Facebook asks big banks to share customer details

Facebook wants banks to share your personal finances: Report

Facebook has asked large USA banks to share financial information about their customers as it seeks to offer new services to users, according to The Wall Street Journal. "It has also pitched fraud alerts", reported the Wall Street Journal, which claimed, "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".

Apparently not satisfied with access to its users' call history, text messaging data, and online conversations, Facebook has reportedly asked major Wall Street firms like JPMorgan Chase and Wells Fargo to hand over their customers' sensitive financial data as part of the social media giant's ongoing attempt to become "a platform where people buy and sell goods and services".

Facebook, which has faced intense criticism for sharing user data with many app developers, was interested in information including bank card transactions, checking account balances, and where purchases were made, according to the source.

Wells Fargo declined to address the news. At least one major U.S. bank left talks with the company due to privacy concerns, the Wall Street Journal reports. Facebook has pulled in $11.8 billion in advertising revenue in the USA and Canada so far in 2018.

"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.

In Facebook's worst ever public relations disaster, it admitted that up to 87 million users may have had their data hijacked by Cambridge Analytica, which was working for US President Donald Trump's 2016 election campaign. "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 has been under fire for several scandals involving data privacy, starting with Cambridge Analytica.

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