Facebook denies report that it’s coming for your financial data

Mark Zuckerberg Co Founder and CEO of Facebook returns from a break to answer the last of the Member's questions as he testifies before a meeting of the United States House Committee on Energy and Commerce during a hearing on

Mark Zuckerberg Co Founder and CEO of Facebook returns from a break to answer the last of the Member's questions as he testifies before a meeting of the United States House Committee on Energy and Commerce during a hearing on"Facebook Transparency and

Facebook has reportedly approached several of the biggest US banks, asking them to share their customers' financial data with the social-media giant.

Facebook has asked larges U.S. banks to share detailed financial data about their customers in an effort to deepen user engagement on its Messenger platform, according to the Wall Street Journal.

Facebook has reportedly held talks with Chase, Wells Fargo, Citigroup and US Bancorp over the past year to discuss the possibility of new features, such as fraud alerts or showing account balances, it could host on Facebook Messenger.

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Facebook, which has faced intense criticism for sharing user data with many app developers, was interested in information including bank card transactions, checking account balances, and where purchases were made, according to the source.

"We don't use purchase data from banks or credit card companies for ads", spokeswoman Elisabeth Diana told the Journal.

Facebook has denied reports that it is actively asking banks for details of users' financial transactions. An essential part of these efforts is keeping people's information safe and secure, ' Facebook said in a statement.

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But word Facebook is fishing for financial information comes amid concerns it has not vigilantly guarded private information. 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.

Facebook is now trying to recover from the Cambridge Analytica scandal, which significantly damaged the company's image after it was revealed that a London-based firmed had gained access to as many as 87 million users to influence US President Donald Trump's 2016 election campaign.

But Facebook is still dealing with the fallout of the Cambridge Analytica scandal, which generated a lot of distrust in how the company manages its users' data.

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When news of the potential partnerships became public, Facebook shares increased by about 3.5% through midday. Facebook likely hopes to capitalize on the pressure that big banks are experiencing to develop partnerships with large online platforms to reach more customers digitally.

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