Facebook requests user financial data from banks

The background to this are planned new services with which the group could take over banking services and expand its platform more strongly into an online trading center, reported the Wall Street Journal on Monday, citing insiders. The report says that Facebook approached major U.S. financial institutions such as JPMorgan Chase, Wells Fargo, Citigroup and US Bancorp last year out of interest in information on purchases made with credit cards or account balances, for example. They are said to have discussed potential offers that the Internet giant could launch for bank customers via its Facebook Messenger service.

Facebook did not deny the plans to the newspaper. However, a spokeswoman stressed that data acquired from banks or credit card providers would not be used for ads or shared with third parties. According to the report, however, the financial industry has concerns about data security anyway. Several investigations are underway against Facebook following the Cambridge Analytica scandal, which is complicating talks and has already caused one bank to wave off. (SDA)