Facebook Wants Your Bank Account

August 7, 2018

Facebook wants to partner w/ banks for new Messenger features, but it promises to protect your data.

A pair of reports emerged today highlighting how Facebook does (and does not) want to work with and share user data with banks. The Wall Street Journal first reported on Facebook’s broad-reaching plans to work with major banks such as JP Morgan Chase and Wells Fargo, but TechCrunch disputes the details of that report…

The Wall Street Journal first reported this afternoon that Facebook had asked U.S. banks including JP Morgan Chase, Wells Fargo, Citi, and Bancorp to share “detailed financial information about their customers.” This data would include card transactions and checking account balances, the report said.

The social-media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking-account balances, as part of an effort to offer new services to users.

Facebook increasingly wants to be a platform where people buy and sell goods and services, besides connecting with friends.

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