Facebook accused of asking banks for financial information about its users

Facebook wants banks to share your personal finances: Report

Facebook might add your banking info to Messenger

Facebook tried to persuade banks to give it their users' data by promising them features such as users being able to see their checking account balances or receiving fraud alerts within Facebook Messenger.

Facebook has asked major banks to share financial information about their customers, such as card transactions and account balances, as it considers launching new financial products.

Facebook, which has faced intense criticism for sharing user data with many app developers, was interested in information including bank card transactions, checking account balances, and where purchases were made, according to the source.

The petition, which went out to numerous largest banks across the country, is sure to draw criticism from many interested in retaining data privacy, particularly in an area as sensitive as personal finance.

"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.

But word Facebook is fishing for financial information comes amid concerns it has not vigilantly guarded private information.

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Facebook last week saw $120 billion wiped off its market value after reporting a tailing off in new users in the wake of the Cambridge Analytica scandal.

The company, however, clarified that it would not use the bank data for ad-targeting purposes or share it with third parties.

Shares of Menlo Park, California-based Facebook ended the day up 4.5 percent at $185.69.

JPMorgan declined to comment beyond a statement it provided the Journal, in which the bank said it isn't sharing customers' "off-platform transaction data with these platforms, and have had to say no to some things as a result". Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management. However, Facebook received good marks for "offering detailed terms of service and end-user agreements that explain how they use consumers' data", Consumer Reports said.

What that means is that if you're anxious about Facebook having any connection with banks, the WSJ's report should alarm you.

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