Published: Tue, August 07, 2018
Markets | By Otis Pena

Facebook asks U.S. banks to share customer details

Facebook asks U.S. banks to share customer details

People familiar with the matter told the Journal that Facebook has considered a feature that would show its users their account balances while it also pitched fraud alerts. "We're not using this information beyond enabling these types of experiences - not for advertising or anything else".

Facebook is now 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 US bank" to pull out of the talks. "What is it? A data content farm for paying customers", Silver writes.

Facebook confirmed the effort in a statement to AFP, but said it was not asking for transaction data.

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

"We haven't shared any customer information or data to Facebook or any other technology platform", said Dana Ripley, chief communications officer at US Bancorp, in an email statement.

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And while the move could help Facebook's user engagement numbers - which were negative for the first time in its history has a public company last week - it comes with a slew of privacy concerns, exacerbated by the scandal surrounding data firm Cambridge Analytica in Spring 2018. And those on Facebook have become more comfortable using their credit cards in the news feed because of a product that enables people to ask their friends to donate to charitable causes.

Wells Fargo declined to comment.

Shares in the social network have regained some ground and rose 4.4 percent to close at $185.69 on Monday.

Banks would like to have better integration with online platforms, but at the same time they would like their customers to use their own apps and services, rather than the services of third parties like Amazon, Google and Facebook.

A JPMorgan spokesperson told the publication that it wouldn't be "sharing our customers' off-platform transaction data with these platforms, and have had to say no to some things as a result". But surveys conducted previous year by the Verge, before Facebook's hellish 2018, showed the vast majority of consumers at least trust banks to safeguard their personal information.

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