Facebook shares stage comeback on bank Messenger talks

The social media giant is making the effort amid ongoing concerns about its ability to keep data private

The social media giant is making the effort amid ongoing concerns about its ability to keep data private

Facebook has reportedly approached several of the biggest US banks, asking them to share their customers' financial data with the social-media giant.

The allegations came in a story in the Wall Street Journal which claimed the social networking giant had asked United States banks to share information about their customers. To do the same with major banks, Facebook has been trying to convince them that the conversations will be secure and customers' personal data won't be used in advertising. "A recent WSJ story implies incorrectly that we are actively asking financial services companies for financial transaction data-this is not true", Facebook said in statement.

"Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management", Facebook said in a separate statement to AFP. Facebook launched peer-to-peer payments in Messenger back in 2015 and has been adding payments options ever since, including integration with PayPal.

The banks' primary concern with this partnership is, unsurprisingly, about data privacy.

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. However, Facebook received good marks for "offering detailed terms of service and end-user agreements that explain how they use consumers' data", Consumer Reports said.

Pakistan's Imran Khan declared victory in vote
The MMA chief said he was going to call an all parties conference to devise a joint strategy against alleged rigging . The PML-N is one of the several breakaway groups of Pakistan's founding party established in 1906 before partition.

A JPMorgan spokeswoman told the broadsheet that the bank isn't "sharing our customers' off-platform transaction data with these platforms, and have had to say no to some things as a result".

But Facebook is denying the "data sharing" aspect of the report, per an article from TechCrunch. Facebook likely hopes to capitalize on the pressure that big banks are experiencing to develop partnerships with large online platforms to reach more customers digitally.

"While we regularly have conversations about potential partnerships, safeguarding the security and privacy of our customers' data and providing customer choice are paramount in everything we do", said the spokesperson. Spokeswoman Elisabeth Diana says: "We don't use purchase data from banks or credit card companies for ads".

But word Facebook is fishing for financial information comes amid concerns it has not vigilantly guarded private information.

Recommended News

  • Charlotte Rae, housemother on 'The Facts of Life,' dies at 92

    Charlotte Rae, housemother on 'The Facts of Life,' dies at 92

    Rae originated the character of Edna Garrett in 1978 during the first season of NBC's comedy " Diff'rent Strokes ", then took Mrs. Both shows were wildly successful between the late '70s and mid-'80s - but they were just a small slice of her long career.
    India limp to 76 for three after Curran strikes

    India limp to 76 for three after Curran strikes

    It was the all-rounder's 100th Test wicket and evidence, if any were needed, of just what an exciting talent he is. The England skipper , Joe Root was the top scorer of England as he scored a flamboyant knock of 80.

    Demi Lovato 'could be discharged soon' after apparent overdose

    Lovato reportedly went to sleep but when she hadn't left her bedroom by 11:00 a.m., the unnamed assistant checked on the singer. Her relatives - who are currently at her bedside - are now desperate to get her back into rehab.
  • Bayern rule out Boateng switch for Martial

    Bayern rule out Boateng switch for Martial

    Manchester United were linked with a swoop to sign Belgium defender Toby Alderweireld from Tottenham Hotspur. Of course he was in the shadows waiting for the opportunity.
    St Louis Uber driver live-streamed hundreds of passengers

    St Louis Uber driver live-streamed hundreds of passengers

    Users would post comments about the passengers, sometimes denigrating ones that compared passengers to each other. Louis Post-Dispatch, Jason Gargac of Florissant, Missouri had streamed over 700 rides since March.
    Ahead of EU Meeting, Trump Rails at Domestic Critics

    Ahead of EU Meeting, Trump Rails at Domestic Critics

    He noted that countries "that have treated us unfairly on trade for years" are coming to Washington to negotiate. It was the first recognition by the Trump administration that the president's trade dispute is hurting Americans.
  • Sunil Gavaskar Highlights the Reason Behind India’s Loss

    Sunil Gavaskar Highlights the Reason Behind India’s Loss

    Our daily blog will ensure you have all the latest updates throughout your day and week but we want you to get involved too. I do think he should take some of the responsibility for the loss, though". "The series is set up nicely now", he said.
    Royal couple attend friend’s wedding on Meghan’s 37th birthday

    Royal couple attend friend’s wedding on Meghan’s 37th birthday

    Meghan spent her first birthday as a member of the royal family seeing van Straubenzee and his bride Daisy Jenks tie the knot. Prince Harry and Meghan Markle kiss on the steps of St George's Chapel in Windsor Castle after their wedding, May 19, 2018.
    Zuckerberg loses $16 billion in record Facebook fall

    Zuckerberg loses $16 billion in record Facebook fall

    Still, investors weren't prepared for numerous bombshells dropped by Facebook Chief Financial Officer David Wehner . Facebook on Wednesday reported second-quarter sales and user growth that fell short of analysts' projections.
  • Trump blasts Pelosi, LeBron James before OH  campaign rally

    Trump blasts Pelosi, LeBron James before OH campaign rally

    He defiantly questioned the idea that historically, the party that controls the White House suffers in the midterms, declaring "but I say why?"
    Mother says missing Iowa student may be abducted

    Mother says missing Iowa student may be abducted

    Her family and friends are posting flyers, talking to people and doing media interviews to spread awareness about the 20-year-old. Calderwood said the money would be paid to anyone who provides information that leads to her daughter's safe return.
    California wildfires scorch an area the size of Los Angeles

    California wildfires scorch an area the size of Los Angeles

    High temperatures, low humidity and afternoon winds along with low fuel moistures are aiding large fire growth, officials said. Mr Veverka, 34, said: "Right now, it's pretty much guaranteed we'll go from fire to fire to fire, until everything is out".

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.