Facebook Has Asked Large US Banks To Share Detailed Financial Information About Customers as it Seeks To Boost User Engagement [Update] (wsj.com) 180
Facebook wants your financial data. The social media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking account balances, as part of an effort to offer new services to users, The Wall Street Journal reported Monday. From the report: 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, Wells Fargo & Co., Citigroup and U.S. Bancorp USB to discuss potential offerings it could host for bank customers on Facebook Messenger, said people familiar with the matter. Facebook has talked about a feature that would show its users their checking-account balances, the people said. It has also pitched fraud alerts, some of the people said. Data privacy is a sticking point in the banks' conversations with Facebook, according to people familiar with the matter. The talks are taking place as Facebook faces several investigations over its ties to political analytics firm Cambridge Analytica, which accessed data on as many 87 million Facebook users without their consent. Update: Shares of Facebook surged nearly 3% following the report. A paywall free, alternative source of this story.
Update 2 (18:10 GMT): Talking to TechCrunch, Facebook has, in part, denied WSJ's report. TechCrunch: Facebook spokesperson Elisabeth Diana tells TechCrunch it's not asking for credit card transaction data from banks and it's not interested in building a dedicated banking feature where you could interact with your accounts. It also says its work with banks isn't to gather data to power ad targeting, or even personalize content such as what Marketplace products you see based on what you buy elsewhere.
Update 2 (18:10 GMT): Talking to TechCrunch, Facebook has, in part, denied WSJ's report. TechCrunch: Facebook spokesperson Elisabeth Diana tells TechCrunch it's not asking for credit card transaction data from banks and it's not interested in building a dedicated banking feature where you could interact with your accounts. It also says its work with banks isn't to gather data to power ad targeting, or even personalize content such as what Marketplace products you see based on what you buy elsewhere.
How do I scour my self out of Facebook? (Score:1)
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Good question. I "deleted" my account about 4 years ago, but I wouldn't be surprised if all my data is still lurking on their system somewhere.
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You can be sure that they are still collecting data about you. FB, like Google is impossible to avoid.
Re:How do I scour my self out of Facebook? (Score:5, Funny)
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there needs to be a new moderation option "fun-formatative" because yeah, that's pretty much spot fucking on, while still being funny.
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"It makes you laugh because it's true."
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Everybody has the wrong idea and Facebook is doing it wrong.
Hear me out. From what I read it looks like their looking for a better way to integrate Facebook messenger with the bank's customer service. They have explicitly said that this is not a part of the main facebook and that they will not share that data with 3rd parties. I don't believe that any more then I believe any of those banks have customer service but this has turned into a, "Facebook bad!" mob.
I'm more concerned about Amazon or Google getting
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the real question is about trust... do you trust FB? if so, there is nothing to see here, move along citizen.
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What does doing my banking through FB give me that the bank's website or app doesn't already give me?
More exposure to hacking and data breaches?
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To quote the summary,
Which sounds to me that Facebook hopes to compete with Google and Amazon in being a market.
I wouldn't any of the three.
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Not only does US Bank have customer service, but I get excellent service at the branch, I can also do most of those things through the website, and there is also a phone number that I can call for service.
The banks listed have a wide range of customer satisfaction levels, including the best and worst. Interestingly, they all said "No" to this idea.
For business users, they bought of the biggest US payment processors, after that payment processor bought out one of the big CC terminal manufacturers, so you can
You know what I think? (Score:5, Insightful)
Nobody BUT MY BANK should have MY BANKING INFO.
PERIOD!
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Everyone is funneling what you look at into a shared DB based on your IP address. It has nothing to do with where you are logged in or not. Amazon or Google or whoever.
There is AI to monitor switched addresses and multiple devices, but it all goes to the same analysis. These sites then sign up with one of the big companies and feed tailored ads to you
Even porn sites. Especially porn sites. Gay, horses, Barely Legal.
If, like South Park prognosticated, this giant db was ever leaked...
DAMN Bleeped over a comma there (Score:2)
Speed reading my a$$
Gay horses, barely legal
WTF
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As someone said here earlier, it is better to give FB bad data than to delete the account with good data.
Seems like a good way for fraud to happen (Score:5, Insightful)
Seems like a good way for fraud to happen or for debt collectors to bully your Facebook friends.
Re: Seems like a good way for fraud to happen (Score:2)
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It seems that the elderly that use Facebook Messenger on their PCs are getting their Facebook accounts hijacked at a pretty good clip.
Having banking information assigned to their Facebook account sounds disastrous.
Losing your Facebook account is not a huge deal, losing your bank account because of Facebook, especially when you are unlikely to know that the link is there being a retiree, could be the worst case scenario.
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First response when I read this was:
Americans, are you sure you don't want GDPR like protections for your data?
Re: Seems like a good way for fraud to happen (Score:2, Interesting)
Facebook probably never dared dreaming about getting data from banks until the EU started the madness:
"EU lawmakers hope that the introduction of the revised Payment Services Directive (PSD2) will give non-banking firms the chance to compete with banks in the payments business and give consumers more choice over financial products and services."
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Years ago, my wife and I were friends with someone - I'll call her C. After C's wedding and the birth of our first child, C and my wife had a falling out and didn't speak to each other again. We heard from some mutual friends that she moved out of the area, but that was it. Years passed and we get a call out of the blue from a collections agency asking us where C was because she owed them some money. We told them that we hadn't spoken to C in years, but they kept calling back. Eventually, they got the point
I hope they do not (Score:2)
But then I do not use Facebook since it provides nothing of value beyond private family contact points.
Maybe someday the masses will figure out they do not need Facebook, one can always hope
Just my 2 cents
Data privacy should remain a sticking point (Score:3)
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There are new EU rules forcing banks to share customers' financial data with 3rd parties if said customer asks for it. For instance, to give your accountant access to your data so they can process everything automatically without your involvement. Which is great... except that while banks were pissed of about having to enable 3rd parties to offer financial services this way, they weren't above freely interpretin
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I help them meet their minimum reserve requirements and loan the money I store there. This is how US banks have worked since the beginning, essentially. There are products they can sell me like loans or they can rent to me when it comes to a safe deposit box. My data and I are not a product. to be resold
Well ... (Score:2, Interesting)
Re:Well ... (Score:4, Funny)
This makes me even happier that I ditched Facebook 9 months ago never to return.
Only 9 months ago? Pfttt! I quit Facebook well before it was the 'cool' thing to do.
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This makes me even happier that I ditched Facebook 9 months ago never to return.
Only 9 months ago? Pfttt! I quit Facebook well before it was the 'cool' thing to do.
I never joined. Saw it for what it was right from the start. Samething with Twitter and all the rest of "Social Media".
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>"Only 9 months ago? Pfttt! I quit Facebook well before it was the 'cool' thing to do."
Bah.... I knew it was a disaster from before you quit it. I have NEVER had a Facebook account, and plan to keep it that way. :)
Re:Well ... (Score:4, Interesting)
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If your bank is monetizing your financial data whether Facebook is one of the buyers or not makes little difference.
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There is no way those fuckers are going to get their hands on my financial data.
hahahaha you think by not using Facebook they don't have your data. That's cute.
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Hotel-California-Book
You can check in, but you can never check out.
Need public list of banks willing to cooperate. (Score:5, Informative)
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Don't worry. It will only affect the little people. JPM would not risk losing a Chase Private Client(tm) customer over this.
You're not "little people", are you?
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Need public list of banks willing to cooperate.
All of them.
So I can be sure to take my business elsewhere.
Good luck with that.
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or instead of the symptoms... you could just cure the disease by leaving FB.
Amazing (Score:2)
I keep being amazed about Facebook. They are under the magnifying glass because of all their privacy issues but they just keep on as if nothing is the matter. Of course they know that the American gouvernment won't touch them, but if I were them I would keep quiet for a while, just to make it seem that I cared about the allegations thrown at me.
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Oh my, why didn't I think of that!
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This story is about something they did last year, not something that happened after the media interest started.
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This Idea Stinks (Score:5, Interesting)
Several years ago, I discovered that Facebook cookies were being set on my PC whenever I logged-in to my accounts at the credit unions (2) and bank (1) where I have accounts. I was surprised since I do not have a Facebook account and do not want one.
I then found that practice was contrary to the published privacy policies of all three financial institutions. I sent postal letters to all three. Two of them changed their Web site such that no Facebook cookies were being set.
After a repeated letter to the third institution resulted in no correction in 6 months, I wrote to the institution's federal regulatory agency requesting an enforcement action to make the institution comply with their own privacy policy. Now, none of the three Web sites set Facebook cookies.
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DERoss,
Thank you for this public service. Much appreciated.
I mean this sincerely. Thanks!
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Several years ago, I discovered that Facebook cookies were being set on my PC whenever I logged-in to my accounts at the credit unions (2) and bank (1) where I have accounts..
Everyone should have 3rd party cookies disallowed in all of their browsers.
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I have 3rd party cookies turned off, I have no Facebook account, and just now I found out I had some Facebook cookies stored.
Well, off course (Score:2)
Article is paywalled. (Score:2)
I once heard Facebook referred to as... (Score:5, Insightful)
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..."Privacy Rapists" - seems more accurate as the days go by.
Even that fails to accurately capture how bad Facebook is.
The most vile, despicable rapists in history have only been able to rape one victim at a time.
Wait, How Is That Legal!? (Score:3)
How the hell is it even remotely legal for banks to "share" that sort of very personal and private data with anyone outside government regulatory and law enforcement agencies, especially without your express written permission? What the actual fuck!?!?
[HeavyRussianAccent]
"Hello, yes, I from Facebook am, please to give me all your transaction data."
[/HeavyRussianAccent]
Strat
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It's all buried in that 73 page privacy addendum they mailed you. By not cancelling your accounts (including paying off any loans held in full), you agree to the change in privacy terms.
You may also opt out if you reply in writing within 72 business hours. All replies must be on 8.12" x 11.73" paper, in a type size between 11.1 and 11.9 points and notarized.
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What's in it for the banks? (Score:2)
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The banks make money on every transaction - well if they are also the card issuers anyway - they usually are. Why do think the industry is always talking about a cashless society. Retailers lover it. Take a way the pain people feel counting out cash which they can intrinsically see dwindle in quantity and replace it with waiving this unchanging plastic card around. Card issuers love it - less cash more transactions; so they can now profit even on those little $2 purchases. Sure %2 of $2 isnt much but m
Re: What's in it for the banks? (Score:1)
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Identity verification... (Score:5, Interesting)
Yet another reason (Score:2)
Yet another reason to get off Facebucket.
Only reason is use it is to find out what is happening in my son's life (I'm too old and stupid to talk to, although I'm good enough to subsidize his Masters)
Not that he seems to use it all that much. Where those 5673 friends came from I have no idea...
[I have lots of acquaintances vague and otherwise, but only half-a-dozen friends.]
Oh for the old BBS...
Mac
Hoping that an opt-in will be available for users (Score:2)
As long as we're given an opt-in for such integration. Because if we're not, I am pretty sure millions will cancel their accounts and be OUT in a microsecond... (myself among them).
What if having a bank account required this (Score:2)
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No. (Score:2)
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No, No, No. Nope, nope, no no no no no! NO! No.
That's a duodecuple (12) negative, so yes?
Not just NO... (Score:3)
but FUCK NO. Any bank that allows or sells access to any portion of my banking accounts should get sued into oblivion. The only people that need my account balance are the bank and myself.
Anyone else is a violation of privacy and, I believe, several Federal banking regulations as well. If I need to prove my banking information (say, mortgage or other large loan), then sure -- but only because _I_ approved the bank to share that information. Under no other circumstance should any of my bank balances be shared with anyone.
Holy fuck, I think we need a reset in this country and "the people" need to take back control -- not the corporations.
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True, but not many of them are designed to share information about me with most anyone, and fewer have a history of being unable to secure that information, even in the ways THEY SAY THEY WILL.
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Following the Tencent WeChat Model (Score:3)
Stepping back, this of course was all pre-Facebook data scandals. Now, with general public trust in Facebook weakening, people are probably going to be even less inclined to support a Facebook-based system.
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I was hoping (and still am) that in the age of Trump people in the US will ditch facebook.
This should not be a thing. (Score:2)
Facebook has talked about a feature that would show its users their checking-account balances ...
If you need to check your checking-account balance on Facebook, on your cellphone, or before a purchase, like in those mobile-banking commercials, then you're managing your personal finances wrong. And, why in hell would anyone want Facebook to know their bank balances, etc...?
No humans != better privacy (Score:2)
.
That statement is a total non-sequitur for me. Indeed, not having humans involved means that data can be slurped up all the more quickly.
FB response (Score:2)
"We’re not using this information beyond enabling these types of experiences – not for advertising or anything else."
For now... note the present tense in this denial; they are not committing to never do it in the future.
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Slashdot readers know how to bypass a paywall. I mean, c'mon.
And for the Slashdot readers who don't know how to bypass a paywall: Facebook to Banks: Give Us Your Data, We’ll Give You Our Users unlocked [archive.is]
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Re:I wonder if msmash gets a comission... (Score:5, Insightful)
Update: Shares of Facebook surged nearly 3% following the report. A paywall free, alternative source [cnbc.com] of this story.
Wait a minute...
Shares of Facebook surged nearly 3% following the report.
WTF is wrong with people?????
Re:I wonder if msmash gets a comission... (Score:5, Insightful)
Investors often don't give a single shit how moral/ethical/just plain evil a company's plan is as long as it is legal. Remember, the almighty dollars rules many at the top. I personally avoid investments in any of the companies engaging in such activities, but I am by far in the minority...
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s/legal/profitable/g
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It's scary how true this is. I love the idea of capitalism, but like anything else, it requires honesty and integrity which is severely lacking, and especially so when money is involved. What concerns me even more is how the public opinion is that there is more to life than money, and yet the members making that public opinion contradict it so firmly.
Disclaimer: "Public Opinion" is hard to pin down to specific people. I use it in this case because, in my experience, peers talk about money not being so impor
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Investors are willing to set legal aside if it'll be profitable after the lawsuits/fines. If you can make a service that brings in $10 million and might incur a $100,000 fine for breaking the law, investors will pile on because of profit.
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My interpretation is that since the banks said "No," this is Facebook investors recognizing that the company almost shot themselves in the foot again, but were saved by the banks.
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Resistance is futile. You will be assimilated.
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Nice try, but this is Facebook, creator of the famed "shadow account" for people who don't actually have Facebook accounts.
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Putin would disagree, its his kind of comrades.
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(deletes Facebook account)
Along with that ditch your bank accounts and credit cards from any major bank.
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(deletes Facebook account)
Along with that ditch your bank accounts and credit cards from any major bank.
Well, no, to ditch bank accounts you need to have a cabin in the woods, a subsistence garden, and a manifesto. Shelter, food, entertainment.
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