Facebook Wants Access to Your Banking Data

Facebook wants banks to share your personal finances: Report

Facebook wants banks to share your personal finances: Report

But Facebook is saying it won't collect any of your bank's financial or transactional information about you, and that opting into the service will only enable better integration with Facebook Messenger.

In response to the Journal's reporting, critics of corporate power used the word "dystopian" to describe the push by Facebook, Google, and Amazon for ever-greater access to users' personal information in a bid to boost profits.

The Wall Street Journal originally reported that over the a year ago, Facebook had been asking banks to share financial information on customers, including spending habits and bank account balances, as a way to better integrate commerce into Facebook, and specifically Messenger.

In effect, these deals would give Messenger the ability to alert customers to fraudulent activity on their accounts or allow them to check their balances.

Facebook has been getting cozy with your banks, but that might not be as alarming as it sounds. I reached out to Facebook for comment and will update this post if I hear back.

New U.S. sanctions against Iran take effect
Speaking in a television interview, he also demanded compensation for decades of American "intervention" in the Islamic Republic. Iran's currency has lost around half its value since Trump announced the U.S. would withdraw from the nuclear pact.

Facebook is now trying to recover from the Cambridge Analytica scandal, which significantly damaged the company's image after it was revealed that a London-based firmed had gained access to as many as 87 million users to influence US President Donald Trump's 2016 election campaign. Facebook is reportedly in the market for card transaction data and current account information.

The Silicon Valley-based social network also contacted US Bancorp, according to the Wall Street Journal, which first reported the news. A critical part of these partnerships is keeping people's information safe and secure. The social media giant is facing lawsuits over the debacle in the USA and the United Kingdom, is being investigated by various agencies and has inspired a handful of data privacy bills in both the House and the Senate. (JPM), Wells Fargo & Co.

When news of the potential partnerships became public, Facebook shares increased by about 3.5% through midday. Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management.

"We don't use purchase data from banks or credit card companies for ads", spokeswoman Elisabeth Diana told The WSJ.

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