Tuesday, 16 October, 2018

Facebook wants your financial data to expand Messenger, says report

Facebook wants banks to share your personal finances: Report Facebook might add your banking info to Messenger
Rhonda Young | 06 August, 2018, 22:55

Facebook has asked major banks to share financial information about their customers, such as card transactions and account balances, as it considers launching new financial products. Facebook tried to persuade banks to give it their users' data by promising them features such as users being able to see their checking account balances or receiving fraud alerts within Facebook Messenger.

Former Trump campaign aide was in alleged Russian agent's social network
Gordon said on his part their emails did not touch upon the election race and the report was a "sensationalized click bait story". The emails, as described to the newspaper, show the pair met at a party at the Swiss ambassador's residence in September 2016.

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 US bank" to pull out of the talks.

Rangers close to signing Borna Barisic as player arrives for medical
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This comes after Facebook has dealt with the Cambridge Analytica data-sharing scandal. According to the Journal, at least one large US bank pulled away from talks with the company as a result of privacy concerns. The social media giant is facing lawsuits over the debacle in the United States and the United Kingdom, is being investigated by various agencies and has inspired a handful of data privacy bills in both the House and the Senate. (JPM), Wells Fargo & Co. The company is aiming to boost user engagement, particularly with its Messenger service, after Facebook lost more than $120 billion ins market value in a single day earlier this summer. "We're not using this information beyond enabling these types of experiences - not for advertising or anything else". Spokeswoman Elisabeth Diana has said "we don't use purchase data from banks or credit card companies for ads".

PepsiCo's Indra Nooyi to step down as CEO
CEO of PepsiCo Indra Nooyi speaks at the Bloomberg Global Business Forum in New York City, U.S., September 20, 2017. NASDAQ-traded PepsiCo Inc's shares have gained 78 percent since Nooyi took the top job in 2006, Reuters reported.

"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", according to the story, which also noted the data will not be used for ad targeting purposes or shared with third parties. This marks the largest gain since the rapid drop in July.

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