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DIGITAL MARKETING NEWS

Facebook asks Banks for your Financials

February 11, 2022

A new report reveals that Facebook has allegedly been courting banks for the account balances and card transactions of users.

$uspicious interest

In an odd reveal, the Wall Street Journal has discovered that Facebook wants to know how much money you have and what you’re buying.

Not the best look for Facebook, especially in the wake of the Cambridge Analytica scandal.

Significantly, some banks have allegedly entertained the new proposal, though at least one has already told Facebook where to go. 

Claiming to be responsible

The new endeavour is rubbing many critics the wrong way, even as Facebook claims it won't use the data to target ads, or sell it to third parties.

Facebook Messenger already provides some minor financial services to users, such as paying money to friends and banks may be interested in a similar function. That said, is that all Facebook is after?

What do you think about Facebook having access to your financial information? Do you think this could result in a valuable banking service? Let us know in the comments below.

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SMK Editor

SMK Editor

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