Published: Wed, August 08, 2018
Economy | By Melissa Porter

Facebook wants your financial data to expand Messenger, says report

Facebook wants your financial data to expand Messenger, says report

Facebook has asked major U.S. banks to share customer data to allow it to develop new services on the social network's Messenger texting platform, a banking source told AFP on Monday.

It has approached JP Morgan Chase, Wells Fargo, Citigroup and US Bancorp about hosting several offers on Facebook Messenger.

Representatives from major banks said they talked often with Facebook about possible deals, and banks and credit-card companies routinely advertise across the social network in hopes of reaching new customers for checking accounts or credit cards.

In a statement reported by CNBC, a Facebook spokesperson clarified that the company is not "actively asking financial services companies for financial transaction data".

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.

Facebook says it's been partnering with banks and credit card providers on chatbots and account management over Facebook Messenger.

Charlie Nash is a reporter for Breitbart Tech. "The privacy and protection of our customers' personal information and data is our highest priority", he added. Currently, users can send and receive money through Messenger via PayPal, and MasterCard customers can use their card via Messenger with certain retailers.

JPMorgan is not "sharing our customers' off-platform transaction data with these platforms, and have had to say no to some things as a result", a spokeswoman told the Journal.

The Journal's report comes as Facebook has drawn increasing criticism over its privacy practices following revelations that political data firm Cambridge Analytica obtained the personal data of as many as 87 million Facebook users worldwide.

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

Does anyone want to give Facebook access to sensitive financial info in exchange for more alerts on their app?

But with ever-increasing privacy concerns about Facebook, any talk of links to financial data on a wider scale is going to cause unsurprising ripples of discontent - ripples Facebook will be eager to calm.

Some account linking is in place on a relatively small scale at the moment - for example, Facebook users in Singapore who bank with Citi can check balances and view recent transactions.

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