Facebook shares soar as it improves banking relationships

Facebook wants banks to share your personal finances: Report

Elisabeth Diana, a Facebook spokeswoman, told Ars that while the WSJ reported that Facebook has "asked" banks "to share detailed financial information about their customers, including card transactions and checking-account balances", this isn't quite right.

Facebook still faces criticism after revelations that political data firm Cambridge Analytica harvested the personal data of as many as 87 million Facebook users without their consent.

Facebook had discussions with Chase, JPMorgan, Citibank, and Wells Fargo several months ago, said the source, who asked to remain anonymous. "We're not using this information beyond enabling these types of experiences - not for advertising or anything else", Facebook added.

A U.S. Bank spokesman said the bank "has not shared any customer data or information with Facebook or any other platforms".

A Wall Street Journal report earlier Monday said the talks with banks are ongoing, sending shares up as much as 4 per cent.

"Maintaining the privacy of customer data is of paramount importance to Wells Fargo".

The convergence of Mars with the Earth
The local stargazers are invited for a camp to witness the Red Planet from 7 pm to 10 pm tonight at the Colombo Campus grounds. The minimum distance from the Earth to Mars is about 33.9 million miles (54.6 million kilometers), and is rarely achieved.

"Facebook already has mountains of information about our social networks, physical movements, and activity online".

And while the move could help Facebook's user engagement numbers - which were negative for the first time in its history has a public company last week - it comes with a slew of privacy concerns, exacerbated by the scandal surrounding data firm Cambridge Analytica in Spring 2018. A critical part of these partnerships is keeping people's information safe and secure.

The Journal report indicates that banks are hesitant to get on board in part because they want to keep users on their own platforms, like Zelle, a competitor to Venmo and the Paypal-enabled Facebook Payments.

"It's the most intimate information about our personal behavior possible, perhaps even more intimate than how we comment on our friends' feeds", said Zac Townsend, the former chief data officer of California and a partner at Deciens Capital, a venture-capital fund that specializes in financial technology.

Facebook acknowledged last month that it was facing multiple inquiries from U.S. and British regulators about a scandal involving the now bankrupt British consultancy Cambridge Analytica.

A spokeswoman for Citigroup said the company recognizes its customers are increasingly spending more time on social media and it wants to be where consumers are.

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