Facebook holds talks over plan to link with major banks

f-bookFacebook has raised more than a few eyebrows following reports that it is seeking deals with major banks that could see it gain access to users’ personal financial data.
The social media giant has reached out to banks including JP Morgan Chase, American Express and Citigroup to pitch “potential offerings it could host for bank customers on Facebook Messenger”, according to a report from the Wall Street Journal.
However, in response, Facebook has refuted the claim, insisting the move is part of a new initiative to add balance checking and fraud alert features to its Messenger and instant messaging platform.
Facebook said that “like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management”.
The company claims that the idea is that messaging with a bank can be better than waiting on hold over the phone – and it is completely opt-in.
“We’re not using this information beyond enabling these types of experiences – not for advertising or anything else. A critical part of these partnerships is keeping people’s information safe and secure,” Facebook added.
Opt-in account linking features of this kind are already in place for PayPal, Citibank in Singapore and American Express in the US Facebook said.

Related stories
Facebook suspends analytics firm which works for BBC
‘Teflon’ Facebook sees ad spend rise by nearly 50%
Major UK data firms under scrutiny as watchdog bites
Denham under fire over ‘unchallenged’ Facebook fine
Emma’s Diary first broker to be fingered in ICO probe
Not us guv…Facebook says no-one in EU was hit by CA
UK firms could face millions of data requests from US
ICO vows to pursue chiefs as Cambridge Analytica folds

Print Friendly

To leave a comment please register – it takes less than a minute and is free of charge. You will also get our weekly email update The DM Report (to opt out contact subscriptions@decisionmarketing.co.uk). If you are an existing user, please log in. If you have forgotten your log-in details please email info@decisionmarketing.co.uk to get them reset!

Existing Users Log In
 Remember Me  
New User Registration
*Required field