Facebook Asks US Banks for Financial Info to Boost User Engagement

Facebook wants banks to share your personal finances: Report

(FB) is seeking to acquire financial data on its users.

Facebook is now discussing partnership ideas with firms like Citigroup Inc., Wells Fargo, and JPMorgan Chase, but the Cambridge Analytica incident has reportedly caused at least "one large USA bank" to pull out of the talks.

Facebook told the paper that any financial information it obtains would not be shared with third parties or used to target advertisements.

According to a new Wall Street Journal (WSJ) report, Facebook has asked USA banks to share detailed information on their customers, including data on credit card transactions and checking account balances.

Facebook is pushing back against a report in Monday's Wall Street Journal that the company is asking major banks to provide private financial data. At least one major United States bank left talks with the company due to privacy concerns, the Wall Street Journal reports.

But Facebook is still dealing with the fallout of the Cambridge Analytica scandal, which generated a lot of distrust in how the company manages its users' data. A deeper integration with banks would also give Facebook another way to nudge users to shop on the platform.

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'We don't use purchase data from banks or credit card companies for ads'. "We also don't have special relationships, partnership, or contracts with banks or credit-card companies to use their customers' purchase data for ads".

"Facebook has talked about a feature that would show its users their checking-account balances, the people said".

"The idea is that messaging with a bank can be better than waiting on hold over the phone - and it's completely opt-in", she added. A critical part of these partnerships is keeping people's information safe and secure.

Facebook did not respond to FOX Business' request for comment at the time of publication.

Wells Fargo declined to comment.

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