Facebook denies seeking users' bank data

Facebook denies seeking users' bank data

Facebook denies seeking users' bank data

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.

Over the past year, Facebook has reached out to some of America's largest banks to request "detailed financial information about their customers, including card transactions and checking account balances, as part of an effort to offer new services to users", the Journal notes.

Facebook said some users opted in to accessing some financial information in its Messenger app.

Facebook wants banks to share your financial data to expand Messenger, says report. The statement, obtained by Ars Technica, went on to portray it as common practice for all companies with commerce business to "partner with banks and credit card companies to offer services like customer chat or account management".

According to Gebhart, more user information centralized on one single platform also makes information more "vulnerable to unauthorized sharing or leaking" and can make "users easier to manipulate". You might rightly question why the behemoth that is Facebook should grow to encompass any more personal information about anyone, let alone information as sensitive as bank accounts. A critical part of these partnerships is keeping people's information safe and secure. While the social media giant has been responding to user concerns with a series of pledges to improve privacy, it is also looking at ways to deepen its relationships with customers. But they told PCMag they're quite aware of the privacy concerns, and wouldn't want to jeopardize the security of customers' financial data.

The company, however, clarified that it would not use the bank data for ad-targeting purposes or share it with third parties.

A U.S. Bank spokesman said the bank "has not shared any customer data or information with Facebook or any other platforms".

In brief: Facebook doesn't exactly have the best track record when it comes to data privacy, but the company isn't letting its troubled past deter it from pursuing new data sharing partnerships. Currently, users can send and receive money through Messenger via PayPal, and MasterCard customers can use their card via Messenger with certain retailers. (FB) is seeking to acquire financial data on its users.

Citigroup declined to comment regarding any possible discussions with Facebook about Messenger. (JPM), Wells Fargo & Co.

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