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August 6, 2018 02:44 pm

Facebook Has Asked Large US Banks To Share Detailed Financial Information About Customers as it Seeks To Boost User Engagement

Facebook wants your financial data. The social media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking account balances, as part of an effort to offer new services to users, The Wall Street Journal reported Monday. From the report: Facebook increasingly wants to be a platform where people buy and sell goods and services, besides connecting with friends. The company over the past year asked JPMorgan Chase, Wells Fargo & Co., Citigroup and U.S. Bancorp USB to discuss potential offerings it could host for bank customers on Facebook Messenger, said people familiar with the matter. Facebook has talked about a feature that would show its users their checking-account balances, the people said. It has also pitched fraud alerts, some of the people said. Data privacy is a sticking point in the banks' conversations with Facebook, according to people familiar with the matter. The talks are taking place as Facebook faces several investigations over its ties to political analytics firm Cambridge Analytica, which accessed data on as many 87 million Facebook users without their consent. Update: Shares of Facebook surged nearly 3% following the report. A paywall free, alternative source of this story.

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