Facebook wants banks to share your personal finances

Marco Green
August 6, 2018

FBN's Stuart Varney, Ashley Webster and Liz MacDonald on reports Facebook is asking banks for financial information about their customers.

Facebook reportedly wants you to check your bank account on its instant message platform, Messenger.

According to a new Wall Street Journal (WSJ) report, Facebook has asked us banks to share detailed information on their customers, including data on credit card transactions and checking account balances. Facebook tried to persuade banks to give it their users' data by promising them features such as users being able to see their checking account balances or receiving fraud alerts within Facebook Messenger.

The news comes as Facebook struggles to fend off concerns that arose following the privacy scandal in which a political consulting firm obtained data on 87 million users without their knowledge.

One large bank has reportedly pulled away from the discussion due to privacy concerns.

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

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

"The idea is that messaging with a bank can be better than waiting on hold over the phone - and it's completely opt-in", she added.

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

"We haven't shared any customer information or data to Facebook or any other technology platform", said Dana Ripley, chief communications officer at US Bancorp, in an email statement.

Facebook did not respond to FOX Business' request for comment at the time of publication.

Other reports by Click Lancashire

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