Facebook Wants Banks to Hand Over Your Financial Information

Mark Zuckerberg CEO of Facebook

Mark Zuckerberg CEO of Facebook

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.

According to the report, Facebook has asked banks "to discuss potential offerings it could host for bank customers on Facebook Messenger", as well as offer a feature to display checking account balances.

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. Facebook has pulled in $11.8 billion in advertising revenue in the USA and Canada so far in 2018.

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Chase isn't "sharing our customers' off-platform transaction data with these platforms, and have had to say no to some things as a result", said JPMorgan Chase's spokeswoman Patricia Wexler, referring CNET to her statement to the Journal. Google and Amazon have also "asked banks to share data if they join with them, in order to provide basic banking services on applications such as Google Assistant and Alexa", the Journal pointed out, citing anonymous sources familiar with the companies' ambitions. Facebook is now facing multiple investigations related to its ties to Cambridge Analytica, the political analytics company that accessed data on up to 87 million Facebook users without their consent.

"Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management", Facebook said. (JPM), Wells Fargo & Co. "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". A critical part of these partnerships is keeping people's information safe and secure.

The social network is now looking at cooler growth following a years-long breakneck pace.

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