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Facebook asking major banks to share customer's financial data

Discussion in 'Off-Topic' started by calsdad, Aug 7, 2018.

  1. calsdad

    calsdad NES Member

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    This is just great:

    Facebook Asking Major US Banks To Share Users' Financial Data


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    Facebook has asked several large US banks to share detailed financial information about their customers, including checking account balances and card transactions, as part of a new push to offer new services to its users, according to the Wall Street Journal.

    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 & Co., Wells Fargo & Co., Citigroup Inc. and U.S. Bancorp to discuss potential offerings it could host for bank customers on Facebook Messenger, said people familiar with the matter. -WSJ

    Facebook's new feature would show people their checking account balances, as well as offer fraud alerts, according to the WSJ's sources, while the banks are apparently waffling over data privacy concerns.

    The negotiations come as the social media giant has fallen under several investigations over data harvesting, including its ties to political analytics firm Cambridge Analytica, which was able to gain access to the data of as many as 87 million Facebook users without their consent.

    One large bank withdrew from talks due to privacy concerns, according to the Journal, however Facebook swears that they're simply trying to enhance the user experience and won't use any banking data for ad-targeting.

    Facebook has told banks that the additional customer information could be used to offer services that might entice users to spend more time on Messenger, a person familiar with the discussions said. The company is trying to deepen user engagement: Investors shaved more than $120 billion from its market value in one day last month after it said its growth is starting to slow.

    Facebook said it wouldn’t use the bank data for ad-targeting purposes or share it with third parties. -WSJ

    We don’t use purchase data from banks or credit card companies for ads,” said spokeswoman Elisabeth Diana. “We also don’t have special relationships, partnerships, or contracts with banks or credit card companies to use their customers’ purchase data for ads.”

    =========


    I don't have access to WSJ online - but here's the linkback to the original story:

    Facebook to Banks: Give Us Your Data, We’ll Give You Our Users
     
  2. new guy

    new guy NES Member

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    Facebook can't die soon enough.
     
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  3. calsdad

    calsdad NES Member

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    If the banks start giving up your personal financial information to Facebook - you can add them to the list of institutions that need to die.
     
  4. Prepper

    Prepper NES Member

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    Why the eff would I want to go to FB of all places, to see my bank information?? They're seriously claiming this is some kind of feature?
     
  5. Christian

    Christian

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    I keep finding reasons to continue having accounts with my tiny local 9 branch bank the longer I stay with them.
     
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  6. Choctaw

    Choctaw NES Life Member NES Member

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    I don't trust FB enough with the innocuous details of my personal life to have an account. I surely would not trust them with my financials. Hopefully the news stories of their biased algorithms will stay in the forefront of people's minds.
     
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  7. 71montess

    71montess

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    I deleted my account this AM. Not going back !
     
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  8. EvilDragon

    EvilDragon NES Member

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    Zuck so funny.
     
  9. Chevy 2 65

    Chevy 2 65 NES Member

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    f***, ZUCK
     
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  10. one-eyed Jack

    one-eyed Jack Manufacturer Dealer NES Member

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    Keeping money in banks at near O interest is stupid to begin with. Jack.
     
    Jason Flare and Lip like this.
  11. rep308

    rep308 NES Member

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    For the great unwashed masses, Facebook IS the internet and no I don't have a FB account.
     
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  12. calsdad

    calsdad NES Member

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    That's the excuse they're trying to use. "You'll be able to get updates from your bank and see your account balance information on Facebook". I think it's right there in the article.

    There's plenty of people stupid enough to fall for it.

    I've met a lot of "conservatives" who still do really dumb shit like bank with places like Citibank and Bank of America. No matter how badly they get screwed over - you just can't convince them to move their money to some smaller bank or credit union. They'll bitch endlessly about "the system" - and then go out of their way to support "the system". Even after the blow up back in 2008 - 2009 and all the shennanigans the big banks played with mortgages and bailouts from the government - I still had friends and coworkers who pretty much REFUSED to change.
     
  13. Prepper

    Prepper NES Member

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    My bank can already send me alerts, whether that is in the app, to an email, and probably does SMS as well. Trying to make FB be some AOL portal that puts everything together in one place for me seems absurd. It keeps trying to get me to make my SMS messages go to FB, and I have to keep saying no. I'm certainly not going to send anything else to them.
     
  14. ToddDubya

    ToddDubya NES Member

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    They want to use it in Messenger. Right now Apple allows you to send money via iMessage. I bet they're trying to compete with that.
     
  15. dans

    dans NES Member

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    FacePlant has proven it can't be trusted with the data that individuals give them. If these financial institutions can't see that, they have even bigger issues than FP
     
    Horrible, wiryone1 and calsdad like this.
  16. quincy

    quincy NES Member

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    I bought some jerky at StopShop and I scanned my SS card during checkout. Next day I’m getting beef jerky ads on face plant. You can run but you can’t hide.
     
  17. Prepper

    Prepper NES Member

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    I'm still seeing Tanglefoot ads because I mentioned it in the Baseless Lies thread and nowhere else.
     
    quincy likes this.
  18. 71montess

    71montess

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    I was driving in a car with friends and we talked about a friend who moved to Roxbury pond and next day got ads for cabins on Roxbury pond. Its listening to us !
     
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  19. AHM

    AHM NES Member

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    I once heard that back in the day,
    The Phone Company allegedly compiled
    the biggest credit worthiness database;
    biggest by far.

    (They really hated getting stiffed on a bill).

    They would buy the info from everywhere else.

    And despite the obvious value of the data,
    they wouldn't allow anyone else access to it.

    The income could never cover the potential liability.
     
  20. mikeyp

    mikeyp NES Member

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  21. SeanT

    SeanT NES Member

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    Yeah, if my bank signs on with this, i’m Finding a new bank. Probably won’t fave much resistance from my wife either.
     
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  22. Fixxah

    Fixxah NES Member

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    Pop goes the weasel's head.
     
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  23. doxdsgn

    doxdsgn NES Member

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    There is some discussion that Facebook wants messenger to be like WeChat. The Chinese version of messenger. The Chinese locals use WeChat for everything. Text, voice and video messenging. Has a translate feature , so can get a text in Chinese and translate to English or vice versa. They order DiDi (China Urber), food, scan QR codes to buy bus/train tickets, transfer money to others, etc... 1 Billion users. Going cashless pretty quickly. Chinese government loves it, they can see exactly what each person is doing with their money. The government could, at anytime pull the plug on money transactions or fine them with the person having little or no recourse
     
  24. drgrant

    drgrant Moderator NES Member

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    The creepiest shit I can think of recently was my dad was talking about some homeopathic shit, that curcumin stuff people are taking. I never once typed this into my phone for any reason. We talked about it while smoking cigars outside but my phone was nearby, mostly idle with the screen shut off.

    A couple days later I started noticing ads for that shit on websites and on faceplant. Maybe it was just trending, but maybe the f***ing phone was listening to me. Almost a little too strange to be a coincidence.

    -Mike
     
  25. Jason Flare

    Jason Flare NES Member

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    Honestly, When I got to the end of this I was reading it in the voice of Alex Jones.
     
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  26. Golddiggie

    Golddiggie NES Member

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    This is just another reason why I'm not on facebooger, or fecebook. Right off the top of my head this shit violates PCI regulations. IMO, Zuck needs to get into deep shit over this. He's gotten away with too much crap for too long.
     
  27. gamma19

    gamma19

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    He won't. He's a member of the elite class, plus who knows how many politicians he has on his payroll.
     
  28. Golddiggie

    Golddiggie NES Member

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    Or has compromising shit on those he couldn't buy. Why do people put shit up on fecebook?
     
  29. AverageJoe

    AverageJoe

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  30. Broccoli Iglesias

    Broccoli Iglesias NES Member

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