User financial data: Facebook appears to be asking customer data from US banks

According to a report, Facebook has proposed to several US banks to exchange data. The company will soon be able to offer its users financial services.

User financial data: Facebook appears to be asking customer data from US banks

Facebook has apparently asked for financial data from users at several US major banks. This was reported by Wall Street Journal, citing people who should be familiar with process. According to this, Facebook needs data to be able to take on banking services through new services and to expand its platform more into an online trading place.

Last year, Facebook contacted American banks such as JPMorgan Chase, Wells Fargo, Citigroup, and US Bancorp to get information, for example, on purchases with credit cards or bank accounts, says report. It also dealt with potential offers from banks that could spread Facebook through its Messenger service for bank customers.

Facebook denied plans against Wall Street Journal. According to a spokeswoman, company will not use bank's customers ' data for advertising or pass it on to third parties.

However, according to report, banks have concerns about data security. On Facebook, after Cambridge Analytica scandal, several investigations are underway, making talks more difficult – a bank has already rejected talks with Facebook.

Updated Date: 07 August 2018, 12:00

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