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.
FBN's Stuart Varney, Ashley Webster and Liz MacDonald on reports Facebook is asking banks for financial information about their customers.
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".
New features could include tools that help users check their account balances or alert them about bank fraud, according to the Wall Street Journal. 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.
"We're not using this information beyond enabling these types of experiences - not for advertising or anything else", Facebook explained in its statement.
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Wells Fargo declined to comment.
US banks including JP Morgan Chase, Wells Fargo, Citigroup and US Bancorp have been asked to consider potential deals that would host bank customers on Facebook Messenger. 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.
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. Spokeswoman Elisabeth Diana has said "we don't use purchase data from banks or credit card companies for ads".
"Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management", Facebook said. This marks the largest gain since the rapid drop in July.