Facebook Wants Banks to Hand Over Your Financial Information

Facebook wants banks to share your personal finances: Report

Representatives from major banks said they talked often with Facebook about possible deals, and banks and credit-card companies routinely advertise across the social network in hopes of reaching new customers for checking accounts or credit cards. Reports now claim the platform wants to gain access to its users" financial information to "boost engagement.' . "We do not use purchase data from banks or credit card companies for ads", company spokesperson Elisabeth Diana told The Wall Street Journal. The statement, obtained by Ars Technica, went on to portray it as common practice for all companies with commerce business to "partner with banks and credit card companies to offer services like customer chat or account management". "The privacy and protection of our customers' personal information and data is our highest priority", he added.

The Silicon Valley-based social network also contacted US Bancorp, according to the Wall Street Journal, which first reported the news. Wells Fargo said it is "not actively engaged in data-sharing conversations with Facebook". "Facebook has told banks that the additional customer information could be used to offer services that might entice users to spend more time on Messenger". People who bank with Citi in Singapore, for instance, can keep an eye on their account balance and monitor transactions via Facebook.

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The social media giant is facing lawsuits over the debacle in the USA and the United Kingdom, is being investigated by various agencies and has inspired a handful of data privacy bills in both the House and the Senate. For now at least, users have to opt-in to link it to their bank account - a partnership with banks might link users directly to their banks (no word on whether Messenger users would need to opt-in to the service).

The worries around data sharing come as Facebook is under regulatory. Furthermore, it could share that information with third parties, just as it has done with other user information in the past and as it did to cause the Cambridge Analytica scandal. Google and Amazon have reportedly also sought similar arrangements, exchanging user data for the banks' integration with the tech companies' massive platforms.

Kiki Challenge Leaves Iowa Teen with Fractured Skull
The video, which racked up 3 million views, shows her dancing in the road before chasing after a moving vehicle . Now, police are issuing warnings and dishing out fines to those doing the challenge and endangering others.

A spokeswoman for Citigroup said the company recognizes its customers are increasingly spending more time on social media and it wants to be where consumers are. Facebook's payments product was given lower than average marks on data privacy, which measures data control, collection, retention and deletion.

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