Facebook Inc (FB.O) has asked large USA banks to share detailed financial information about their customers, as part of an effort to offer new services to users, The Wall Street Journal reported on Monday, citing people familiar with the matter. Reports now claim the platform wants to gain access to its users" financial information to "boost engagement.' . Spokeswoman Elisabeth Diana says: "We don't use purchase data from banks or credit card companies for ads". "We're not using this information beyond enabling these types of experiences - not for advertising or anything else".
While "data privacy" remains the "sticking point" for the banks, JPMorgan was forced to distance itself away from the negotiations despite reassurances from the company that Facebook would not share the private data with third parties.
Facebook confirmed the effort in a statement to AFP, but said it was not asking for transaction data. "The privacy and protection of our customers' personal information and data is our highest priority", he added. Facebook's payments product was given lower than average marks on data privacy, which measures data control, collection, retention and deletion. However, the Journal's report paints a picture of a company still attempting to find ways to generate revenue, even when it involves collecting sensitive financial data.
According to Gebhart, more user information centralized on one single platform also makes information more "vulnerable to unauthorized sharing or leaking" and can make "users easier to manipulate".
"What you purchase is the ultimate predictor of what you'll purchase in the future".
Pro golf: Thomas takes over, Woods fades at Bridgestone
Thomas captured his first World Golf Championship and heads to his title defense at the PGA Championship with plenty of momentum. Putnam earned $$612,000, a two-year tour exemption and a spot next week in the PGA Championship at Bellerive Country Club in St.
Everton agree Yerry Mina deal with Barcelona?
Everton remain in contact with Barcelona over a deal to sign Colombia defender Yerry Mina , Sky Sports News understands. Mina is now 8/11 from 7/4 for Old Trafford move with Betway.
‘Facts of Life’ Star Charlotte Rae Remembered as ‘Funny, Wise, Lovely’
Garrett on " The Facts of Life " and " Diff'rent Strokes " - died Sunday at her home in Los Angeles, according to her publicist. In the years since, Charlotte continued to act, with roles on shows like Pretty Little Liars , ER and The King of Queens .
What that means is that if you're anxious about Facebook having any connection with banks, the WSJ's report should alarm you.
But Facebook is denying the "data sharing" aspect of the report, per an article from TechCrunch. The episode turned Facebook into a poster child for tech privacy abuses, sparking public outrage, congressional hearings and mounting concerns over how much the site knew and shared about its global audience. Facebook last month lost more than $100 billion in market value last month during the steepest single-day trading plunge in Wall Street history.
A spokeswoman for Citigroup said the company recognizes its customers are increasingly spending more time on social media and it wants to be where consumers are.
Diana further explained that account linking is already live with PayPal, Citi in Singapore, and American Express in the United States.
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. "What is it? A data content farm for paying customers", Silver writes.