Facebook might add your banking info to Messenger

07 August, 2018, 16:01 | Author: Kathy Ellis
  • The social media giant is making the effort amid ongoing concerns about its ability to keep data private

Elisabeth Diana, a Facebook spokeswoman, told Ars that while the WSJ reported that Facebook has "asked" banks "to share detailed financial information about their customers, including card transactions and checking-account balances", this isn't quite right.

The social media giant has reportedly had talks with JPMorgan Chase, Wells Fargo, Citigroup, and US Bancorp to discuss proposed features including fraud alerts and checking account balances via Messenger.

They haven't been entirely successful, the Journal added, with at least one bank (JPMorgan) declining due to privacy concerns.

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

According to WSJ, Alphabet (Google's parent company) and Amazon have also been in talks with the banks about sharing their customers data to use it to improve digital assistants, such as Google Assistant and Alexa, respectively.

Wells Fargo declined to comment. In an effort to better protect user data, the company earlier in March said it ended "Partner Categories", which let advertisers use information from third-party data providers such as Experian and Oracle Data Cloud. A critical part of these partnerships is keeping people's information safe and secure.

Parts of Virginia city evacuated over possible dam failure
College Lake is a manmade lake, built in the early 1930s by the Virginia Department of Highways as part of the development of U.S. The original surface area of the lake was reported to be 44 acres and has been reduced to 19 acres due to sedimentation.

Though its stock bumped on news it was seeking big banking partnerships, Facebook pushed back on the Journal's report with what Slate reported was inconsequential counterpoints meant to reassure users about what the objective of the initiative is.

When news of the potential partnerships became public, Facebook shares increased by about 3.5% through midday.

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

Shares of Menlo Park, California-based Facebook ended the day up 4.5 percent at $185.69.

"We're not using this information beyond enabling these (customer service) types of experiences", Facebook said in a statement. But surveys conducted past year by the Verge, before Facebook's hellish 2018, showed the vast majority of consumers at least trust banks to safeguard their personal information. A partnership with Facebook could help them do it.

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