Facebook might add your banking info to Messenger

Mark Zuckerberg CEO of Facebook

Facebook Wants Banks to Hand Over Your Financial Information Associated Press 6 Aug 2018

Facebook reportedly wants you to check your bank account on its instant message platform, Messenger. The British firm reportedly accessed data of 87 million Facebook users without their consent.

Facebook has entered discussions with major USA banks in an attempt to gain access to customer data, the Wall Street Journal reports.

Facebook has been getting cozy with your banks, but that might not be as alarming as it sounds.

Facebook Inc.'s shares rose on optimism that the company is forging deeper relationships with banks to offer customer-service products via its Messenger chat application, a business that could boost engagement as growth slows on its main social network.

The share price of Facebook gained 4.4% to $185.69 after reports on Monday suggested that the social-media giant has asked big banks in the United States to share detailed financial information about their customers. I reached out to Facebook for comment and will update this post if I hear back.

But Facebook says that it is not actually seeking to collect information, from a data perspective, nor does it want users' shopping history.

Shares of Facebook are up just 0.3% since the beginning of 2018 thanks to massive selloffs in March following the Cambridge Analytica saga and another rout last week following a disappointing quarterly earnings report. It has also talked about sending fraud alerts and account balances in Messenger, the paper reported.

"We don't use purchase data from banks or credit card companies for ads", spokeswoman Elisabeth Diana told the Journal.

"Facebook has talked about a feature that would show its users their checking-account balances, the people said". The idea is that messaging with a bank can be better than waiting on hold over the phone - and it's completely opt-in.

"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.

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".

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