Facebook is asking large U.S. banks to share detailed financial information about their customers, including card transactions, shopping habits and checking-account balances, as part of an effort to offer new financial services to users. 4 According the article, Facebook has spent the last year asking banks like JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp for partnerships that would result in 'Messenger enhancements'.
Facebook is considering a feature that shows people their checking account balances from within Messenger and one that alerts users to fraud.
“Facebook has told banks that the additional customer information could be used to offer services that might entice users to spend more time on Messenger, a person familiar with the discussions said,” the Journal wrote. 1
As part of the proposed deals, Facebook asked banks for information about where its users are shopping with their debit and credit cards outside of purchases they make using Facebook Messenger, the people said. 4
Facebook denies that it’s “actively asking financial services companies for financial transaction data.” It says that it’s simply looking to partner with banks and credit card companies to offer customer service through a chatbot in Messenger or help users manage their accounts within the app. However, Facebook confirms that your financial information would have to pass through their servers. 1
Facebook says it wants to be the good guy, but stalls on fixing breaches, still supports a toxic environment and provides a platform for hate and up until recently. 2 Facebook has been a cesspool of privacy issues for quite a while, yet every single warning over the years just seems to fall on deaf ears.
There are two frontiers that Facebook would love to get a piece of. One is your financial information - the demographics from that would be a golden goose. The other is your medical information, which you might believe is an impossibility, but it's more likely an inevitability. 2
Gennie Gebhart, a Researcher at the Electronic Frontier Foundation, a digital civil liberties organization, told Fortune that this push to change user habits and increase their interactions with businesses through the Messenger app is dangerous for user privacy. “Facebook already has mountains of information about our social networks, physical movements, and activity online. Do we really want to give Facebook greater insight into our finances and purchases, too?,” Gebhart said. “When we collapse all these interactions into one service, we risk giving Facebook a more and more detailed picture of who we are.” 5
If platforms like Facebook have control of payment systems they will know every single thing you do, Robert Kapito, president of the asset manager BlackRock, said during a banking conference. 1
Additional information, cited within this article, can be found at: 1 - qz.com
2 - forbes.com
3 - theverge.com
4 - wjs.com
5 - fortune.com
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