Facebook wants your financial data to expand Messenger, says report

Mark Zuckerberg Co Founder and CEO of Facebook returns from a break to answer the last of the Member's questions as he testifies before a meeting of the United States House Committee on Energy and Commerce during a hearing on

Social network reportedly wants to team up with corporate financial giants to gather data on banking and credit cards

The goal was to create new ways for Messenger to be woven into, and facilitate, interactions between banks and customers, according to the reports.

The social network has asked several United States banks to share customers' financial data, including card transactions and checking account balances, The Wall Street Journal reported on Monday.

"We're not shoring up financial data", she added.

The primary concern among many banks and individual customers with regards to Facebook's latest attempts at expansion is data privacy.

The banks asked by Facebook included JPMorgan Chase, Wells Fargo, Citigroup, and U.S. Bancorp, while one "large U.S. bank pulled away from talks due to privacy concerns". A deeper integration with banks would also give Facebook another way to nudge users to shop on the platform.

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And according to the Wall Street Journal-which first reported on Facebook's plans on Monday-the social media behemoth isn't the only tech company that wants access to Americans' financial data.

"Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management", Facebook 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.

"Facebook has talked about a feature that would show its users their checking-account balances, the people said". Facebook is now facing multiple investigations related to its ties to Cambridge Analytica, the political analytics company that accessed data on up to 87 million Facebook users without their consent. The information would be used to offer new services to Facebook account holders. We're not using this information beyond enabling these types of experiences - not for advertising or anything else. (JPM), Wells Fargo & Co.

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

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