Facebook Asks US Banks for Financial Info to Boost User Engagement

06 August, 2018, 22:54 | Author: Eric Barnett
  • Mark Zuckerberg CEO of Facebook

Facebook has entered discussions with major USA banks in an attempt to gain access to customer data, the Wall Street Journal reports.

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

According to WSJ, Facebook doesn't want to just be a platform where you can communicate with your friends, but also a place to buy and sell goods and services. The WSJ reports that Facebook made inquiries to JPMorgan Chase & Co.

Wells Fargo declined to comment.

People familiar with the matter told the Journal that Facebook has considered a feature that would show its users their account balances while it also pitched fraud alerts.


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 Journal, at least one large USA bank pulled away from talks with the company as a result of privacy concerns. But after the Cambridge Analytica scandal and multiple other privacy scandals, even Facebook's current partners may not be willing to trust the company.

Facebook has been trying for a long time to make its Messenger app a hub for commercial activity. The company is aiming to boost user engagement, particularly with its Messenger service, after Facebook lost more than $120 billion ins market value in a single day earlier this summer.

Facebook told the paper that any financial information it obtains would not be shared with third parties or used to target advertisements.

"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.

When news of the potential partnerships became public, Facebook shares increased by about 3.5% through midday.

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