Facebook might add your banking info to Messenger

Facebook wants banks to share your personal finances: Report

According to a report Monday in the Wall Street Journal, the data included such detailed matters as card transactions besides Facebook-related purchases and checking-account balances.

In effect, these deals would give Messenger the ability to alert customers to fraudulent activity on their accounts or allow them to check their balances.

In brief: Facebook doesn't exactly have the best track record when it comes to data privacy, but the company isn't letting its troubled past deter it from pursuing new data sharing partnerships. In order for Facebook to show users' banking information, Facebook would need to have access to that same data too, which it could then use to improve its ad-targeting algorithms. I reached out to Facebook for comment and will update this post if I hear back.

The talks, reflecting Facebook's desire to be a site where people buy and sell goods in addition to chat with their friends and share cat videos, are being held up by the banks' concerns about data privacy, partially a reflection of the selling of user data to Cambridge Analytica, the Journal reported.

"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.

The dust surrounding the Cambridge Analytica data privacy incident still hasn't fully settled, but Facebook is already looking for additional ways to get its hands on user data.

"We don't use purchase data from banks or credit card companies for ads", spokeswoman Elisabeth Diana told the Journal. "An essential part of these efforts is keeping people's information safe and secure". (JPM), Wells Fargo & Co.

"We're not using this information beyond enabling these types of experiences - not for advertising or anything else", Facebook explained in its statement.

Don't miss out on the latest news and information. 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.

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