Published: Tue, August 07, 2018
Business | By Eloise Houston

Facebook Asks Banks to Share Customer Information

Facebook Asks Banks to Share Customer Information

According to a new Wall Street Journal (WSJ) report, Facebook has asked USA banks to share detailed information on their customers, including data on credit card transactions and checking account balances.

The social media titan has reportedly put forward a proposed feature that would allow users to see their own checking-account balances through the platform, as well as fraud alerts that could be delivered through Facebook as well.

(C) and U.S. Bancorp (USB) in the past year to determine whether potential offerings for bank customers on Facebook Messenger might be possible.

The news comes as Facebook struggles to fend off concerns that arose following the privacy scandal in which a political consulting firm obtained data on 87 million users without their knowledge.

At any rate, according to the WSJ, Facebook is not interested in using any data it would gain from banks for ad-targeting purposes. (FB) is seeking to acquire financial data on its users. "We also don't have special relationships, partnerships, or contracts with banks or credit card companies to use their customers' purchase data for ads".

JPMorgan Chase spokeswoman Patricia Wexler directed AFP to a statement given to the Wall Street Journal saying, "We don't share our customers" off-platform transaction data with these platforms and have had to say "No' to some things as a result".

"The idea is that messaging with a bank can be better than waiting on hold over the phone - and it's completely opt-in", she added. 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. We're not using this information beyond enabling these types of experiences - not for advertising or anything else.

Wells Fargo declined to comment.

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