Facebook has asked large US banks to share customer data, including data on their transactions and financial statements, to allow it to develop new services on its Messenger texting platform.
According to insiders, Facebook discussed this issue with JPMorgan, Chase, Citibank, and Wells Fargo several months ago. It was about adding a new FB function that would show users the balance of their accounts and warned about fraud.
Facebook, which has come under 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. It is assumed that this will increase the time that users spend in Messenger.
Last month Facebook acknowledged that it was facing multiple inquiries from US and British regulators about a scandal involving the British consultancy Cambridge Analytica. In Facebook’s worst ever public relations disaster, it admitted that up to 87 million users may have had their data hijacked by Cambridge Analytica, which was working for US President Donald Trump’s 2016 election campaign.
The social network is now looking at cooler growth following a years-long breakneck pace. Shares in Facebook plummeted last week, wiping out some $100 billion, after the firm missed quarterly revenue forecasts and warned growth would be far weaker than previously estimated.