Thursday, 20 September, 2018

Facebook wants your financial data to expand Messenger, says report

Mark Zuckerberg Co Founder and CEO of Facebook returns from a break to answer the last of the Member's questions as he testifies before a meeting of the United States House Committee on Energy and Commerce during a hearing on Social network reportedly wants to team up with corporate financial giants to gather data on banking and credit cards
Laurie Berry | 07 August, 2018, 16:00

Specifically, the social media company wants to incorporate its users' financial data into Messenger, allowing them to to check their account balances or watch for fraud alerts. "We also don't have special relationships, partnerships, or contracts with banks or credit card companies to use their customers' purchase data for ads".

The banks asked by Facebook included JPMorgan Chase, Wells Fargo, Citigroup, and U.S. Bancorp, while one "large U.S. bank pulled away from talks due to privacy concerns".

It's not clear if Facebook's attempts to obtain user financial data will be successful or not, but we'll likely find out in the coming months.

Facebook has been getting cozy with your banks, but that might not be as alarming as it sounds. The company has also faced questions about its ability to safeguard data following a series of scandals, including a third-party app that mishandled private user information.

According to The Wall Street Journal (WSJ), the latest data partnership Facebook is pursuing could involve some of the US' biggest banking organizations. A critical part of these partnerships is keeping people's information safe and secure. And those on Facebook have become more comfortable using their credit cards in the news feed because of a product that enables people to ask their friends to donate to charitable causes.

Look! Margot Robbie in character as Sharon Tate
DiCaprio will play Rick Dalton, former star of a western TV series, while Pitt will play his longtime stunt double, Cliff Booth. And now that filming has begun, Robbie took to Instagram to share our first peek at her doomed actress dressed in '60s garb.

A Facebook spokeswoman said the company could see some financial information from such users if they choose to opt-in, but did not use it for "advertising or anything else".

Shares in the social network have regained some ground and rose 4.4 percent to close at $185.69 on Monday.

JPMorgan declined to comment beyond a statement it provided the Journal, in which the bank said it isn't sharing customers' "off-platform transaction data with these platforms, and have had to say no to some things as a result".

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. "Like many online companies, we routinely talk to financial institutions about how we can improve people's commerce experiences, like enabling better customer service", said Diana.

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