Privacy is a thing of the past folks….
Social media wants to KNOW EVERYTHING about ya….
(Partly to make money from advertisers for themselves)
Facebook would like to peek into your bank account.
The social network approached several major US banks to let customers access their account balances or get fraud alerts on Messenger, the Wall Street Journal reported today (Aug.6). This would mean that detailed customer information, including credit card purchases, would be shared with the tech platform.
Over the past year, as it was facing a storm of criticism over privacy issues, the company asked banks like JPMorgan Chase and Citigroup to discuss cooperation, according to the Journal.
Big US banks were hesitant and had privacy concerns over sharing customer data with Facebook, the Journal reported. But in other countries, banks haven’t had the same qualms. In Singapore, Citigroup already offers a Messenger bot that lets you check your account balance, for example. A South African bank recently introduced a feature that allows users to check their account balance on WhatsApp, which Facebook owns.
“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 Journal wrote.
Facebook told Quartz that it disagrees the Wall Street Journal’s characterization of its talks with the banks, and pointed out that it already offers similar services in the US, with PayPal and American Express. An Amex bot, in fact, can track your purchases, and allows you to check your balance.
Facebook says that a “critical part” of these partnerships is to keep “people’s information safe and secure.” But when a platform is built on amassing user data and using it for advertising purposes, it’s only natural for questions of exploitation and privacy—particularly after the Cambridge Analytica scandal—to arise….