Facebook Is Now Asking Banks For Data on Your Spending Habits

The social media giant is making the effort amid ongoing concerns about its ability to keep data private

Facebooksaid this week that it had proposed data-sharing partnerships with banks and credit-card companies that would allow users to access their personal account information from within the social network's messaging service, Facebook Messenger, as an alternative to speaking with customer-service representatives or automated chatbots on the companies' banking or credit sites.

And according to the Wall Street Journal-which first reported on Facebook's plans on Monday-the social media behemoth isn't the only tech company that wants access to Americans' financial data. "Like many online companies, we routinely talk to financial institutions about how we can improve people's commerce experiences, like enabling better customer service", said Diana.

Facebook has been trying for a long time to make its Messenger app a hub for commercial activity. The sticking point for banks, unsurprisingly, is data privacy.

Nevertheless, the Journal reported, privacy concerns led one large US bank, which the paper did not name, to end the negotiations.

JPMorgan is not "sharing our customers' off-platform transaction data with these platforms, and have had to say no to some things as a result", a spokeswoman told the Journal.

In an effort to better protect user data, the company earlier in March said it ended "Partner Categories", which let advertisers use information from third-party data providers such as Experian and Oracle Data Cloud.

State GOP would rather not mention Trump in campaign
The Ohio rally was Trump's third of the week and he has pledged to accelerate his pace further as the midterms approach. Trump trained fire on one of his new targets, Democrat Representative Maxine Waters of California.

Zanu-PF signals a Mnangagwa win
Gunfire crackled as troops, backed by armoured vehicles and a military helicopter, cleared the streets of opposition protesters. Under Mugabe, the law was used routinely to ban anti-government meetings and demonstrations since its enactment in 2002.

Hamilton revels in Hockenheim win "I manifested my dream"
It's the first time the Brit has ever won after starting lower than sixth on the grid. He managed to climb as far as 6th on the grid, behind teammate Max Verstappen.

Facebook has been under fire for several scandals involving data privacy, starting with Cambridge Analytica. Citigroup and Wells Fargo refused to comment.

"We don't use purchase data from banks or credit card companies for ads", spokeswoman Elisabeth Diana told the Journal. Currently, users can send and receive money through Messenger via PayPal, and MasterCard customers can use their card via Messenger with certain retailers. The WSJ reports that Facebook made inquiries to JPMorgan Chase & Co.

FBN's Stuart Varney, Ashley Webster and Liz MacDonald on reports Facebook is asking banks for financial information about their customers.

"Facebook already has mountains of information about our social networks, physical movements, and activity online".

"We haven't shared any customer information or data with Facebook or any other technology platform", Dana Ripley, a spokesman for US Bancorp, said in an emailed statement.

Related news:

Hot News

isis-killer-beheading-video-story-top Elon Musk considers taking Tesla private as stock jumps
Aug 07, 2018 - 22:12
Tesla now has a market value around $60 billion, which would make its take-private price tag about $80 billion, Galloway said. The company underwent an initial public offering in 2010. "I believe Tesla considers Tweets as public disclosure".

isis-killer-beheading-video-story-top After Edgbaston Win, England are in the Driver's Seat: Ben Stokes
Aug 06, 2018 - 16:41
India under Kohli gives the impression that they have resources to be gallant travellers, but they seldom look convincing. Yet again a regulation edge to a delivery going away. "So we'll go to bed dreaming about getting Kohli out first thing".

isis-killer-beheading-video-story-top Man City boss Guardiola lauds Bernardo Silva 'masterpiece'
Aug 06, 2018 - 16:28
Aguero then set up Foden, whose low drive was stopped by the Chelsea keeper, but with 58 minutes gone Aguero put City 2-0 up. But they produced a controlled and efficient performance to secure their third piece of silverware in the past six months.

isis-killer-beheading-video-story-top Accountant Manafort admitted that he forged documents
Aug 06, 2018 - 16:17
And if Manafort was actively trying to circumvent lending laws, he wouldn't send emails to his accountant and bookkeeper about it. Manafort signed an agreement to account for that loan that was backdated, according to Laporta and an exhibit shown to the jury.

isis-killer-beheading-video-story-top Birthday girl Meghan shines alongside Prince Harry at lavish celebration
Aug 06, 2018 - 15:45
Van Straubenzee has known the prince since childhood and was an usher at Harry and Meghan's wedding at Windsor Castle in May. And, per usual, she looked extremely chic in a Club Monaco dress, paired with Aquazzura shoes and a Philip Treacy hat.

isis-killer-beheading-video-story-top Everton agree Yerry Mina deal with Barcelona?
Aug 06, 2018 - 14:22
The final opinion [on if he stays or goes] is with the coach [Valverde]". "That's something I've really felt at this club". Alderweireld could wait a year to become available but Graves reckons he will be heading to Old Trafford in this window.

isis-killer-beheading-video-story-top Charlotte Rae, star of 'Facts of Life,' dies at 92
Aug 06, 2018 - 12:05
Garrett on Diff'rent Strokes, paid tribute to all of his late costars: "RIP IN PEACE ALL OF MY CAST MATES. A 1958 publicity photo heralds Charlotte Rae's appearance in a variety show at Chicago's Empire Room.

isis-killer-beheading-video-story-top Family of missing U.S. student crowdfund for her return: ‘She’s out there’
Aug 03, 2018 - 23:30
Ms Tibbetts was reported missing the next morning when she didn't show up for work at a day care centre in a nearby town. Rob Tibbetts, the young woman's father, called the reward "another tool in our arsenal" to bring her home.

isis-killer-beheading-video-story-top Eel Fire becomes third large wildfire in Mendocino County to ignite
Aug 03, 2018 - 01:33
Officials said Wednesday that the Carr Fire was the sixth most destructive wildfire in California history. Redding Police on Tuesday asked for help from the public locating four people who are still missing.

isis-killer-beheading-video-story-top Samsung Targets iPad Pro with Galaxy Tab S4
Aug 02, 2018 - 23:54
Samsung said it also made a decision to hand out dividends of 354 won per shares, with the combined amount of 2.4 trillion won. The company said it plans to showcase various QLED models to meet with the high seasonal demand expected for later this year.

isis-killer-beheading-video-story-top Financial fruit: Apple becomes 1st trillion-dollar company
Aug 02, 2018 - 21:42
This year saw a slew of new Macbook Pro models, the Apple HomePod and rides on the tail of the late-2017 launch of the iPhone X . Apple has become the first US-listed company to be valued at a trillion dollars. "A clean beat on the path to $1 trillion".

isis-killer-beheading-video-story-top Mark Zuckerberg’s fortune tumbles $16.8 billion in a day
Jul 28, 2018 - 19:54
Global DAU rates increased by 11% compared to the year-ago quarter, but they were still below what Wall Street was calling for. Shares plunged 19% on Thursday after executives warned that revenue growth would slow as the company focuses on user privacy.

isis-killer-beheading-video-story-top Lunar eclipse tonight coincides with unusual positioning of Earth, Sun and Mars
Jul 28, 2018 - 11:13
The planet, which has been visible with the naked eye for more than a week, won't be as close to Earth for another 17 years. NASA , meanwhile, called out social media hoaxers claiming that Mars would appear as big as the moon during the eclipse.

Kelly Rowland Gets Giant Hand Tattoo To Show Love To Demi Lovato
Jul 26, 2018 - 21:57
Demi's reported relapse comes just weeks after she celebrated being sober for six years. Her 2015 album, " Confident ", earned her a Grammy nomination for best pop vocal album.

isis-killer-beheading-video-story-top College student Mollie Tibbetts missing in Iowa after going running
Jul 26, 2018 - 21:56
Tibbetts, the middle child in her family, was looking forward to returning to college and was full of hope. Since then, hundreds have joined the search for Tibbetts. "There is no such thing as a silly tip or lead".