Facebook Asks Major US Banks To Share Customer Details

Facebook wants banks to share your personal finances: Report

Facebook wants banks to share your personal finances: Report

(FB) is seeking to acquire financial data on its users.

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

"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.

While banks are keen to be more innovative and offer customers ways to transact on their phones, in this instance they were too concerned about Facebook's ability to keep sensitive customer data private. Facebook has pulled in $11.8 billion in advertising revenue in the US and Canada so far in 2018.

Facebook is now discussing partnership ideas with firms like Citigroup Inc., Wells Fargo, and JPMorgan Chase, but the Cambridge Analytica incident has reportedly caused at least "one large US bank" to pull out of the talks.

The financial information asked from the banks include card transactions and checking account balances, according to the report.

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".

After all, if a financial institution shares data that is later exposed in a breach, the bank may share the blame in the eyes of regulators.

Facebook has been under fire for several scandals involving data privacy, starting with Cambridge Analytica.

According to WSJ, Alphabet (Google's parent company) and Amazon have also been in talks with the banks about sharing their customers data to use it to improve digital assistants, such as Google Assistant and Alexa, respectively. "An essential part of these efforts is keeping people's information safe and secure".

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