Facebook accused of asking banks for financial information about its users

Facebook wants banks to share your personal finances: Report

Facebook might add your banking info to Messenger

"We haven't shared any customer information or data to Facebook or any other technology platform", said Dana Ripley, chief communications officer at US Bancorp, in an email statement.

The talks, reflecting Facebook's desire to be a site where people buy and sell goods in addition to chat with their friends and share cat videos, are being held up by the banks' concerns about data privacy, partially a reflection of the selling of user data to Cambridge Analytica, the Journal reported. However, the banks seem to be approaching any partnerships very carefully after the recent Cambridge Analytica privacy scandal, and one large bank has reportedly already quit talks with Facebook.

According to the report, Facebook has asked banks "to discuss potential offerings it could host for bank customers on Facebook Messenger", as well as offer a feature to display checking account balances.

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.

'We don't use purchase data from banks or credit card companies for ads'.

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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.

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're not using this information beyond enabling these types of experiences - not for advertising or anything else".

Wells Fargo declined to address the news.

Facebook CEO Mark Zuckerberg announced in May he was rolling out privacy controls demanded by European regulators to Facebook users worldwide because "everyone cares about privacy". 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. The information would be used to offer new services to Facebook account holders.

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