Published: Tue, August 07, 2018
Money | By Armando Alvarado

Facebook Is Now Asking Banks For Data on Your Spending Habits

Facebook Is Now Asking Banks For Data on Your Spending Habits

It has also talked about sending fraud alerts and account balances in Messenger, the paper reported.

The social media company has reportedly asked USA banks to share financial information about their customers, including checking-account balances and card transactions.

Not only Facebook, Google and Amazon have also asked banks to share data in order to provide basic banking services on applications such as Google Assistant and Alexa.

"We don't use purchase data from banks or credit card companies for ads", spokeswoman Elisabeth Diana told The WSJ. Citigroup and Wells Fargo refused to comment.

The share price of Facebook gained 4.4% to $185.69 after reports on Monday suggested that the social-media giant has asked big banks in the United States to share detailed financial information about their customers.

"We haven't shared any customer information or data to Facebook or any other technology platform", said Dana Ripley, chief communications officer at US Bancorp, in an email statement.

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Still, Facebook has been building up user comfort with sharing financial information through its site for years.

Facebook has been under fire for several scandals involving data privacy, starting with Cambridge Analytica.

At any rate, according to the WSJ, Facebook is not interested in using any data it would gain from banks for ad-targeting purposes.

Shares of Menlo Park, California-based Facebook ended the day up 4.5 percent at $185.69. For now at least, users have to opt-in to link it to their bank account - a partnership with banks might link users directly to their banks (no word on whether Messenger users would need to opt-in to the service).

A JPMorgan spokesperson told the publication that it wouldn't be "sharing our customers' off-platform transaction data with these platforms, and have had to say no to some things as a result".

"The Messenger chatbot pilot was created to be a short-term study to learn as much as possible about how conversational banking capabilities can improve our customer experience, and to learn about delivering banking information using AI", Wells Fargo's O'Byrne said in the statement. Its latest effort? To try and convince banks to offer services inside Messenger, according to a new report.

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