Facebook asks JP Morgan, Citibank, Chase to share customer details

Facebook wants banks to share your personal finances: Report

Facebook has also suggested that it could perhaps integrate banks' fraud alerts or account balances into the app. Facebook is reportedly in the market for card transaction data and current account information.

A recent Wall Street Journal story implies incorrectly that we are actively asking financial services companies for financial transaction data - this is not true. "Like many online companies, we routinely talk to financial institutions about how we can improve people's commerce experiences, like enabling better customer service", said Diana. Earlier this year, Facebook executives were forced to apologize after the personal data of as many as 87 million people ended up in the hands of a United Kingdom political consultancy. A critical part of these partnerships is keeping people's information safe and secure.

JPMorgan Chase spokeswoman Patricia Wexler directed AFP to a statement given to the Wall Street Journal saying, "We don't share our customers" off-platform transaction data with these platforms and have had to say "No' to some things as a result".

While "data privacy" remains the "sticking point" for the banks, JPMorgan was forced to distance itself away from the negotiations despite reassurances from the company that Facebook would not share the private data with third parties.

"Do we really want to give Facebook greater insight into our finances and purchases, too?", Gebhart said.

What that means is that if you're anxious about Facebook having any connection with banks, the WSJ's report should alarm you.

Facebook's pitch to the financial world comes months after it was found to have allowed the political consulting firm Cambridge Analytica to improperly access the data of 87 million people. Currently, users can send and receive money through Messenger via PayPal, and MasterCard customers can use their card via Messenger with certain retailers.

Wells Fargo declined to comment. Google and Amazon have reportedly also sought similar arrangements, exchanging user data for the banks' integration with the tech companies' massive platforms.

A U.S. Bank spokesman said the bank "has not shared any customer data or information with Facebook or any other platforms". (FB) is seeking to acquire financial data on its users.

A spokeswoman for Citigroup said the company recognizes its customers are increasingly spending more time on social media and it wants to be where consumers are.

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