Economy

Facebook might add your banking info to Messenger

Facebook might add your banking info to Messenger”

The banks asked by Facebook included JPMorgan Chase, Wells Fargo, Citigroup, and U.S. Bancorp, while one "large U.S. bank pulled away from talks due to privacy concerns".

Facebook is pushing back against a report in Monday's Wall Street Journal that the company is asking major banks to provide private financial data. According to the Journal, at least one large US bank pulled away from talks with the company as a result of privacy concerns.

While Facebook insisted in response to the Journal's story that it doesn't want to use any of this data for advertising purposes or share it with third parties, many pointed out that there is no reason to trust Facebook's expressed commitment to user privacy, particularly in the wake of the Cambridge Analytica scandal and other abuses. "An essential part of these efforts is keeping people's information safe and secure".

"The idea is that messaging with a bank can be better than waiting on hold over the phone - and it's completely opt-in", the statement said.

Messenger can be used by businesses to help people keep track of account information such as balances, receipts, or shipping dates, according to the social network.

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.

Wells Fargo declined to address the news. (FB) is seeking to acquire financial data on its users. Facebook is now facing multiple investigations related to its ties to Cambridge Analytica, the political analytics company that accessed data on up to 87 million Facebook users without their consent. Shares in Facebook plummeted last week, wiping out some $100 billion, after the firm missed quarterly revenue forecasts and warned growth would be far weaker than previously estimated.



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