Facebook Wants Access to Your Banking Data

Facebook Wants Access to Your Banking Data

"While we regularly have conversations about potential partnerships, safeguarding the security and privacy of our customers' data and providing customer choice are paramount in everything we do", Citigroup told AFP by email. Google and Amazon have also "asked banks to share data if they join with them, in order to provide basic banking services on applications such as Google Assistant and Alexa", the Journal pointed out, citing anonymous sources familiar with the companies' ambitions.

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.

The financial information asked from the banks include card transactions and checking account balances, according to the report.

Facebook acknowledged last month that it was facing multiple inquiries from USA and British regulators about a scandal involving the now bankrupt British consultancy Cambridge Analytica. (JPM), Wells Fargo & Co. At least one major USA bank left talks with the company due to privacy concerns, the Wall Street Journal reports.

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At any rate, according to the WSJ, Facebook is not interested in using any data it would gain from banks for ad-targeting purposes.

Facebook has been trying for a long time to make its Messenger app a hub for commercial activity. The company is aiming to boost user engagement, particularly with its Messenger service, after Facebook lost more than $120 billion ins market value in a single day earlier this summer.

Facebook wants banks to share your financial data to expand Messenger, says report. Spokeswoman Elisabeth Diana has said "we don't use purchase data from banks or credit card companies for ads". Facebook likely hopes to capitalize on the pressure that big banks are experiencing to develop partnerships with large online platforms to reach more customers digitally.

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