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General BS forum I guess anything is fair game in here. Just watch the subject matter doesn't get carried away too much.

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Old 08-06-2018, 12:43 PM   #1
bcr229
Facebook to Banks: Give Us Your Data, We値l Give You Our Users

The day I see my bank balance via Facebook is the day I go kick my bank manager's ass.

Facebook to Banks: Give Us Your Data, We値l Give You Our Users

https://www.wsj.com/articles/faceboo...ers-1533564049

Facebook has asked large U.S. banks to share detailed financial information about customers as it seeks to boost user engagement

Facebook is trying to deepen user engagement after it said last month its growth is slowing, stunning investors. One tactic it is exploring is to get banks to work closely with Facebook Messenger.

Facebook Inc. 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.

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 Inc., and U.S. Bancorp 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.

One large U.S. bank pulled away from talks due to privacy concerns, some of the people said.

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. The company is trying to deepen user engagement: Investors shaved more than $120 billion from its market value in one day last month after it said its growth is starting to slow.

Facebook said it wouldn稚 use the bank data for ad-targeting purposes or share it with third parties.

展e don稚 use purchase data from banks or credit card companies for ads, said spokeswoman Elisabeth Diana. 展e also don稚 have special relationships, partnerships, or contracts with banks or credit card companies to use their customers purchase data for ads.

The Key to Understanding Facebook's Current Crisis

Facebook's current data crisis involving Cambridge Analytica has angered users and prompted government investigations. To understand what's happening now, you have to look back at Facebook's old policies from 2007 to 2014. WSJ's Shelby Holliday explains.

Banks face pressure to build relationships with big online platforms, which reach billions of users and drive a growing share of commerce. They also are trying to reach more users digitally. Many struggle to gain traction in mobile payments.

Yet banks are hesitant to hand too much control to third-parties platforms such as Facebook. They prefer to keep customers on their own websites and apps.

As part of the proposed deals, Facebook asked banks for information about where its users are shopping with their debit and credit cards outside of purchases they make using Facebook Messenger, the people said. Messenger has some 1.3 billion monthly active users, Chief Operating Officer Sheryl Sandberg said on the company痴 second-quarter earnings call last month.

Alphabet Inc.痴 Google and Amazon.com Inc. also have asked banks to share data if they join with them, in order to provide basic banking services on applications such as Google Assistant and Alexa, according to people familiar with the conversations.

鏑ike many online companies, we routinely talk to financial institutions about how we can improve people痴 commerce experiences, like enabling better customer service, Ms. Diana said. 鄭n essential part of these efforts is keeping people痴 information safe and secure.

Facebook has taken a harder public line on privacy since the Cambridge Analytica uproar. A product privacy team has launched new features such as 田lear history, which allows users to prevent the service from collecting their off-Facebook browsing details. It also is making efforts to alert users to its privacy settings.

That hasn稚 assuaged concerns about Facebook痴 privacy practices. Bank executives are worried about the breadth of information being sought, even if it means not being available on certain platforms that their customers use. It is unclear whether bank customers would need to opt-in to the proposed Facebook services or what other privacy protections might be offered.

JPMorgan isn稚 都haring our customers off-platform transaction data with these platforms, and have had to say no to some things as a result, said spokeswoman Trish Wexler.

Banks view mobile commerce as one of their biggest opportunities, but are still running behind technology firms like PayPal Holdings Inc. and Square Inc. Customers have moved slowly too; many Americans still prefer using their cards, along with cash and checks.

In an effort to compete with PayPal痴 Venmo, a group of large banks last year connected their smartphone apps to money-transfer network Zelle. Results are mixed so far: While usage has risen, many banks still aren稚 on the platform.

In recent years, Facebook has tried to transform Messenger into a hub for customer service and commerce, in keeping with a broader trend among mobile messaging services.

A partnership with American Express Co. allows Facebook users to contact the card company痴 representatives. Last year, Facebook struck a deal with PayPal that allows users to send money through Messenger. Mastercard Inc. cardholders can place online orders with certain merchants through Messenger using the card company痴 Masterpass digital wallet. (A Mastercard spokesman said Facebook doesn稚 see card information.)

優ouglas MacMillan and Laura Stevens contributed to this article.

Write to Emily Glazer at emily.glazer@wsj.com, Deepa Seetharaman at Deepa.Seetharaman@wsj.com and AnnaMaria Andriotis at annamaria.andriotis@wsj.com
 
Old 08-06-2018, 10:18 PM   #2
Insomniac101
I thought this was from "The Onion", for a minute.
 
Old 08-07-2018, 10:19 PM   #3
Dyscophus antongilii
Reason number one million and two, that, I absolutely refuse to use Facebook.
 
Old 08-07-2018, 10:56 PM   #4
Helenthereef
Me too! I'm amazed this could even be considered a suitable use of the platform.
 
Old 08-07-2018, 11:30 PM   #5
WebSlave
And I thought people were just joking when they would call it the "FaceBorg".

We WILL be assimilated. Resistance is futile.
 
Old 08-09-2018, 02:55 PM   #6
sschind
we are getting closer and closer to the circle every day.

https://en.wikipedia.org/wiki/The_Circle_(2017_film)

An OK movie, not a great one but it does make you wonder about how far we will let technology go or more precisely how far we will be willing to let it take us.

Facebook and Financial information are two things that should absolutely not go together.
 
Old 08-09-2018, 03:04 PM   #7
WebSlave
Heck, way back I did try to use FaceBorg, but every, and I mean EVERY person I contacted via that method, wound up getting hacked into and I still to this day get spam with their names attached to them. Probably people are getting spam with my name attached to it as well. That was reason enough for me to get the heck out of there.

If my banks go along with this program, then I will be pulling my accounts out of them pronto. Heck, with the pitiful amount of interest I am getting on those accounts, I might as well just cash out anyway and put the money in a cookie jar or something.
 

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