Published: Tue, August 07, 2018
Finance | By Loren Pratt

Facebook wants banks to share your personal finances

Facebook wants banks to share your personal finances

The social network has asked several U.S. banks to share customers' financial data, including card transactions and checking account balances, The Wall Street Journal reported on Monday.

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.

While Facebook insisted in response to the Journal's story that it doesn't want to use any of this data for advertising purposes or share it with third parties, many pointed out that there is no reason to trust Facebook's expressed commitment to user privacy, particularly in the wake of the Cambridge Analytica scandal and other abuses. The information would be used to offer new services to Facebook account holders.

It's not clear if Facebook's attempts to obtain user financial data will be successful or not, but we'll likely find out in the coming months.

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

"The idea is that messaging with a bank can be better than waiting on hold over the phone - and it's completely opt-in", the statement said.

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.

Wells Fargo declined to comment. "Account linking enables people to receive real-time updates in Facebook Messenger where people can keep track of their transaction data like account balances, receipts, and shipping updates".

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. "An essential part of these efforts is keeping people's information safe and secure".

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

The social network is now looking at cooler growth following a years-long breakneck pace.

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