Facebook asks USA banks for financial info to boost user engagement

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

(C) and U.S. Bancorp (USB) in the past year to determine whether potential offerings for bank customers on Facebook Messenger might be possible.

Facebook wants banks to share your financial data to expand Messenger, says report.

At any rate, according to the WSJ, Facebook is not interested in using any data it would gain from banks for ad-targeting purposes.

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

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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", she said in a statement on behalf of the social media giant. However, the banks seem to be approaching any partnerships very carefully after the recent Cambridge Analytica privacy scandal, and one large bank has reportedly already quit talks with Facebook. Per the WSJ's reporting, Facebook also asked for additional data, like where customers are spending their money outside of the social network. "Account linking enables people to receive real-time updates in Facebook Messenger where people can keep track of their transaction data like account balances, receipts, and shipping updates".

Wells Fargo declined to comment. A critical part of these partnerships is keeping people's information safe and secure.

In Facebook's worst ever public relations disaster, it admitted that up to 87 million users may have had their data hijacked by Cambridge Analytica, which was working for US President Donald Trump's 2016 election campaign.

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