Facebook wants more bank data to rebuild trust with users

Facebook wants more bank data to rebuild trust with users

Facebook has also suggested that it could perhaps integrate banks' fraud alerts or account balances into the app.

According to a new Wall Street Journal (WSJ) report, Facebook has asked USA banks to share detailed information on their customers, including data on credit card transactions and checking account balances.

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

Facebook said the data would not be shared with marketers or used for ad-targeting purposes, and no major USA financial institutions have announced that they're interested in a joint arrangement. "A recent Wall Street Journal story implies incorrectly that we are actively asking financial services companies for financial transaction data - this is not true", the company said in an email. "We also don't have special relationships, partnership, or contracts with banks or credit-card companies to use their customers' purchase data for ads".

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.

According to The Wall Street Journal (WSJ), the latest data partnership Facebook is pursuing could involve some of the US' biggest banking organizations.

JPMorgan declined to comment beyond a statement it provided the Journal, in which the bank said it isn't sharing customers' "off-platform transaction data with these platforms, and have had to say no to some things as a result".

The company says that it is not gathering financial information about users, but seeking to offer banking updates in Facebook Messenger. But a company representative said several unnamed banks and credit-card companies have voiced interest in teaming up with the social network, even proposing their own potential deals.

But word Facebook is fishing for financial information comes amid concerns it has not vigilantly guarded private information. Per the WSJ's reporting, Facebook also asked for additional data, like where customers are spending their money outside of the social network. "Everybody's mad at Facebook, but they're just one of many participants in this data ecosystem".

Wells Fargo said in a statement that "maintaining the privacy of customer data is of paramount importance" to the bank. Last year, Wells Fargo said its chatbot on Messenger could enable customers to see how much they spent on certain items in a specific time period or find the location of the nearest ATM.

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