Facebook Asking Major US Banks for Financial Data

Facebook is asking major U.S. banks for financial data in order to provide more online shopping services and to track consumer spending habits. But  financial institutions are reluctant to partner with the social media network over privacy concerns. Facebook told the paper that any financial information it obtains would not be shared with third parties or used to target advertisements. The news comes as Facebook struggles to fend off concerns that arose from a privacy scandal in which a political consulting firm obtained data on 87 million users without their knowledge.
 

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I really don't care what statements Facebook releases about how they intend to use the data. After the Cambridge Analytica scandal I don't trust any of their claims.

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Same here. If my bank chooses to join with Facebook I will get another bank.

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FB needs to rethink their game plan. Many users are not going to like this. What a way to earn back  users' trust. 

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They probably already have it but need a legal way to acquire it before they can openly use it.

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1 hour ago, BlackTortoise said:

Facebook is asking major U.S. banks for financial data in order to provide more online shopping services and to track consumer spending habits. But  financial institutions are reluctant to partner with the social media network over privacy concerns. Facebook told the paper that any financial information it obtains would not be shared with third parties or used to target advertisements. The news comes as Facebook struggles to fend off concerns that arose from a privacy scandal in which a political consulting firm obtained data on 87 million users without their knowledge.
 

Man, it’s just one hit after another for Facebook lately, and mostly well deserved.

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1 hour ago, Adam Varga said:

Sorry for Wells Fargo customers, they'll give in first.

No, they mutually "shared" it, and then Wells Fargo and the rest of them bought a bunch of ads on Facebook by coincidence.

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1 hour ago, Stormysaga said:


FB needs to rethink their game plan. Many users are not going to like this. What a way to earn back  users' trust. 

 I think we need something like HIPAA for financial data.

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1 hour ago, Adam Varga said:

I really don't care what statements Facebook releases about how they intend to use the data. After the Cambridge Analytica scandal I don't trust any of their claims.

1). We are not actively seeking your financial data.

2). We are not seeking your financial data.

 

Two very different sentences that sound the same.

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