Facebook Wants Banks to Hand Over Your Financial Information

  • Facebook Wants Banks to Hand Over Your Financial Information

Facebook Wants Banks to Hand Over Your Financial Information

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The petition, which went out to numerous largest banks across the country, is sure to draw criticism from many interested in retaining data privacy, particularly in an area as sensitive as personal finance.

According to WSJ, Facebook doesn't want to just be a platform where you can communicate with your friends, but also a place to buy and sell goods and services.

Wells Fargo declined to comment.

Facebook has reportedly approached several of the biggest US banks, asking them to share their customers' financial data with the social-media giant.

Facebook Inc (FB.O) said on Monday it is in talks to deepen links with banks and financial institutions, saying it can help the firms improve their customer service.

JPMorgan Chase spokeswoman Patricia Wexler directed AFP to a statement given to the Wall Street Journal saying, "We don't share our customers" off-platform transaction data with these platforms and have had to say "No' to some things as a result".

From Facebook's perspective, the company believes that more customer information means more targeted efforts at engaging its user base. Facebook has pulled in $11.8 billion in advertising revenue in the USA and Canada so far in 2018.

While Facebook insisted in response to the Journal's story that it doesn't want to use any of this data for advertising purposes or share it with third parties, many pointed out that there is no reason to trust Facebook's expressed commitment to user privacy, particularly in the wake of the Cambridge Analytica scandal and other abuses.

"Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management", Facebook said. "We also don't have special relationships, partnerships, or contracts with banks or credit card companies to use their customers' purchase data for ads".

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