Wednesday 12 December 2018

Facebook denies requesting users’ financial details from banks

The social network has said it was not ‘actively asking financial services companies for financial transaction data’.

Facebook has denied claims that it asked several large US banks to share financial information about customers (Niall Carson/PA)
Facebook has denied claims that it asked several large US banks to share financial information about customers (Niall Carson/PA)

By Jamie Harris, Press Association Technology Reporter

Facebook has denied a report claiming it had asked several large US banks to share financial information about customers.

The social network was accused of requesting card transactions, shopping habits and checking-account balances for a potential feature on Facebook Messenger.

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JP Morgan Chase was one of the banks Facebook was alleged to have contacted (Yui Mok/PA)

Facebook hit back at the claims published by the Wall Street Journal, which stated that it had been in contact with the likes of JPMorgan Chase, Wells Fargo, Citigroup and US Bancorp.

In a statement, the company said it was not “actively asking financial services companies for financial transaction 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.

“The idea is that messaging with a bank can be better than waiting on hold over the phone – and it’s completely opt-in.

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(PA/Dominic Lipinski)

“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.”

The accusations come as Facebook bears the brunt of the Cambridge Analytica scandal, which is still undergoing investigation.

Last month, the Information Commissioner’s Office (ICO), Britain’s data watchdog, announced its intention to fine the social network £500,000 for breaches of the Data Protection Act, as well as criminal action against Cambridge Analytica’s parent company SCL Elections.

Press Association

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