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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.
Seems like a good way for fraud to happen or for debt collectors to bully your Facebook friends.
So I can be sure to take my business elsewhere.
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.
"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
..."Privacy Rapists" - seems more accurate as the days go by.
AC comments get piped to
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.
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.
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.
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...
Nobody BUT MY BANK should have MY BANKING INFO.
PERIOD!
Chas - The one, the only.
THANK GOD!!!