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Facebook will be contacting your bank to clutch your financial data

Facebook Give Access to Private Data of Users to 60 Companies but the Company Denies

Does Facebook really want user’s bank details? According to the recent news, the tech giant wants to acquire financial transaction details of the users including checking amount balances, and card transactions in order to offer various services to its users.

The tech giant has spent an entire year in chasing and asking account details of the users holding their account in different courting banks including Wells Fargo, US Bancorp, JPMorgan Chase, and Citigroup. They have made it mandatory for users to provide their financial data to the banks.

The main reason behind Facebook to attain user’s financial data is not to use it for making advertisements, but to improvise the features of messenger. Facebook will notify users regarding the fraud alerts by checking their account balance. It will check your debit and credit card details when you are not active on site.

Apart from Facebook; Google’s parent companies Amazon and Alphabet have also asked all the above banks to share user’s financial information with them to provide better services including Google Alexa and Assistant.  Facebook does not aim to interact with your bank accounts. Instead, they want to build up a strong relationship between accounts and their banks connecting via messenger.

Elisabeth Diana, one of the spokeswoman said, “We do not use data from banks, debit or credit card companies for making advertisements.” “We also do not have any special dealings or associations with banks or credit-card companies to use their customers. Our efforts will be to keep the customer’s data secure and safe and improve the commerce experiences of customers”, she added.

For example, Facebook recently allowed Citibank users in Singapore to get connected with messenger chatbot so that they can provide the best services including balance checking, request customer service and report fraudulent activities.

Facebook also works hand-in-hand with PayPal so that users will receive receipts for the payment done via messenger. But, this questions the matter of privacy and after the fraudulent activity of Cambridge Analytica, which accessed around 87 million accounts on Facebook, it’s really hard to trust on the company, says some of the spokespeople who were aware of the matter.

Another spokesperson said, “Facebook might require some additional financial information from the users so as to offer some trending features that might tempt users to spend more time on the messenger.”

Some banks denied sharing their customer’s data with Facebook not because they are not interested in the deal. It’s because there are certain privacy concerns, and laws that govern financial services and these laws are to be strictly followed by the company. Violating these laws might put them in great trouble.

Though Facebook promises not to share data with third-party or for the ad-targeting purpose, banks still need to think several times before investing in this offer. The tech giant also partnered with American Express and Mastercard Inc. so that users can directly contact card company’s representatives and place orders with those merchants through messenger chatbot.