Monday, 17 December, 2018

Facebook wants more bank data to rebuild trust with users

Facebook seeking customer data from US banks Report Facebook wants banks to share your personal finances: Report
Andy Castillo | 07 August, 2018, 15:57

The Wall Street Journal had reported that Facebook approached JPMorgan Chase, Wells Fargo, Citigroup, and US Bancorp to ask for information about users' account balances and card transactions.

Facebook is now discussing partnership ideas with firms like Citigroup Inc., Wells Fargo, and JPMorgan Chase, but the Cambridge Analytica incident has reportedly caused at least "one large USA bank" to pull out of the talks.

Facebook wants banks to share your financial data to expand Messenger, says report. Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management.

Citigroup spokeswoman Elizabeth Fogarty said while the bank regularly has "conversations about potential partnerships, safeguarding the security and privacy of our customers' data and providing customer choice are paramount in everything we do".

Wells Fargo declined to comment.

Facebook has denied reports that it is actively asking banks for details of users' financial transactions. A critical part of these partnerships is keeping people's information safe and secure.

USA considers increasing planned tariffs on $270b in Chinese imports
China upped the ante on Thursday in response to the Trump administration's latest move. Beijing retaliated with matching tariffs on the same amount of US exports to China.

But word Facebook is fishing for financial information comes amid concerns it has not vigilantly guarded private information. These include offering a purchase option on Facebook Messenger, which is now used by 1.3 billion monthly active users to communicate with friends.

Furthermore, it could share that information with third parties, just as it has done with other user information in the past and as it did to cause the Cambridge Analytica scandal.

Shares in the social network have regained some ground and rose 4.4 percent to close at $185.69 on Monday. The company is aiming to boost user engagement, particularly with its Messenger service, after Facebook lost more than $120 billion ins market value in a single day earlier this summer.

Facebook has been getting cozy with your banks, but that might not be as alarming as it sounds.

"We're not using this information beyond enabling these (customer service) types of experiences", Facebook said in a statement. One bank has reportedly pulled out of discussions with Facebook because of the issue.

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