Facebook Asks US Banks for Financial Info to Boost User Engagement

The social media giant is making the effort amid ongoing concerns about its ability to keep data private

(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.

Spontaneous California office lottery pool wins $543 million jackpot
This country has given us the opportunity to do that, ' owner Kewal Sachdev said. "We have a good time and want to stay together". Reyes said the group hadn't played any tickets in the previous 22 drawings as the potential prize climbed from $40 million.

'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.

Related News:

  • Zverev beats Nishikori to reach semis, Murray withdraws

    Zverev beats Nishikori to reach semis, Murray withdraws

    After taking a 5-0 lead in the opening-set tiebreaker, Murray dropped seven consecutive points to hand the lead over to Copil. Murray, now ranked at No. 832 in the world, is a three-time Grand Slam champion and back-to-back Olympics champion.
    Two dead, dozens injured in Bologna motorway blaze

    Two dead, dozens injured in Bologna motorway blaze

    The blast happened at around 2pm local time and was caused after a truck carrying flammable liquids collided with other vehicles. Firefighters are now battling the flames at the scene on the bypass in Borgo Panigale, according to local reports.
    Tumultuous Iran braces for return of U.S.  sanctions

    Tumultuous Iran braces for return of U.S. sanctions

    Authorities reported the first fatality among protesters, with the shooting of a man in Karaj, west of Tehran . Unlike many other news organizations, we have not put up a paywall.
  • Rangers boss Gerrard denied opening win by last-gasp goal

    Rangers boss Gerrard denied opening win by last-gasp goal

    However, Gers boss Steven Gerrard could opt to let the Colombian go and sink the cash into securing a replacement. Gutted for the players to concede so late on but we showed we were a class above Aberdeen .

    China threatens new tariffs on $60bn worth of United States goods

    The United States slapped duties on $ 34 billion worth of Chinese goods, provoking a similar response from China. Hu says one speculation about these phantom items is that the government is bluffing to create a longer list.
    Five people killed when small plane crashes in California parking lot

    Five people killed when small plane crashes in California parking lot

    Ella Pham, 20, and her boyfriend were walking in the auto park on Sunday when they saw the crash, she told the Los Angeles Times . The pilot and four passengers who were killed when a small plane crashed in a Santa Ana parking lot have been identified.
  • De Lille expected to resign as Cape Town mayor: DA sources

    De Lille expected to resign as Cape Town mayor: DA sources

    She has been accused of nepotism and maladministration, and Cape Town got its first qualified audit in many years under her watch. DA leader Mmusi Maimane said the party would "begin the process of electing a new mayor with immediate effect".
    Indra Nooyi to step down as PepsiCo CEO, Ramon Laguarta to succeed

    Indra Nooyi to step down as PepsiCo CEO, Ramon Laguarta to succeed

    Ramon Laguarta , a 22-year PepsiCo veteran who was promoted to president last year, will take over as the CEO, the company said. Laguarta will take over from Nooyi on October 3 and will also join the board, the company said in a statement .
    Liverpool manager Jurgen Klopp 'really pleased' with Alisson's debut in goal

    Liverpool manager Jurgen Klopp 'really pleased' with Alisson's debut in goal

    Chrstian Pulisic would be a big success at Liverpool FC under Jurgen Klopp , ESPN FC pundit Paul Mariner has claimed. And James Milner believes the strength in depth will help Liverpool be successful again this season.
  • Google Pixel 3 launch date possibly revealed

    Google Pixel 3 launch date possibly revealed

    Not only that, but it seems the new navigation system for Android P is remarkably similar to the iPhone X's intuitive gestures. What's even more spectacular about this leak is that it comes from Google itself - which validates it somewhat.
    TSMC computer virus hit may delay Apple shipments, but impact limited

    TSMC computer virus hit may delay Apple shipments, but impact limited

    As of right now, TSMC has not stated whether this virus was a form of ransomware or something else, so details are scarce. As of 0124 GMT, TSMC shares were down 1 percent at T$245.0, compared with a 0.02 percent fall for the benchmark index.
    Match Between Woods and Mickelson Set for Thanksgiving Weekend

    Match Between Woods and Mickelson Set for Thanksgiving Weekend

    When asked about the latest rumours regarding the match, he said: "We haven't signed anything, nothing's confirmed". Both Woods and Mickelson agreed to be miked up, creating a television experience that viewers do not get normally.


Most liked

'Well, that's enough': Robert Redford announces retirement from acting
But he also escaped 17 times. "To me, that was a wonderful character to play at this point in my life", Redford told the outlet. Redford told EW he gravitated to the role because "he robbed 17 banks, and he got caught 17 times and went to prison 17 times".

First look at Margot Robbie in 'Once Upon a Time in Hollywood'
To make matters worse, their very famous next-door neighbor just so happens to be Sharon Tate herself... Once Upon a Time in Hollywood is slated to arrive in theaters on July 26, 2019.

Brian France arrested for DUI, drug possession
During the traffic stop, police determined France was operating his vehicle "in an intoxicated condition, Drake said". During the arrest, France name-dropped some powerful people he knows, including President Trump, according to TMZ .

10 killed, 53 wounded in Chicago weekend shootings
Hours later, A 32-year-old man was killed and four other people were hurt in a shooting in the West Side Austin neighborhood. At least 40 people were shot in one seven-hour stretch between Saturday night and Sunday morning, with four killed.

Bills trade for WR Corey Coleman
Now Coleman will need to take that step with the Bills , where he will need to get acclimated to Buffalo's offense in short order. In Cleveland, Coleman was expected to play behind Josh Gordon and Jarvis Landry , assuming Gordon is ready for Week 1.

Boy, 9, robbed at gunpoint while selling lemonade
Officials said they believe the suspect left a bicycle and walked from there to the lemonade stand before the robbery took place. On Sunday the boy returned to sell drinks at the community pool in Monroe, about 30 miles (50km) from Charlotte.

Working for Disney after James Gunn sacking is 'nauseating' says Dave Bautista
With Disney unlikely to rehire Gunn, speculation is now mounting as to which director will replace him. Gunn's jokes included references to pedophilia and other sensitive subject matters.

Apple remove podcasts by Infowars' notorious host Alex Jones
He now admits the shooting occurred but says his claims were free speech. "To all other conservative news outlets - you are next". Those have been pulled from the iTunes directory, making them no longer searchable or available for download or streaming.

World War II-era "EIRE" markings revealed by massive fire in Ireland
In some of the 83 signs placed around the Irish coast, up to 165 tons of stone were used to create the navigational aides. The Defence Forces Air Corps were helping emergency services extinguish the fire when they noticed the sign from above.

Hector hits Category 3
Kilauea volcano continues to erupt in Hawaii, and now the islands are in the path of a category 3 hurricane. The eruptions have displaced thousands of residents , damaged roads and destroyed hundreds of homes.

Transfer: Ernesto Valverde breaks silence on Paul Pogba's 'move' to Barcelona
The French midfielder's future continues to be the source of much speculation following reports of a bust-up with Jose Mourinho . They have signed Arthur, Clement Lenglet and Malcom and have agreed a fee with German giants Bayern Munich player Arturo Vidal.

Labour ‘eternal shame’ fear on anti-Semitism
There's been a mixed response to Mr Corbyn's statement - with one Jewish group calling it hypocritical and insincere. And he suggested investigations into MPs Dame Margaret Hodge and Ian Austin be dropped.

Cessna plane crashes in California parking lot, killing all 5 on board
Tweets from people nearby the crash scene show a crumpled plane among the cars and palm trees of the parking lot. The plane crushed a auto in the crash, but fortunately there was no one inside the vehicle at the time .

Ethereum Classic Coinbase Linsting Takes Place on August 7
Coinbase intend to allow 24-48 hours of inbound transfers through Coinbase Pro and Coinbase Prime before enabling trading. For the Coinbase Custody, support will be added for inbound transfers and withdrawals of the cryptocurrency.

China hits back at USA with $60bn tariff threat
That's a negligible amount for China, which imported 17 million tons total a year ago , according to the US Census Bureau. The world's two biggest economies, USA and China, further escalated trade tensions last week.