Economy

Facebook might add your banking info to Messenger

Facebook might add your banking info to Messenger

The social network has asked several USA banks to share customers' financial data, including card transactions and checking account balances, The Wall Street Journal reported on Monday.

The primary concern among many banks and individual customers with regards to Facebook's latest attempts at expansion is data privacy.

Highlighting the fact that "Facebook has been a cesspool of privacy issues for quite a while", technology writer Curtis Silver argued in a piece for Forbes on Monday that it's time to "quit Facebook before it inevitably accesses your banking data". Specifically, the social media company wants to incorporate its users' financial data into Messenger, allowing them to to check their account balances or watch for fraud alerts.

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".

Facebook acknowledged last month that it was facing multiple inquiries from United States and British regulators about a scandal involving the now bankrupt British consultancy Cambridge Analytica.

Wells Fargo declined to comment.

Paul Manafort ‘approved every penny’ of bills
This was mostly years before he briefly ran President Donald Trump's campaign in 2016, during a pivotal time in the campaign. Their testimony directly addressed the bank and tax fraud charges the government has brought against Manafort.

Despite this, Facebook claimed in a statement that the data would not be used for advertisement targeting.

The talks are part of an effort to make Facebook Messenger more of a destination for online shopping. The company is aiming to boost user engagement, particularly with its Messenger service, after Facebook lost more than $120 billion ins market value in a single day earlier this summer.

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.

'We don't use purchase data from banks or credit card companies for ads'.

When news of the potential partnerships became public, Facebook shares increased by about 3.5% through midday.