Facebook might add your banking info to Messenger

  • Facebook might add your banking info to Messenger

Facebook might add your banking info to Messenger

Facebook has asked major USA banks to share customer data to allow it to develop new services on the social network's Messenger texting platform, a banking source told AFP on Monday.

Facebook has allegedly asked banks to share detailed financial information about innocent customers.

While banks are keen to be more innovative and offer customers ways to transact on their phones, in this instance they were too concerned about Facebook's ability to keep sensitive customer data private.

And according to the Wall Street Journal-which first reported on Facebook's plans on Monday-the social media behemoth isn't the only tech company that wants access to Americans' financial data. 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.

Among the "features" Facebook is reportedly looking to create if it successfully obtains financial data is a tool that would "show its users their checking-account balances", the Journal reported.

US banks including JP Morgan Chase, Wells Fargo, Citigroup and US Bancorp have been asked to consider potential deals that would host bank customers on Facebook Messenger. (JPM), Wells Fargo & Co.

Facebook acknowledged last month that it was facing multiple inquiries from United States and British regulators about a scandal involving the now bankrupt British consultancy Cambridge Analytica. 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. Unless Facebook is able to reassure the banks that it either won't have direct access to the data itself, or that the data will never be used for advertising purposes, then the company may not succeed in convincing US banks to share their customers data. Spokeswoman Elisabeth Diana has said "we don't use purchase data from banks or credit card companies for ads".