Thief, is now available from Amazon.com.
  46. This MUST be fake news! I've had enough! by martinfb · · Score: 1

    Either the story is bullshit or the source journalist is a total amateur and needs to be totally censored from all media!

    I cannot imagine that any bank would divulge personal info to any entity. I object to even the gov getting anything.

    I've had enough. I am deleting all of my online social accounts, and news accounts.
    I am pulling all of my cash out of all institutions and buying gold.
    And then I am going to go bury my head in the sand!

    --


    Self-importance and self-indulgence is the root of ALL evil.