Report: Facebook asked banks to share users' credit details

Credit bills, debit usage locations and bank balance details were requested by the social network to "improve and expand services."

August 6, 2018 22:38
1 minute read.
Report: Facebook asked banks to share users' credit details



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Facebook reached out to major banks in the US requesting financial information regarding clients, reports the Wall Street Journal on Monday.

The social network superpower requested details such as credit bills and bank balance information as part of its efforts to offer new services to its users and expand its activity.

Based on the report, Facebook appealed to Wells Fargo, CityGroup and JP Morgan Chase, among others. The banks consider privacy a serious issue in their connections with Facebook, and one bank ceased contact with Facebook following this matter.

The report adds that the social network has been in touch with the banks regarding various services it could offer bank clients through Facebook Messenger.

Among others, Facebook described a software that could allow its users to check their bank balance and offered to provide alerts for possible fraud incidents. Facebook explained that the information it requires could assist in expanding the Messenger usage statistics. For these purposes, it asked banks for information regarding locations where clients use credit and debit cards.

Facebook in response to the Wall Street Journal: "We do not use information procured from banks or credit card companies to display advertisements. Like many online companies, we often speak with financial institutions regarding the ways in which we can improve users experiences, such as improving customer service. A key part of these efforts is keeping people's information safe and secure."

Over the recent months, the social network recently surpassing 2.5 billion users has been trying to restore its reputation following the Cambridge Analytica affair of March 2018, when the private information of over 87 billion users worldwide was accessed improperly and affected the US presidential elections.

Translated by Hadas Labrisch, the Jerusalem Post Staff

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