Facebook Asks Major US Banks To Share Customer Details


The social media titan has reportedly put forward a proposed feature that would allow users to see their own checking-account balances through the platform, as well as fraud alerts that could be delivered through Facebook as well.

Facebook is now discussing partnership ideas with firms like Citigroup Inc., Wells Fargo, and JPMorgan Chase, but the Cambridge Analytica incident has reportedly caused at least "one large US bank" to pull out of the talks. The information would be used to offer new services to Facebook account holders.

Chase isn't "sharing our customers' off-platform transaction data with these platforms, and have had to say no to some things as a result", said JPMorgan Chase's spokeswoman Patricia Wexler, referring CNET to her statement to the Journal. "We also don't have special relationships, partnership, or contracts with banks or credit-card companies to use their customers' purchase data for ads".

Facebook has been under fire for several scandals involving data privacy, starting with Cambridge Analytica. The idea is that messaging with a bank can be better than waiting on hold over the phone - and it's completely opt-in. (JPM), Wells Fargo & Co.

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And according to the Wall Street Journal-which first reported on Facebook's plans on Monday-the social media behemoth isn't the only tech company that wants access to Americans' financial data.

Messenger can be used by businesses to help people keep track of account information such as balances, receipts, or shipping dates, according to the social network. A critical part of these partnerships is keeping people's information safe and secure.

Facebook has reportedly said that it wouldn't use the data to improve its ad-targeting or share it with others. Shares in Facebook plummeted last week, wiping out some $100 billion, after the firm missed quarterly revenue forecasts and warned growth would be far weaker than previously estimated.