Facebook Asks Banks to Share Customer Information

Kenny Grant
August 7, 2018

The goal was to create new ways for Messenger to be woven into, and facilitate, interactions between banks and customers, according to the reports.

Facebook has asked large US banks to share financial information about their customers as it seeks to offer new services to users, according to The Wall Street Journal.

"While we regularly have conversations about potential partnerships, safeguarding the security and privacy of our customers' data and providing customer choice are paramount in everything we do", Citigroup told AFP by email.

"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.

The petition, which went out to numerous largest banks across the country, is sure to draw criticism from many interested in retaining data privacy, particularly in an area as sensitive as personal finance.

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

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However, concerns over data sharing and privacy have held up talks with at least one bank, sources told the Wall Street Journal. (JPM), Wells Fargo & Co.

At any rate, according to the WSJ, Facebook is not interested in using any data it would gain from banks for ad-targeting purposes.

From Facebook's perspective, the company believes that more customer information means more targeted efforts at engaging its user base.

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.

"Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management", she said in a statement on behalf of the social media giant. A critical part of these partnerships is keeping people's information safe and secure.

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