Facebook Allegedly Asks U.S. Banks Copies Of Financial Data

In Decenternet, News
Financial Data

It looks like the Cambridge Analytica issue isn’t enough as Facebook faces another issue over U.S. banks’ financial data.

Facebook is facing another issue about its request from US banks regarding the sharing of their customers’ financial data.  The social media will add the said data to its Messenger platform. It will include transactions as well as checking account balances. Its objective is to deliver more online shopping services for its Messenger platform.

According to the report, regardless of Facebook’s request for financial data, the banks are reluctant to collaborate with the social media platform because of privacy concerns. Other institutions that have been considered include U.S. Bancorp, Wells Fargo and Co., JPMorgan, and Citigroup Inc.

Another reported discussion involved possible offerings that Facebook might anchor for the financial institution customers on its Messenger. It purportedly informed the Wall Street Journal that it will not share the financial data it acquired with third-parties or use that information to establish targeted marketing.

Facebook spokeswoman Elisabeth Diana said, “We don’t use purchase data from banks or credit card companies for ads. We also don’t have special relationships, partnerships, or contracts with banks or credit card companies to use their customers’ purchase data for ads.”

Following the circulation of the report, Facebook charged the journal of misinterpreting their discussions. It emphasized that its purpose was to establish features that would enable users to monitor their own accounts.

According to Facebook spokesman Andy Stone, the Wall Street Journal report inaccurately entailed that the company aggressively requesting financial services firms for their customers’ financial data which is not true.  He added that similar to several online businesses with online enterprises, they team up with banks and credit card companies to provide services like account management or customer chat.

Currently, the platform has no access to the customers’ financial data. Only the businesses advertising on Facebook could affix their bank account information to the platform as a means to pay for their ads.

Facebook noted that some account holders opted in to tap into some financial data in its Messenger application. It said that any information that has been gained entry by the company for such intentions was not utilized for advertising. However, it emphasized that users need to opt-in to synch the Messenger chat app to their corresponding bank accounts.

At this point, some account that is hooked up in place on a rather small scale. In Singapore, Facebook users who do transactions with Citi can monitor balances and shipping updates.  In UK, Facebook users can make payments through Messenger. A majority of Facebook users can also link their PayPal accounts to Messenger to track down shipping updates and monitor transactions.

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