Facebook Wants Access to Your Banking Data

Facebook Wants Access to Your Banking Data

Facebook Wants Access to Your Banking Data

The British firm reportedly accessed data of 87 million Facebook users without their consent. "A recent WSJ story implies incorrectly that we are actively asking financial services companies for financial transaction data-this is not true", Facebook said in statement.

Facebook says it's been partnering with banks and credit card providers on chatbots and account management over Facebook Messenger. And Google past year announced a deal that would let it review and analyze roughly 70 percent of all credit- and debit-card transactions in the U.S. You might rightly question why the behemoth that is Facebook should grow to encompass any more personal information about anyone, let alone information as sensitive as bank accounts.

"Account linking enables people to receive real-time updates in Facebook Messenger where people can keep track of their transaction data like account balances, receipts, and shipping updates", Facebook said Monday in a statement.

The Silicon Valley-based social network also contacted US Bancorp, according to the Wall Street Journal, which first reported the news.

The banks' primary concern with this partnership is, unsurprisingly, about data privacy.

Wells Fargo declined to address the news. Spokeswoman Elisabeth Diana has said "we don't use purchase data from banks or credit card companies for ads".

Facebook is now trying to recover from the Cambridge Analytica scandal, which significantly damaged the company's image after it was revealed that a London-based firmed had gained access to as many as 87 million users to influence US President Donald Trump's 2016 election campaign.

While "data privacy" remains the "sticking point" for the banks, JPMorgan was forced to distance itself away from the negotiations despite reassurances from the company that Facebook would not share the private data with third parties. Examples of this include Bank of America and American Express, which you can text with over the chat service.

In return for financial data, Facebook is offering banks a presence on its Messenger app, sources told The WSJ. One bank has reportedly pulled out of discussions with Facebook because of the issue.

"Facebook already has mountains of information about our social networks, physical movements, and activity online". A JPMorgan Chase spokeswoman said the company isn't "sharing our customers' off-platform transaction data with these platforms, and have had to say no to some things as a result".

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