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Facebook ask banks to share customer’s data

Facebook ask banks to share customer’s data

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

Facebook had discussions with Chase, JPMorgan, Citibank, and Wells Fargo several months ago, said the source, who asked to remain anonymous.

The Silicon Valley-based social network also contacted US Bancorp, according to the Wall Street Journal, which first reported the news.

Facebook, which has faced intense criticism for sharing user data with many app developers, was interested in information including bank card transactions, checking account balances, and where purchases were made, according to the source.

Facebook confirmed the effort in a statement to AFP, but said it was not asking for transaction data.
“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.

The goal was to create new ways for Messenger to be woven into, and facilitate, interactions between banks and customers, according to the reports. The smartphone texting service boasts 1.3 billion users.

“The idea is that messaging with a bank can be better than waiting on hold over the phone — and it’s completely opt-in,” the statement said. Citigroup declined to comment regarding any possible discussions with Facebook about Messenger.
“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.

JPMorgan Chase spokeswoman Patricia Wexler directed AFP to a statement given to the Wall Street Journal saying, “We don’t share our customers’ off-platform transaction data with these platforms and have had to say ‘No’ to some things as a result.”

Facebook CEO Mark Zuckerberg announced in May he was rolling out privacy controls demanded by European regulators to Facebook users worldwide because “everyone cares about privacy.” The social network is now looking at cooler growth following a years-long breakneck pace.

Shares in Facebook plummeted last week, wiping out some $100 billion, after the firm missed quarterly revenue forecasts and warned growth would be far weaker than previously estimated.

 

 

 

Source: vanguardngr

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