Facebook asking bank account info and card transactions of users

In what is supposed to be a pure speculation, for now, Facebook, the social media giant is facing a new allegation of approaching banks to share financial data related to its users.

The speculations seem ripe based on a recently published Wall Street Journal report that suggests that the Mark Zuckerberg led company is nowadays approaching banks to gain bank account info of its users and card transactions based on the information such as email IDs and telephone numbers.

Means, the company’s officials are alleged to be approaching banks with email IDs and phone numbers of Facebook’s users whose account info has been linked to the said data.

The report suggests that Facebook has so far approached banks like JP Morgan Chase, US Bank Corp, Wells Fargo and Citigroup till now and is intending to extend its search to other banks by this year-end.

Some Facebook officials say that the approach was true and the objective was to help Facebook users check their account balance and receive fraud alerts.

But the news did not go well with most of the Facebook users who nowadays are extremely concerned about their data privacy after the Cambridge Analytica political data scandal.

An official statement from Facebook released just a few hours ago says that the company is not interested in obtaining any sort of information from banks related to its users. But instead is hoping to enhance its payment and commerce features within Messenger.

Elizabeth Diana, the official spokeswoman of Facebook says that her company is planning to offer customer chat or account management like other credit card companies on their platform soon. And so, the social media giant has approached banks to help its users link their bank accounts to their respective Facebook Messenger accounts to keep a track of their account balances, receipts, shipping updated and payment info.

Diana says that her company is working hard to keep its user info safe and secure and will strive hard to never-ever repeat the political data scandal which emerged into the world in March this year.

What do you think guys think about this issue? 

Will your Facebook Messenger linkage to your bank accounts actually help….?

You can share your mind through the comments section below.

Naveen Goud
Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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