But Facebook is saying it won't collect any of your bank's financial or transactional information about you, and that opting into the service will only enable better integration with Facebook Messenger. But surveys conducted a year ago by the Verge, before Facebook's hellish 2018, showed the vast majority of consumers at least trust banks to safeguard their personal information.
In effect, these deals would give Messenger the ability to alert customers to fraudulent activity on their accounts or allow them to check their balances. The sticking point for banks, unsurprisingly, is data privacy.
Facebook Inc.'s shares rose on optimism that the company is forging deeper relationships with banks to offer customer-service products via its Messenger chat application, a business that could boost engagement as growth slows on its main social network. I reached out to Facebook for comment and will update this post if I hear back.
Apparently not satisfied with access to its users' call history, text messaging data, and online conversations, Facebook has reportedly asked major Wall Street firms like JPMorgan Chase and Wells Fargo to hand over their customers' sensitive financial data as part of the social media giant's ongoing attempt to become "a platform where people buy and sell goods and services". Facebook is reportedly in the market for card transaction data and current account information.More news: Trump claims Americans need ID to go shopping
Rivals like Amazon and Google are seeking the same information, the Journal noted, and though one should be appropriately wary of any company asking for this privilege, they don't have massive data protection scandals like the Cambridge Analytica situation fresh in everyone's memory. The social media giant is facing lawsuits over the debacle in the United States 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.
Wells Fargo declined to address the news.
"We haven't shared any customer information or data to Facebook or any other technology platform", said Dana Ripley, chief communications officer at US Bancorp, in an email statement.
In recent months, Facebook has been scrutinized for its approach to user privacy.