Facebook reportedly wants you to check your bank account on its instant message platform, Messenger. (FB) is seeking to acquire financial data on its users.
Facebook has allegedly asked banks to share detailed financial information about innocent customers.
Facebook is now discussing partnership ideas with firms like Citigroup Inc., Wells Fargo, and JPMorgan Chase, but the Cambridge Analytica incident has reportedly caused at least "one large USA bank" to pull out of the talks. Unless Facebook is able to reassure the banks that it either won't have direct access to the data itself, or that the data will never be used for advertising purposes, then the company may not succeed in convincing US banks to share their customers data.More news: Meeting in Trump Tower Was to Get Information on Clinton
"Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management", Facebook said.
Despite this, Facebook claimed in a statement that the data would not be used for advertisement targeting.
Wells Fargo declined to comment.More news: China prepared for long trade war with U.S. , say state media
According to The Wall Street Journal (WSJ), the latest data partnership Facebook is pursuing could involve some of the US' biggest banking organizations.
"Facebook has talked about a feature that would show its users their checking-account balances, the people said". A critical part of these partnerships is keeping people's information safe and secure. Facebook is now facing multiple investigations related to its ties to Cambridge Analytica, the political analytics company that accessed data on up to 87 million Facebook users without their consent.
Facebook CEO Mark Zuckerberg announced in May he was rolling out privacy controls demanded by European regulators to Facebook users worldwide because "everyone cares about privacy".More news: Once Upon a Time in Hollywood first look: Margot Robbie's Sharon Tate
Shares in the social network have regained some ground, and rose 4.4 percent to close at $185.69 on Monday.