Tuesday, 16 October, 2018

Facebook accused of asking banks for financial information about its users

The logo for Facebook appears on screens at the Nasdaq Market Site in New York's Times Square The logo for Facebook appears on screens at the Nasdaq Market Site in New York's Times Square
Elsie Buchanan | 07 August, 2018, 15:57

"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 in a separate statement to AFP. Perhaps Messenger could act as that communication conduit for banks as well.

Messenger users can already send and receive money via the app. The social media giant is facing lawsuits over the debacle in the USA and the United Kingdom, is being investigated by various agencies and has inspired a handful of data privacy bills in both the House and the Senate. "An essential part of these efforts is keeping people's information safe and secure". "We're not using this information beyond enabling these types of experiences - not for advertising or anything else". Some users may be wary of sharing especially sensitive financial details.

But word Facebook is fishing for financial information comes amid concerns it has not vigilantly guarded private information.

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

Liverpool face fitness concerns in defence for West Ham opener - Jurgen Klopp
He has featured between the sticks against Blackburn Rovers, Manchester City and Manchester United in recent outings. The France global has returned to pre-season training after winning the World Cup in Russian Federation last month.


Shares in the social network have regained some ground and rose 4.4 percent to close at $185.69 on Monday.

But Facebook is saying it won't collect any of your bank's financial or transactional information about you, and that opting into the service will only enable better integration with Facebook Messenger. Wells Fargo is "not actively engaging in data-sharing conversations with Facebook", spokeswoman Hilary O'Byrne said in an emailed statement. "Facebook has told banks that the additional customer information could be used to offer services that might entice users to spend more time on Messenger". "Protecting our customers' privacy and personal information is our highest priority". "We also don't have special relationships, partnership, or contracts with banks or credit-card companies to use their customers' purchase data for ads". The San Francisco-based bank will introduce a chatbot within its own mobile app later this year, O'Byrne said.

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.

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