Facebook might add your banking info to Messenger

Lloyd Doyle
August 6, 2018

The social network has asked several United States banks to share customers' financial data, including card transactions and checking account balances, The Wall Street Journal reported on Monday. The information would be used to offer new services to Facebook account holders. However, one large bank has already pulled out of the partnership talks due to these privacy concerns, according to the WSJ.

People familiar with the matter told the Journal that Facebook has considered a feature that would show its users their account balances while it also pitched fraud alerts. The worries around data sharing come as Facebook is under regulatory.

The petition, which went out to numerous largest banks across the country, is sure to draw criticism from many interested in retaining data privacy, particularly in an area as sensitive as personal finance.

Facebook is now discussing partnership ideas with firms like Citigroup Inc., Wells Fargo, and JPMorgan Chase, but the Cambridge Analytica incident has reportedly caused at least "one large USA bank" to pull out of the talks. "We also don't have special relationships, partnership, or contracts with banks or credit-card companies to use their customers' purchase data for ads".

Wells Fargo declined to comment. But after the Cambridge Analytica scandal and multiple other privacy scandals, even Facebook's current partners may not be willing to trust the company.

The talks are part of an effort to make Facebook Messenger more of a destination for online shopping. Facebook has pulled in $11.8 billion in advertising revenue in the US and Canada so far in 2018.

Facebook told the paper that any financial information it obtains would not be shared with third parties or used to target advertisements. This marks the largest gain since the rapid drop in July.

Other reports by Iphone Fresh

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