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Facebook is in talks with major US banks to obtain user financial information (updated)


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Facebook could let you check your account balance via Messenger

 

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In brief: Facebook doesn't exactly have the best track record when it comes to data privacy, but the company isn't letting its troubled past deter it from pursuing new data sharing partnerships. Reports now claim the platform wants to gain access to its users' financial information to 'boost engagement.'

The dust surrounding the Cambridge Analytica data privacy incident still hasn't fully settled, but Facebook is already looking for additional ways to get its hands on user data.

According to The Wall Street Journal (WSJ), the latest data partnership Facebook is pursuing could involve some of the US' biggest banking organizations. Specifically, the social media company wants to incorporate its users' financial data into Messenger, allowing them to to check their account balances or watch for fraud alerts.

Facebook is currently discussing partnership ideas with firms like Citigroup Inc., Wells Fargo, and JPMorgan Chase, but the Cambridge Analytica incident has reportedly caused at least "one large U.S. bank" to pull out of the talks.

Though the identity of that bank is unknown, it's not a surprise that some of Facebook's potential partners would be a bit leery of the company's business practices.

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After all, if a financial institution shares data that is later exposed in a breach, the bank may share the blame in the eyes of regulators.

At any rate, according to the WSJ, Facebook is not interested in using any data it would gain from banks for ad-targeting purposes.

"We don’t use purchase data from banks or credit card companies for ads," Facebook spokeswoman Elisabeth Diana said in a statement. "We also don’t have special relationships, partnerships, or contracts with banks or credit card companies to use their customers’ purchase data for ads."

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.

Update 12:15PM: Facebook has responded to these reports with the following statement (initially sent to Engadget?

A recent Wall Street Journal story implies incorrectly that we are actively asking financial services companies for financial transaction data – this is not true. Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management. 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. 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're not using this information beyond enabling these types of experiences – not for advertising or anything else. A critical part of these partnerships is keeping people's information safe and secure.

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Ballistic Gelatin

"We're not using this information beyond enabling these types of experiences – not for advertising or anything else. A critical part of these partnerships is keeping people's information safe and secure."

 

Memo to Facebook: Instead of jumping through hoops to get my banking information, here's a direct line to it: (800) EAT-SHIT.

 

You're welcome.

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58 minutes ago, nIGHT said:

Why do you always find ways to be the most hated person on planet earth Mark Z?

Rather than any dramatics here (as you say), why not write to him and ask him directly?:

Mark Zuckerberg Office Contact Information:

1 Hacker Way
Menlo Park, California 94025

 
Phone: (650) 543-4800

Email:  [email protected]

 

Facebook page: https://www.facebook.com/zuck

 

Good luck!  :flowers:

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16 hours ago, tao said:

Rather than any dramatics here (as you say), why not write to him and ask him directly?:

Mark Zuckerberg Office Contact Information:

1 Hacker Way
Menlo Park, California 94025

 
Phone: (650) 543-4800

Email:  [email protected]

 

Facebook page: https://www.facebook.com/zuck

 

Good luck!  :flowers:

Why don't you do it? Unless you didn't understand what I posted there and you just want to bait me. :P

I have seen you always been tagging me on your post. :think:
Any private agenda? You are butt hurt for me telling you about stopping "nonsensical drama" here. Bring it on then. ?


P.S.
Are you adi by any chance? wahahahaha! ?

Addendum:
You are adi! wahahaha! ?
Sorry, I didn't realize you got butt hurt due to my frankness but someone has to "mark the line" there on what is considered "tolerable " and what isn't. I made that post with no personal gain in mind and not a single empathy involvement, just plain bluntness.

Here is my post again that got you butt hurt and I apologize for it. I didn't realize I hurt your poor soul.
image.png

 

Addendum 2:
adi aka tao
This is the reason why you keep on tagging me on your post... you are committing a retribution act against me,
and I thought you are a very religious and spiritual person! I am disappointed at you.
Religious and spiritual people condemns revenge, and you are doing it to me now. Sad... this is very sad.
Are you no longer religious? Have you given up your faith? Of being at peace with everyone and everything?
Nonetheless! I forgive you.... peace! May you rest in peace.:flowers:
May you also forgive me for hurting your poor soul.  ?

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Yes, yes, yes, Holding on to anger is like grasping a hot coal with the intent of throwing it at someone else; you are the one who gets burned.  ~ Buddha

 

Yes, yes, yes, “You will not be punished for your anger, you will be punished by your anger.” ~ Buddha

 

No, no, no, sinner, saint, religious, spiritual ... no difference!

 

image.png

 

May you forgive yourself.

May you respect yourself.

May you be at peace with yourself.

:love:

 

 

 

 

 

 

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Hey, tao aka adi
I found out you are also hiu#4780.
You even beg me so that you can spy there.
Here's our conversation in DM.
unknown.png
This means you are able to register there, pretended to be someone and lied (this is much you of course, a coward hiding and pretending to be someone else).
But as you claimed in our conversation in this topic you claimed as having "nightmarish experience". :think:
image.png

I forgot to tell you that nSane Discord Server is no longer open to the public as of now.
Those non-role status member can no longer read anything there (can still partially read on the jokes channel though).
I think this is why you claimed as having "nightmarish experience".
It's really hard to fool someone there in Discord since you are chatting with people in real time.
There will be another time til we open it up again, maybe, but that platform is not good for you.
It is still open for VIP/Veterans and those who are non-VIP/non-Veterans who are willing to go thru phone verification that will be associated with their accounts here.
You do not need to pretend to be someone else there.
I could have given you VIP status there since you are a Veteran here but now I will deny you with that since you are making lots of drama here.
unknown.png

Again, I never intended to hurt your feelings.
I am a very frank and very honest so I am sorry if that cause you trouble.
I hope you will not suffer any pain and emotional trauma that will cause you nightmares,
so may you rest in peace immediately. :flowers:

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With all due respect, my user id "adi" was changed to "tao" at my request.  I know nothing about any other ids here or elsewhere. 

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