Tech & Science Facebook recently started asking banks for your financial data

14:30  07 august  2018
14:30  07 august  2018 Source:   msn.com

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A report from the Wall Street Journal today revealed Facebook was attempting to gain detailed financial information from its users’ banks . In exchange for users’ banking data , it proposed to offer a bank ’s customers the ability to conduct business within Facebook itself.

The Wall Street Journal reports that Facebook is asking banks for user financial info for access to its platform, but Facebook denies it wants the data . Facebook also recently touted the growth of Messenger bots for business, which allow for automated customer service and more.

a group of people standing in front of a sign© Provided by The Next Web A report from the Wall Street Journal today revealed Facebook was attempting to gain detailed financial information from its users’ banks. Oof, in how many languages can I say “no?”

According to the Journal, Facebook has approached the likes of Wells Fargo, JP Morgan Chase, and Citigroup with an eye toward partnership. In exchange for users’ banking data, it proposed to offer a bank’s customers the ability to conduct business within Facebook itself.

In response, a company spokesperson told TNW any reports it had requested transaction data weren’t true, and the company asked for the partnership in order to incorporate banking chatbots into the Messenger app:

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Facebook told CNN, “A recent Wall Street Journal story implies incorrectly that we are actively asking financial services companies for financial transaction data —this is not true. Like many online companies with commerce businesses, we partner with banks and credit card companies to offer

Facebook has reportedly asked large banks for customer data to offer more financial services, The Wall Street Journal reported Monday. Recently Viewed. Your list is empty.

Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management. The idea is that messaging with a bank can be better than waiting on hold over the phone – and it’s completely opt-in. We’re not using this information beyond enabling these types of experiences – not for advertising or anything else.

Given what we know about Facebook‘s approach to consumer data, just from the last year or so, I think I’ll take a 20-minute phone wait over giving them my banking details.

We’re not even six months out from the Cambridge Analytica scandal, in which the press blew the lid off a series of in-house mishaps involving users’ personal data finding its way into malicious hands — or at least having the potential to find its way to them. These data privacy scandals appeared to be at least one major catalyst behind Facebook‘s precipitous plunge on the stock market at the end of last month.

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Facebook told CNN, “A recent Wall Street Journal story implies incorrectly that we are actively asking financial services companies for financial transaction data —this is not true. Like many online companies with commerce businesses, we partner with banks and credit card companies to offer

Facebook is pushing back against a report in Monday's Wall Street Journal that the company is asking major banks to provide private financial data . The social media giant has reportedly had talks with JPMorgan Chase, Wells Fargo, Citigroup

Facebook has also never denied that it gathers a truly dizzying amount of data on its users. And now it wants that information to include banking data? Even if that doesn’t include info on all transactions, it’s more than a little scary to think of Facebook — whose name in this sphere is basically mud — having access to that data.

For what it’s worth, the banks might not be open to the idea. A spokesperson for Wells Fargo told NY Daily News: “Maintaining the privacy of customer data is of paramount importance to Wells Fargo. We are not actively engaged in data-sharing conversations with Facebook.”

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