On Monday, the Wall Street Journal reported that the company was asking USA banks to share detailed financial information about their customers, including checking account balances and payment card transactions.
According to The Wall Street Journal (WSJ), the latest data partnership Facebook is pursuing could involve some of the US' biggest banking organizations. "As part of the proposed deals, Facebook asked banks for information about where its users are shopping with their debit and credit cards outside of purchases they make using Facebook Messenger", the report said, citing unnamed sources. Reports now claim the platform wants to gain access to its users" financial information to "boost engagement.' .
Facebook has reportedly approached several of the biggest USA banks, asking them to share their customers' financial data with the social-media giant.
Facebook has denied reports that it is actively asking banks for details of users' financial transactions. "We also don't have special relationships, partnerships, or contracts with banks or credit card companies to use their customers' purchase data for ads".
But word Facebook is fishing for financial information comes amid concerns it has not vigilantly guarded private information. A cell phone can receive text-message fraud alerts, and anyone responsible already regularly looks at their bank accounts on a computer or via a bank-specific mobile app with minimal inconvenience. "Protecting our customers' privacy and personal information is our highest priority".
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She said Gates told her in a conference call the income level "was too high" and proposed reclassifying a portion of it as a loan. Mueller's team said the witnesses refused to testify or would refuse to answer certain questions if not given the protection.
The ability to make payments via Messenger was rolled out to UK Facebook users previous year.
From Facebook's perspective, the company believes that more customer information means more targeted efforts at engaging its user base. A critical part of these partnerships is keeping people's information safe and secure.
By helping friends and family do more than chat online, Facebook hopes to increase the amount of time that users spend with its Messenger app. Banks would get access to Facebook user information, in exchange for sharing their financial data.
Not only Facebook, Google and Amazon have also asked banks to share data in order to provide basic banking services on applications such as Google Assistant and Alexa. But they told PCMag they're quite aware of the privacy concerns, and wouldn't want to jeopardize the security of customers' financial data.