Facebook asks big banks to share customer details

Facebook asks big banks to share customer details

Facebook has also suggested that it could perhaps integrate banks' fraud alerts or account balances into the app. "We're not using this information beyond enabling these types of experiences - not for advertising or anything else".

"We don't use purchase data from banks or credit card companies for ads", spokeswoman Elisabeth Diana told The WSJ.

Apparently not satisfied with access to its users' call history, text messaging data, and online conversations, Facebook has reportedly asked major Wall Street firms like JPMorgan Chase and Wells Fargo to hand over their customers' sensitive financial data as part of the social media giant's ongoing attempt to become "a platform where people buy and sell goods and services". "What is it? A data content farm for paying customers", Silver writes. But after the Cambridge Analytica scandal and multiple other privacy scandals, even Facebook's current partners may not be willing to trust the company.

Facebook has reportedly asked a number of U.S. banks to share their customers' personal financial information, as the social media giant strives to recapture major losses in user engagement following the Cambridge Analytica scandal. The worries around data sharing come as Facebook is under regulatory.

When news of the potential partnerships became public, Facebook shares increased by about 3.5% through midday.

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Hundreds of structures have been damaged and 1,358 structures are now at risk, according to the latest estimates from Cal Fire . President Trump nevertheless criticised Democrat Governor Brown, repeating his attacks on California's environmental laws.

"We haven't shared any customer information or data with Facebook or any other technology platform", Dana Ripley, a spokesman for U.S. Bancorp, said in an emailed statement. Citigroup and Wells Fargo refused to comment.

Shares of Menlo Park, California-based Facebook ended the day up 4.5 percent at $185.69.

But Facebook is saying it won't collect any of your bank's financial or transactional information about you, and that opting into the service will only enable better integration with Facebook Messenger.

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

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. A partnership with Facebook could help them do it.

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