ibusinesslines.com
ibusinesslines.com October 20, 2018


Facebook asks US banks for financial info to boost user engagement

07 August 2018, 08:01 | Kelvin Horton

Facebook Wants Banks to Hand Over Your Financial Information Associated Press 6 Aug 2018

Mark Zuckerberg CEO of Facebook

Facebook reportedly wants you to check your bank account on its instant message platform, Messenger.

The social media company has reportedly asked USA banks to share financial information about their customers, including checking-account balances and card transactions.

Facebook has reportedly said that it wouldn't use the data to improve its ad-targeting or share it with others.

After all, if a financial institution shares data that is later exposed in a breach, the bank may share the blame in the eyes of regulators.

Facebook maintains that if it gets the data from banks, it will use it to offer services that encourage people to spend more time on Messenger, and will not use it to target ads or share with third parties. I reached out to Facebook for comment and will update this post if I hear back.

"Facebook has talked about a feature that would show its users their checking-account balances, the people said". "We also don't have special relationships, partnerships, or contracts with banks or credit card companies to use their customers' purchase data for ads". The idea is that messaging with a bank can be better than waiting on hold over the phone - and it's completely opt-in.


In recent months, Facebook has been scrutinized for its approach to user privacy.

"We're not using this information beyond enabling these types of experiences - not for advertising or anything else", Facebook explained in its statement.

Chase isn't "sharing our customers' off-platform transaction data with these platforms, and have had to say no to some things as a result", said JPMorgan Chase's spokeswoman Patricia Wexler, referring CNET to her statement to the Journal. (JPM), Wells Fargo & Co.

Facebook CEO Mark Zuckerberg announced in May he was rolling out privacy controls demanded by European regulators to Facebook users worldwide because "everyone cares about privacy". 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.

Don't miss out on the latest news and information.



Other News

Trending Now

Fortnite Shopping Cart and ATK vehicles removed, but don’t panic
All you have to do is build things with the regular materials you gather and each one will count towards your challenge progress. I would suggest landing in one of the side buildings of the Divot and attacking opponents as soon as you find a gun.

Barcelona's condition forPogba before joining from United
But Pogba would bounce back this summer, impressing for France as they went on to win the World Cup in Russian Federation . Mourinho's decision to keep Pogba at Old Trafford has been reported by Miguel Delaney of the Irish Independent .

Lemonade stand robber on the run; DNA could help track him
On Sunday the boy returned to sell drinks at the community pool in Monroe, about 30 miles (50km) from Charlotte. Authorities believe the teen left a bicycle and walked from there to the lemonade stand.

Red-hot Liverpool hammer Napoli 5-0
Players in: Naby Keita (£52.75m, RB Leipzig), Fabinho (£43.7m, Monaco), Xherdan Shaqiri (£13m, Stoke), Alisson (£56m, Roma ). Liverpool's first Premier League game of 2018-19 is against West Ham at Anfield on 12 August (13:30 BST).

Gun violence roils sweltering Chicago: 41 shot, 5 fatally, police say
Earlier this month, the Chicago Tribune reported that there had been 532 fewer shootings this year compared to 2017. As of 3:15 p.m., at least two other people had been killed and 25 more had been left wounded in Sunday shootings.

Khloe Kardashian’s ‘cheating’ heartache will be featured on KUWTK
News. "I felt like every day nearly I was being picked on and criticized and I just couldn't take it anymore". I felt like every day nearly I was being picked on and criticized and I just couldn't take it anymore.

President urged to stop tweeting on Trump Tower meeting
But here's the thing: This is a tweet about how the Trump Tower meeting was totally fine - nothing illegal to see here. Both President Trump and Russian President Vladimir Putin have said Russia did not interfere in the USA election.