Facebook requests prime US banks for customer details

This time Facebook has asked prime US banks to share their customer data so that it can develop new services on the social network’s Messenger. According to reports, a banking source told this to AFP on Monday.

Banks like Chase, JPMorgan, Citibank, and Wells Fargo had discussion regarding this with the Facebook team.

Few days ago, the Wall Street Journal reported that Silicon Valley-based social network also contacted US Bancor.

Facebook has received harsh criticism for sharing user data with many app developers. Facebook is also interested in information including bank card transactions, checking account balances, and where purchases were made.

Although, Facebook denied the claims which said that it demanded for transaction data. But accepted in a statement to AFP, about the efforts it made to grab other information.

Also Read: Bug made private posts of 14mn users public, admits Facebook

Facebook said, “Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management”.

Whereas the official statement said, “The idea is that messaging with a bank can be better than waiting on hold over the phone — and it’s completely opt-in“.

Concern regarding the privacy

Facebook states the Messenger can be used by businesses to help people keep a track of account information such as balances, receipts, or shipping dates.

It assured users that “We’re not using this information beyond enabling these types of experiences – not for advertising or anything else“.

It also acknowledged about how they faced multiple inquiries from US and British regulators about a scandal involving the now bankrupt British consultancy Cambridge Analytica.

It is sad to know but Facebook admitted that up to 87 million users may have had their data hijacked by Cambridge Analytica, which worked for US President Donald Trump’s 2016 election campaign.

Facebook CEO Mark Zuckerberg, announced in the month of May that privacy controls will be passed on to Facebook users as “everyone cares about privacy”.

Shares in Facebook are running weaker than previously estimates but on Monday it has regained some ground, and gained 4.4% to close at $185.69.

Also Read: Facebook: Data admittance for Chinese companies