Skip to Content
Silicon Valley

Facebook wants banks to hand over customers’ financial information

August 6, 2018

According to the Wall Street Journal, the company has reached out to JPMorgan Chase, Wells Fargo, Citigroup, and US Bankcorp to discuss joining forces with Facebook Messenger.

Why? Facebook would reportedly use the information to build new features, like the ability for users to check their account balance or to get fraud alerts through Messenger. In exchange, banks would have to provide data on its customers’ transactions and balances. The social network says the information would only be used for creating new features, not for ad targeting.

But... The legacy of the Cambridge Analytica scandal looms large. Banks have reportedly been hesitant to collaborate with the tech giant because of data privacy concerns, and one bank pulled out of talks entirely.

Going offline: Facebook is increasingly trying to gain access to your offline data to bolster its profile of users and provide more features. Earlier this year they even reached out to hospitals about getting medical data on users. Facebook isn’t alone, either. Other tech giants like Google also want access to your offline information—because if they don’t get it, the thinking goes, their competitors will.

Keep Reading

Most Popular

This startup wants to copy you into an embryo for organ harvesting

With plans to create realistic synthetic embryos, grown in jars, Renewal Bio is on a journey to the horizon of science and ethics.

VR is as good as psychedelics at helping people reach transcendence

On key metrics, a VR experience elicited a response indistinguishable from subjects who took medium doses of LSD or magic mushrooms.

This nanoparticle could be the key to a universal covid vaccine

Ending the covid pandemic might well require a vaccine that protects against any new strains. Researchers may have found a strategy that will work.

Stay connected

Illustration by Rose Wong

Get the latest updates from
MIT Technology Review

Discover special offers, top stories, upcoming events, and more.

Thank you for submitting your email!

Explore more newsletters

It looks like something went wrong.

We’re having trouble saving your preferences. Try refreshing this page and updating them one more time. If you continue to get this message, reach out to us at customer-service@technologyreview.com with a list of newsletters you’d like to receive.