footballer
Member
I have been hearing (rumors?) that Facebook is trying to gain access to member's banking records and I was wondering how Fb members feel about that. I have been wondering what's up with them wanting members banking records.
| CURRENT EVENTS Has anyone else heard the rumors of Facebook trying to gain access to members baking records?
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TerryP
Staff
Whoa. I hadn't heard about this...it's a pay article from the WSJ but here's a highlight.
I've got more than a handful of clients I do advertising for on FB as a side-gig. Their CC #'s are on file with Facebook and I'm not real comfortable with that aspect (but made sure they all understood, this is how you're going to be billed.) A few have gone through my account (charges do apply) to keep their accounts private.
If it wasn't for an extra income stream I can't say whether I'd be a member of FB. We do have a group and page through RTB so it's likely. I have used their network to talk to people over the phone when I didn't want to hold it...it's one benefit.
I don't use messenger...too intrusive as it stands.
Facebook Inc. wants your financial data.
The social-media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking-account balances, as part of an effort to offer new services to users.
There's a sure fire way to get 100's of 1000's--if not millions--to delete their FB accounts.I've got more than a handful of clients I do advertising for on FB as a side-gig. Their CC #'s are on file with Facebook and I'm not real comfortable with that aspect (but made sure they all understood, this is how you're going to be billed.) A few have gone through my account (charges do apply) to keep their accounts private.
If it wasn't for an extra income stream I can't say whether I'd be a member of FB. We do have a group and page through RTB so it's likely. I have used their network to talk to people over the phone when I didn't want to hold it...it's one benefit.
I don't use messenger...too intrusive as it stands.
rocknthefreeworld
Member
If you aren't paying for it then you are the product. Facebook ahs always been predicated on getting as much info as possible about the users to sell to other companies. The next step is for them to partner instead of just selling the data. They want access to your transaction history so they can sell even more targeted ads (among other things).
That's why I'm not on Facebook. My chocolate chip cookie recipe is under lock and key.
Facebook to Banks: Give Us Your Data, We’ll Give You Our Users
Facebook has asked large U.S. banks to share detailed financial information about customers as it seeks to boost user engagement
Facebook is trying to deepen user engagement after it said last month its growth is slowing, stunning investors. One tactic it is exploring is to get banks to work closely with Facebook Messenger. PHOTO: JEFF CHIU/ASSOCIATED PRESS
947 COMMENTS
By Emily Glazer, Deepa Seetharaman and AnnaMaria Andriotis
Updated Aug. 6, 2018 7:31 p.m. ET
Facebook Inc. FB -0.12% wants your financial data.
The social-media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking-account balances, as part of an effort to offer new services to users.
Facebook increasingly wants to be a platform where people buy and sell goods and services, besides connecting with friends. The company over the past year asked JPMorgan ChaseJPM -1.59% & Co., Wells Fargo & Co., Citigroup Inc. C -1.57% and U.S. Bancorp USB -1.37%to discuss potential offerings it could host for bank customers on Facebook Messenger, people familiar with the matter said.
Facebook has talked about a feature that would show its users their checking-account balances, the people said. It has also pitched fraud alerts, some of the people said.
Data privacy is a sticking point in the banks’ conversations with Facebook, said people familiar with the matter. The talks are taking place as Facebook faces several investigations over its ties to political analytics firm Cambridge Analytica, which accessed data on as many 87 million Facebook users without their consent.
One large U.S. bank pulled away from the talks due to privacy concerns, some of the people said.
Facebook has told banks that the additional customer information could be used to offer services that might entice users to spend more time on Messenger, a person familiar with the discussions said. The company is trying to deepen user engagement: Investors shaved more than $120 billion from its market value in one day last month after it said its growth is starting to slow.
Facebook said it wouldn’t use the bank data for ad-targeting purposes or share it with third parties.
“We don’t use purchase data from banks or credit-card companies for ads,” spokeswoman Elisabeth Diana said. “We also don’t have special relationships, partnerships or contracts with banks or credit-card companies to use their customers’ purchase data for ads.”
Facebook's current data crisis involving Cambridge Analytica has angered users and prompted government investigations. To understand what's happening now, you have to look back at Facebook's old policies from 2007 to 2014. WSJ's Shelby Holliday explains. Illustration: Laura Kammerman
Facebook shares climbed sharply Monday on the news, rising 4.45%, marking the biggest one-day gain since last month’s historic drop.
Banks face pressure to build relationships with big online platforms, which reach billions of users and drive a growing share of commerce. They also are trying to reach more users digitally. Many struggle to gain traction in mobile payments.
Yet banks are hesitant to hand too much control to third-party platforms such as Facebook. They prefer to keep customers on their own websites and apps.
As part of the proposed deals, Facebook asked banks for information about where their users are shopping with their debit and credit cards outside of purchases they make using Facebook Messenger, the people said. Messenger has some 1.3 billion monthly active users, Chief Operating Officer Sheryl Sandberg said on the company’s second-quarter earnings call last month.
Alphabet Inc.’s Google and Amazon.com Inc. also have asked banks to share data if they join with them, in order to provide basic banking services on applications such as Google Assistant and Alexa, according to people familiar with the conversations.
“Like many online companies, we routinely talk to financial institutions about how we can improve people’s commerce experiences, like enabling better customer service,” Facebook’s Ms. Diana said. “An essential part of these efforts is keeping people’s information safe and secure.”
Facebook has taken a harder public line on privacy since the Cambridge Analytica uproar. A product privacy team has announced new features such as “clear history,” which would allow users to prevent the service from collecting their off-Facebook browsing details. It also is making efforts to alert users to its privacy settings.
That hasn’t assuaged concerns over Facebook’s privacy practices. Bank executives are worried about the breadth of information being sought, even if it means their bank might not being available on certain platforms their customers use. Bank customers would need to opt-in to the proposed Facebook services, the company said in a statement Monday.
JPMorgan isn’t “sharing our customers’ off-platform transaction data with these platforms, and have had to say no to some things as a result,” spokeswoman Trish Wexler said.
Banks view mobile commerce as one of their biggest opportunities but are still running behind technology firms such as PayPal Holdings Inc. and Square Inc. Customers have moved slowly, too; many Americans still prefer using credit or debit cards, along with cash and checks.
In an effort to compete with PayPal’s Venmo, a group of large banks last year connected their smartphone apps to money-transfer network Zelle. Results are mixed so far: While usage has risen, many banks still aren’t on the platform.
In recent years, Facebook has tried to transform Messenger into a hub for customer service and commerce, in keeping with a broader trend among mobile messaging services.
A partnership with American Express Co. allows Facebook users to contact the card company’s representatives. Last year, Facebook struck a deal with PayPal that allows users of that payment service to send money through Messenger. And Mastercard Inc.cardholders can place online orders with certain merchants through Messenger using the card company’s Masterpass digital wallet. (A Mastercard spokesman said Facebook doesn’t see the card users’ information.)
—Douglas MacMillan
and Laura Stevens contributed to this article.
Write to Emily Glazer at emily.glazer@wsj.com, Deepa Seetharaman at Deepa.Seetharaman@wsj.com and AnnaMaria Andriotis at annamaria.andriotis@wsj.com
Appeared in the August 7, 2018, print edition as 'Facebook Asks Banks for Customer Data.'
Facebook has asked large U.S. banks to share detailed financial information about customers as it seeks to boost user engagement
Facebook is trying to deepen user engagement after it said last month its growth is slowing, stunning investors. One tactic it is exploring is to get banks to work closely with Facebook Messenger. PHOTO: JEFF CHIU/ASSOCIATED PRESS
947 COMMENTS
By Emily Glazer, Deepa Seetharaman and AnnaMaria Andriotis
Updated Aug. 6, 2018 7:31 p.m. ET
Facebook Inc. FB -0.12% wants your financial data.
The social-media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking-account balances, as part of an effort to offer new services to users.
Facebook increasingly wants to be a platform where people buy and sell goods and services, besides connecting with friends. The company over the past year asked JPMorgan ChaseJPM -1.59% & Co., Wells Fargo & Co., Citigroup Inc. C -1.57% and U.S. Bancorp USB -1.37%to discuss potential offerings it could host for bank customers on Facebook Messenger, people familiar with the matter said.
Facebook has talked about a feature that would show its users their checking-account balances, the people said. It has also pitched fraud alerts, some of the people said.
Data privacy is a sticking point in the banks’ conversations with Facebook, said people familiar with the matter. The talks are taking place as Facebook faces several investigations over its ties to political analytics firm Cambridge Analytica, which accessed data on as many 87 million Facebook users without their consent.
One large U.S. bank pulled away from the talks due to privacy concerns, some of the people said.
Facebook has told banks that the additional customer information could be used to offer services that might entice users to spend more time on Messenger, a person familiar with the discussions said. The company is trying to deepen user engagement: Investors shaved more than $120 billion from its market value in one day last month after it said its growth is starting to slow.
Facebook said it wouldn’t use the bank data for ad-targeting purposes or share it with third parties.
“We don’t use purchase data from banks or credit-card companies for ads,” spokeswoman Elisabeth Diana said. “We also don’t have special relationships, partnerships or contracts with banks or credit-card companies to use their customers’ purchase data for ads.”
Facebook's current data crisis involving Cambridge Analytica has angered users and prompted government investigations. To understand what's happening now, you have to look back at Facebook's old policies from 2007 to 2014. WSJ's Shelby Holliday explains. Illustration: Laura Kammerman
Facebook shares climbed sharply Monday on the news, rising 4.45%, marking the biggest one-day gain since last month’s historic drop.
Banks face pressure to build relationships with big online platforms, which reach billions of users and drive a growing share of commerce. They also are trying to reach more users digitally. Many struggle to gain traction in mobile payments.
Yet banks are hesitant to hand too much control to third-party platforms such as Facebook. They prefer to keep customers on their own websites and apps.
As part of the proposed deals, Facebook asked banks for information about where their users are shopping with their debit and credit cards outside of purchases they make using Facebook Messenger, the people said. Messenger has some 1.3 billion monthly active users, Chief Operating Officer Sheryl Sandberg said on the company’s second-quarter earnings call last month.
Alphabet Inc.’s Google and Amazon.com Inc. also have asked banks to share data if they join with them, in order to provide basic banking services on applications such as Google Assistant and Alexa, according to people familiar with the conversations.
“Like many online companies, we routinely talk to financial institutions about how we can improve people’s commerce experiences, like enabling better customer service,” Facebook’s Ms. Diana said. “An essential part of these efforts is keeping people’s information safe and secure.”
Facebook has taken a harder public line on privacy since the Cambridge Analytica uproar. A product privacy team has announced new features such as “clear history,” which would allow users to prevent the service from collecting their off-Facebook browsing details. It also is making efforts to alert users to its privacy settings.
That hasn’t assuaged concerns over Facebook’s privacy practices. Bank executives are worried about the breadth of information being sought, even if it means their bank might not being available on certain platforms their customers use. Bank customers would need to opt-in to the proposed Facebook services, the company said in a statement Monday.
JPMorgan isn’t “sharing our customers’ off-platform transaction data with these platforms, and have had to say no to some things as a result,” spokeswoman Trish Wexler said.
Banks view mobile commerce as one of their biggest opportunities but are still running behind technology firms such as PayPal Holdings Inc. and Square Inc. Customers have moved slowly, too; many Americans still prefer using credit or debit cards, along with cash and checks.
In an effort to compete with PayPal’s Venmo, a group of large banks last year connected their smartphone apps to money-transfer network Zelle. Results are mixed so far: While usage has risen, many banks still aren’t on the platform.
In recent years, Facebook has tried to transform Messenger into a hub for customer service and commerce, in keeping with a broader trend among mobile messaging services.
A partnership with American Express Co. allows Facebook users to contact the card company’s representatives. Last year, Facebook struck a deal with PayPal that allows users of that payment service to send money through Messenger. And Mastercard Inc.cardholders can place online orders with certain merchants through Messenger using the card company’s Masterpass digital wallet. (A Mastercard spokesman said Facebook doesn’t see the card users’ information.)
—Douglas MacMillan
and Laura Stevens contributed to this article.
Write to Emily Glazer at emily.glazer@wsj.com, Deepa Seetharaman at Deepa.Seetharaman@wsj.com and AnnaMaria Andriotis at annamaria.andriotis@wsj.com
Appeared in the August 7, 2018, print edition as 'Facebook Asks Banks for Customer Data.'
XXL TideFan
Member
My biscuit recipe is "Eyes Only". Got rid of FB awhile back
TerryP
Staff
I will say this with absolutely no doubt. For a small business, advertising through FB with a specific demographic is one of the most effective ways of business promotions out there.
I had a device installed at the bar that would automatically "read" customers with FB accounts (that were open/logged in) as soon as they walked in the door. Basically, it made them friends of the pub without them knowing they were friending the pub. It worked very, very well.
I leave enough digital footprints already.
