Facebook denies report that it’s coming for your financial data

Facebook denies report that it’s coming for your financial data

Facebook denies report that it’s coming for your financial data

Facebook has also suggested that it could perhaps integrate banks' fraud alerts or account balances into the app.

Facebook has asked major banks to share financial information about their customers, such as card transactions and account balances, as it considers launching new financial products. The banks Facebook reportedly approached in the a year ago include JPMorgan Chase, Wells Fargo & Co., Citigroup, and U.S. Bancorp. Facebook is reportedly in the market for card transaction data and current account information.

A Wall Street Journal report earlier Monday said the talks with banks are ongoing, sending shares up as much as 4 per cent.

Facebook says it's been partnering with banks and credit card providers on chatbots and account management over Facebook Messenger.

The ability to make payments via Messenger was rolled out to UK Facebook users past year.

After all, if a financial institution shares data that is later exposed in a breach, the bank may share the blame in the eyes of regulators. "An essential part of these efforts is keeping people's information safe and secure".

According to The Wall Street Journal (WSJ), the latest data partnership Facebook is pursuing could involve some of the US' biggest banking organizations. But they told PCMag they're quite aware of the privacy concerns, and wouldn't want to jeopardize the security of customers' financial data. "We also do not have special relationships, partnerships, or contracts with banks or credit-card companies to use their customers' purchase data for ads".

"Facebook already has mountains of information about our social networks, physical movements, and activity online". For now at least, users have to opt-in to link it to their bank account - a partnership with banks might link users directly to their banks (no word on whether Messenger users would need to opt-in to the service).

Shares of Facebook are up just 0.3% since the beginning of 2018 thanks to massive selloffs in March following the Cambridge Analytica saga and another rout last week following a disappointing quarterly earnings report. The WSJ reports that Facebook made inquiries to JPMorgan Chase & Co.

"We haven't shared any customer information or data with Facebook or any other technology platform", Dana Ripley, a spokesman for US Bancorp, said in an emailed statement. Citigroup and Wells Fargo refused to comment.

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