Facebook asks USA banks to share customer details

Facebook asks USA banks to share customer details

Facebook asks USA banks to share customer details

Facebook has asked major United States banks to share customer data to allow it to develop new services on the social network's Messenger texting platform, a banking source told AFP on Monday.

The social media titan has reportedly put forward a proposed feature that would allow users to see their own checking-account balances through the platform, as well as fraud alerts that could be delivered through Facebook as well.

Facebook said the data would not be shared with marketers or used for ad-targeting purposes, and no major US financial institutions have announced that they're interested in a joint arrangement.

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

Charlie Nash is a reporter for Breitbart Tech. The sticking point for banks, unsurprisingly, is data privacy. American Express customers can use Messenger to track purchases. But they told PCMag they're quite aware of the privacy concerns, and wouldn't want to jeopardize the security of customers' financial data. Marcus, who in May was re-assigned to lead Facebook's blockchain efforts, had been focused on forging deals with major banks and payment companies to bring financial services to Messenger.

But Facebook's past scandals over data privacy have left industry and privacy experts wondering how the more than 1 billion Facebook Messenger users might react to the company wanting to link their social-media profiles with their private finances and spending histories.

The primary concern among many banks and individual customers with regards to Facebook's latest attempts at expansion is data privacy.

"We are not actively engaged in data-sharing conversations with Facebook", the company said.

A JPMorgan spokeswoman told the broadsheet that the bank isn't "sharing our customers' off-platform transaction data with these platforms, and have had to say no to some things as a result".

But Facebook is saying it won't collect any of your bank's financial or transactional information about you, and that opting into the service will only enable better integration with Facebook Messenger.

What that means is that if you're anxious about Facebook having any connection with banks, the WSJ's report should alarm you.

Facebook already offers bank account linking options, but it is only available on a small scale.

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