Facebook has been under a lot of fire this year and that fire doesn’t seem to be burning out anytime soon. You probably don’t know about this yet but you need to.
You would think that by now Facebook would be working on protecting its users and improving their privacy, right? Wrong! According to a Wall Street Journal report, Facebook wants detailed financial information on its users from their banks. No, this is not a joke. Of course, the company seems to be consistently pushing the limits but this is taking things a bit too far.
According to the WSJ, in return for financial data, Facebook is offering banks a presence on its messenger app. This would allow them to compete with companies like Paypal or Cashapp. While for now, users who want to send money via Facebook have to opt-in and link their bank account but in the future opting in might not be necessary. While Facebook claims banking information won’t be used against users to target ads but you and I both know how flawed that statement is.
For now, banks have been declining Facebooks offers for partnership because of privacy concerns which is good for us but could change as time goes by. Would you want your bank telling Facebook your transaction history or other things of the sort? Now, while Facebook sent in a statement regarding this whole situation, their words don’t exactly make anyone’s stomach feel less bubbly.
Their statement read as follows:
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. The idea is that messaging with a bank can be better than waiting on hold over the phone – and it’s completely opt-in. We’re not using this information beyond enabling these types of experiences – not for advertising or anything else. A critical part of these partnerships is keeping people’s information safe and secure.
What do you think about all of this? Do you think Facebook should be trusted with your banking information? I for one am quite concerned.
Image via Financial Post