Facebook wants banks to share your personal finances

07 August, 2018, 15:57 | Author: Shannon Aguilar
  • Facebook without irony asks banks to give up your financial info

Facebook has asked major United States 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, which is trying to deepen user engagement, has asked JPMorgan Chase (JPM.N), Wells Fargo & Co (WFC.N), Citigroup Inc (C.N) and U.S. Bancorp (USB.N) to discuss potential offerings it could host for bank customers on Facebook Messenger, the newspaper reported. 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.

While "data privacy" remains the "sticking point" for the banks, JPMorgan was forced to distance itself away from the negotiations despite reassurances from the company that Facebook would not share the private data with third parties.

"Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management", Facebook said in a separate statement to AFP.

What that means is that if you're anxious about Facebook having any connection with banks, the WSJ's report should alarm you. That app now boasts 1.3 billion users and serves as the company's commerce center.

Demi Lovato will reportedly go 'straight to rehab' following hospitalization
When EMTs arrived they gave her Narcan , which reverses the effects of an opioid overdose . We have no idea how she will receive the message that she desperately needs rehab.

Chelsea Rocked As Star Player's Agent Demands A Move To Real Madrid
However, the club are yet to sign a replacement for Cristiano Ronaldo and the English transfer window closes in just nine days. But Chelsea should understand the feeling of the player to live with his family and respect his request to the move.

Samsung accidentally leaked the Galaxy Note 9
The bottom edge of the Galaxy Note 9 features a compartment for S Pen, an external speaker, USB-C port and a 3.5mm audio jack. SamMobile spotted the video, which has now been pulled down from YouTube , but is doing the rounds everywhere else.

"The idea is that messaging with a bank can be better than waiting on hold over the phone - and it's completely opt-in", she added. Google and Amazon have reportedly also sought similar arrangements, exchanging user data for the banks' integration with the tech companies' massive platforms. But it denies the idea that it is seeking access to your financial data so it could fuel its ad engine or for some other goal. Citigroup and Wells Fargo refused to comment. An essential part of these efforts is keeping people's information safe and secure, ' Facebook said in a statement.

Shares of Facebook are up just 0.3% since the beginning of 2018 thanks to massive selloffs in March following the Cambridge Analytica saga and another rout last week following a disappointing quarterly earnings report.

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. Far less trusted Facebook, probably because it is in the business of marketing personal information to others, and more recent surveys have indicated user trust in the company has taken a nosedive.

Shares in the social network have regained some ground and rose 4.4 percent to close at $185.69 on Monday.

Recommended:

  • Trump rallying support for Florida GOP congressman

    Trump rallying support for Florida GOP congressman

    A few protesters briefly caught the President's attention after the shouted at him but they were immediately whisked away. He also touched on immigration, renewing his vow to "build a wall" along the southern border of the United States.
    Sarri aims for long-term future at Chelsea

    Sarri aims for long-term future at Chelsea

    Asked if he expects the 29-year-old to be part of his midfield this season, Sarri said: "Yes I do". I am delighted that players with this style of play will be flawless for English football.
    New EPA fuel economy plan is sure to anger California

    New EPA fuel economy plan is sure to anger California

    The administration wants to freeze a rule mandating that automakers work to make cars substantially more fuel efficient. The Corporate Average Fuel Economy standards require automakers' cars to average about 50 miles per gallon by 2025.
  • Trump blasts Pelosi, LeBron James before OH  campaign rally

    Trump blasts Pelosi, LeBron James before OH campaign rally

    In that race - taking place nearly exactly three months out from the national midterms - GOP candidate state Sen. He questioned the idea that the party that controls the White House suffers in the midterm elections.
    Meghan Markle Celebrates Her Birthday In A Club Monaco Dress

    Meghan Markle Celebrates Her Birthday In A Club Monaco Dress

    Next spring, Meghan and Harry are scheduled to make their first tour to the United States at the request of the U.K. Close friend of the family Charlie van Straubenzee tied the knot - and a number of familiar faces were there.
    Pompeo Tells Turkey Time Has Run Out to Resolve Pastor Dispute

    Pompeo Tells Turkey Time Has Run Out to Resolve Pastor Dispute

    Pompeo discussed the detention of American pastor Andrew Brunson , who has been in custody in Turkey since 2016 on terror charges. On Tuesday, a court rejected his appeal to be released altogether during his trial.
  • Ford government scrapping Ontario basic income pilot project

    Ford government scrapping Ontario basic income pilot project

    Lisa MacLeod did not offer an alternative for moving forward, apart from a vague mention of a " better plan in 100 days ". Doug Ford's government is cancelling the basic income pilot program and slowing down increases to income assistance.
    Chelsea v/s Manchester City, Community Shield 2018

    Chelsea v/s Manchester City, Community Shield 2018

    Manchester City set a series of records in staking their claim to be the greatest English top-flight team of all time . Manchester City fans will be hoping for even more goals this afternoon, especially after the signing of Riyad Mahrez.
    Google planning to launch censored Chinese search engine

    Google planning to launch censored Chinese search engine

    Google is set to launch a new version of its eponymous search engine created to conform with China's censorship rules. The company also complained at the time of hacking attacks that appeared to come from China .
  • Trump says son sought intel on Clinton from Russians

    Trump says son sought intel on Clinton from Russians

    On Sunday, Trump also defended tariffs he has imposed on imports into the U.S. From there, the case would end up bouncing around the courts, Sekulow said.
    Pompeo echoes Bolton: US had no connection to Maduro assassination attempt

    Pompeo echoes Bolton: US had no connection to Maduro assassination attempt

    A little-known group called the "National Movement of Soldiers in T-shirts" claimed responsibility for the attack. Maduro said those responsible would face "maximum punishment" and that "there will be no forgiveness".
    Brian Urlacher: The gift that keeps on giving for New Mexico

    Brian Urlacher: The gift that keeps on giving for New Mexico

    An eight-time All-Pro and inside linebacker on the 2000s NFL All-Decade Team, he had a franchise-record 2,643 career tackles. They were going to mail it to him Saturday. "For someone as competitive as I am, that victory means everything to me".


Popular

Trump warns countries against doing business with Iran
Iran says it will continue to abide by the deal for now, if other countries can help protect it from the economic impact of Washington's decision to pull out.

Growing California fires prompt new evacuations
Made up of the Ranch and River fires , combined the complex sits at over 125,168 acres as of Thursday night, and is 39% contained. Yosemite Valley residents must leave the valley by noon Friday, National Park Service officials said.

With US sanctions set to begin, where next for Trump's Iran strategy
The agency reported all protests had taken place without official permission and were subsequently broken up by police. This past week, though, Trump said he'd be willing to meet with Iranian leaders without any preconditions.

White House tells China to fix trade practices
China is proposing a 25 percent tariff on imports of USA liquefied natural gas, a major blow to an emerging American business. Trump portrays the tariffs as a tax on foreigners, but the reality is that tariffs are taxes on US companies and consumers.

Pedro signs one-year contract extension at Chelsea
We have to improve in the other half so the defenders can be less busy'. "And so I hope to see from my team another step". "I am not happy about this situation but before I answer, I would like to speak to him". "I'm so happy he came here".

USA jobs growth slows more than expected in July
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc . The unemployment rate remains at a record low as employers fall slightly short of analyst's expectations for July.

Iran Guards says it held Gulf drills as U.S. tensions rise
US President Donald Trump announced in May Washington's withdrawal from a landmark multinational nuclear deal with Iran. Their arrival means Iran Air has received 13 of the 20 it ordered from the French-Italian manufacturer in April 2017.

Twitter can't believe what President Trump has tweeted about LeBron James
LeBron James (@ KingJames ) says Trump's trying to use sport to divide people, but he believes it brings people together. Trump's tweet came after CNN re-aired a wide-ranging interview between James and Lemon that originally aired on Monday.

Meghan Markle shares birthday with the Queen Mother
Then, when William welcomed his first child, Prince George with wife Kate , they chose to follow suit and use the name Cambridge. Kate has also offered some royal fashion pointers through London-based designers such as Emilia Wickstead.

Alisson to debut for Liverpool against Napoli
Liverpool FC started their summer spending with the £39m addition of Brazil worldwide Fabinho from Ligue 1 side AS Monaco. Liverpool signed the 25-year-old Brazil global from Roma, smashing the world record for a keeper in a deal worth £68m.