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

By Polycount · 12 replies
Aug 6, 2018
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  1. 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.

    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.

    Permalink to story.

     
  2. OutlawCecil

    OutlawCecil TS Guru Posts: 655   +469

    "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."

    They were essentially hacked, but it's easy to always blame somebody higher up. Oh well...
     
    wiyosaya and Reehahs like this.
  3. psycros

    psycros TS Evangelist Posts: 2,661   +2,416

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

    And this is supposed to make us feel BETTER??!! WTF are they planning on using that data for, exactly?? I'll make a predication right now: any bank that gets caught sharing data with Facistbook will see its stock tank very quickly. If my bank does it I will drop them like a cancerous toad and I know I won't be alone. If the government doesn't' step in to stop this we will know that the senate hearings were a complete farce.
     
    BMAN61 and wiyosaya like this.
  4. GreenNova343

    GreenNova343 TS Maniac Posts: 357   +237

    Things I can already do with my bank (both online & in their app) without having to use Facebook or its Messenger app:
    -- check my online balances (website & app)
    -- transfer funds between my different accounts (website & app)
    -- set up automatic bill pay (website & app)
    -- transfer money using a 3rd-party (my bank uses Zelle) (website & app)
    -- Tweet to my bank (website & app)
    -- call my bank (technically only in the app, but the phone numbers are listed on the website)

    So, exactly which new feature is Facebook going to bring that would a) make me inclined to allow them access to my financial records, & b) trust them to keep my bank username/password safe from anyone (including Facebook employees & their 3rd-party affiliates)?
     
    BMAN61, wiyosaya and Reehahs like this.
  5. ShObiT

    ShObiT TS Maniac Posts: 172   +162

    The new feature will be getting the Ads according to your current balance and income, best segregation when its time to get offers from announcers. An example will be "getting 4k Tv's ads only if your account can afford it, so you can immediately make the purchase", its a grim future for US people.
     
    wiyosaya and Reehahs like this.
  6. toooooot

    toooooot TS Evangelist Posts: 752   +366

     
  7. wiyosaya

    wiyosaya TS Evangelist Posts: 3,825   +2,174

    Anyone using this would have to be insane!
     
    BMAN61 likes this.
  8. netman

    netman TS Addict Posts: 282   +88

    I'd stay away from FB and don't get intimated if people blame me for not joining in!
     
  9. ghostf1re

    ghostf1re TS Guru Posts: 409   +261

    Absolutely not. Facebook does not get my banking information. I've already gotten rid of the Messenger app just because of their persistently annoying ads on my screen. Anyone who uses Facebook for this is a complete imbecile.
     
  10. dogofwars

    dogofwars TS Addict Posts: 175   +71

    They can go to hell!!! If they ever do that I will not only reconsider using Facebook but that time I will just get ride of it.
     
  11. TsVkK

    TsVkK TS Booster Posts: 31   +20

    The technically inclined amongst us will say "NO!" loud and clear, but the sheeple will adopt en masse.
     
    BMAN61 likes this.
  12. captaincranky

    captaincranky TechSpot Addict Posts: 14,779   +3,906

    Couldn't I just log in directly to my bank? Wouldn't that be one step instead of two. Or would it be like totally inconsiderate to cut zuckenhumper out of the loop altogether? I just don't know what I should do. Maybe I should join Facebook, pretend to be a nice person, then poll my first 500 "friends" for advice.

    Or maybe, I could just scan my bank statements, then upload them as public information.
     
    wiyosaya likes this.
  13. ShObiT

    ShObiT TS Maniac Posts: 172   +162

    On me? I can't a affort my house, kids, car, and still got them lol, its part of life, was just trying to think like these Data Hungry
    Millionaires / companies.
     

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