Facebook asking major US banks for financial data: report

Source: The Hill | August 6, 2018 | Harper Neidig

Facebook is asking major U.S. banks for financial data in order to provide more online shopping services and to track consumer spending habits, The Wall Street Journal reported.

But according to the Journal, financial institutions are reluctant to partner with the social media network over privacy concerns. One bank has reportedly pulled out of discussions with Facebook because of the issue.

The news comes as Facebook struggles to fend off concerns that arose from a privacy scandal in which a political consulting firm obtained data on 87 million users without their knowledge.

Facebook told the paper that any financial information it obtains would not be shared with third parties or used to target advertisements.

“We don’t use purchase data from banks or credit card companies for ads,” Facebook spokeswoman Elisabeth Diana told the Journal. “We also don’t have special relationships, partnerships, or contracts with banks or credit card companies to use their customers’ purchase data for ads.”

The talks are part of an effort to make Facebook Messenger more of a destination for online shopping. According to the Journal’s sources, companies like Google and Amazon are also exploring similar partnerships.

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  •  EVERYDAY #24931

    Thank God I no longer have a Facebook account.

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