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News: Facebook climbs after reportedly asking banks for data to help build out financial products


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From Business Insider https://markets.businessinsider.com/news/stocks/facebook-stock-price-climbs-after-reportedly-asking-banks-for-customer-data-financial-products-messenger-2018-8-1027434791

“Facebook has reached out to several major Wall Street banks for customer financial data including credit card transactions and checking account balances, The Wall Street Journal reported Monday.

Shares of Facebook surged nearly 3% following the report.

The social network could use the data to power products like Marketplace, where it encourages users to buy and sell services with friends and strangers in their area. It has also talked about sending fraud alerts and account balances in Messenger, the paper reported.

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In a statement to the Journal, a Facebook spokesperson said it will not use the new financial data for advertisements.

"Like many online companies, we routinely talk to financial institutions about how we can improve people’s commerce experiences, like enabling better customer service … an essential part of these efforts is keeping people’s information safe and secure," said the spokesperson.” 

From CNet https://www.cnet.com/news/facebook-wants-your-financial-data-to-expand-messenger-says-report/

“Facebook has reportedly held talks with Chase, Wells Fargo, Citigroup and US Bancorp over the past year to discuss the possibility of new features, such as fraud alerts or showing account balances, it could host on Facebook Messenger. This comes as the social media giant wants to expand its e-commerce footprint, according to the Journal. Facebook launched peer-to-peer payments in Messenger back in 2015 and has been adding payments options ever since, including integration with PayPal.

One large bank has reportedly pulled away from the discussion due to privacy concerns.

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"Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management," a Facebook spokesperson said in an email statement. "Account linking enables people to receive real-time updates in Facebook Messenger where people can keep track of their transaction data like account balances, receipts, and shipping updates."

"The idea is that messaging with a bank can be better than waiting on hold over the phone - and it's completely opt-in," she added. "We're not using this information beyond enabling these types of experiences – not for advertising or anything else."

Chase isn't "sharing our customers' off-platform transaction data with these platforms, and have had to say no to some things as a result," said JPMorgan Chase's spokeswoman Patricia Wexler, referring CNET to her statement to the Journal.

"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.

"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 spokeswoman Elizabeth Fogarty said in an email statement.

Wells Fargo declined to comment.”

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Another reason not to be on FB. Even if I did not have the circumstances that make me think twice about social media, I would not be on FB. I thoroughly dislike their whole attitude toward their customers but I totally understand what someone said when the data mining and selling (and to what degree) was disclosed: If you are not paying for the product, you are the product.

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