Facebook might add your banking info to Messenger

07 August, 2018, 01:31 | Author: Mary Valdez
  • The social media giant is making the effort amid ongoing concerns about its ability to keep data private

Facebook tried to persuade banks to give it their users' data by promising them features such as users being able to see their checking account balances or receiving fraud alerts within Facebook Messenger.

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. In an effort to better protect user data, the company earlier in March said it ended "Partner Categories", which let advertisers use information from third-party data providers such as Experian and Oracle Data Cloud. (FB) is seeking to acquire financial data on its users. However, one large bank has already pulled out of the partnership talks due to these privacy concerns, according to the WSJ. "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.

Messenger can be used by businesses to help people keep track of account information such as balances, receipts, or shipping dates, according to the social network. (JPM), Wells Fargo & Co.

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Facebook has been under fire for several scandals involving data privacy, starting with Cambridge Analytica. A critical part of these partnerships is keeping people's information safe and secure. Google and Amazon have also "asked banks to share data if they join with them, in order to provide basic banking services on applications such as Google Assistant and Alexa", the Journal pointed out, citing anonymous sources familiar with the companies' ambitions.

In Facebook's worst ever public relations disaster, it admitted that up to 87 million users may have had their data hijacked by Cambridge Analytica, which was working for US President Donald Trump's 2016 election campaign.

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