Facebook has denied allegations that it is actively asking USA banks to share financial details of its users such as account balances and payment card transactions, even though it did admit that it is in talks with banks about a chatbot service on Facebook Messenger.
Facebook wants the bank data pertaining to bank transactions, portals and stores where bank customers shopped and checking account balances. This does sort of confirm that Facebook had indeed reached out to the various banks for their critical and confidential data.
Facebook isn't the only internet giant looking to provide users with access to their banking information via additional channels. The world's largest social network has issued its response to the report and has denied asking banks for users' data.
The ability to make payments via Messenger was rolled out to UK Facebook users previous year.
The problem, of course, is that Facebook isn't the most trusted brand following its Cambridge Analytica scandal and successive screw-ups.
However, Facebook says the story gives readers and Wall Street the wrong impression about its dealings with banks and other financial services.More news: India vs England 2nd Test Day 1
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It also clarified that it is not going to gather data for targeted ads or use such data to promote Marketplace products.
"Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management".
Under these regulations Facebook wouldn't have to cut a deal with each bank to provide these services, they could simply build a service that accesses this information via the public API and try to convince customers to opt in.
The news of this comes at a time when Facebook has been the center of controversy after it was reported that the company mismanaged the personal data of over 80 million of its customers. The EU and United Kingdom are on the way to creating that - will the U.S. follow suit?