Not only NO , but FUCK NO.
The social-media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking-account balances, as part of an effort to offer new services to users. Facebook increasingly wants to be a platform where people buy and sell goods and services, besides connecting with friends. The company over the past year asked JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and U.S. Bancorp to discuss potential offerings it could host for bank customers on Facebook Messenger, people familiar with the matter said.
Facebook has talked about a feature that would show its users their checking-account balances, the people said. It has also pitched fraud alerts, some of the people said.
Data privacy is a sticking point in the banks’ conversations with Facebook, said people familiar with the matter. The talks are taking place as Facebook faces several investigations over its ties to political analytics firm Cambridge Analytica, which accessed data on as many 87 million Facebook users without their consent.
One large U.S. bank pulled away from the talks due to privacy concerns, some of the people said.
Facebook has told banks that the additional customer information could be used to offer services that might entice users to spend more time on Messenger, a person familiar with the discussions said. The company is trying to deepen user engagement: Investors shaved more than $119 billion from its market value in one day last month after it said its growth is starting to slow.
Facebook said it wouldn’t use the bank data for ad-targeting purposes or share it with third parties.
“We don’t use purchase data from banks or credit-card companies for ads,” spokeswoman Elisabeth Diana said. “We also don’t have special relationships, partnerships or contracts with banks or credit-card companies to use their customers’ purchase data for ads.”
Facebook shares climbed sharply Monday on the news, rising 4.45%, marking the biggest one-day gain since last month’s historic drop.
Banks face pressure to build relationships with big online platforms, which reach billions of users and drive a growing share of commerce. They also are trying to reach more users digitally. Many struggle to gain traction in mobile payments.
Yet banks are hesitant to hand too much control to third-party platforms such as Facebook. They prefer to keep customers on their own websites and apps.
As part of the proposed deals, Facebook asked banks for information about where their users are shopping with their debit and credit cards outside of purchases they make using Facebook Messenger, the people said. Messenger has some 1.3 billion monthly active users, Chief Operating Officer Sheryl Sandberg said on the company’s second-quarter earnings call last month.
Alphabet Inc.’s Google and Amazon.com Inc. also have asked banks to share data if they join with them, in order to provide basic banking services on applications such as Google Assistant and Alexa, according to people familiar with the conversations.
“Like many online companies, we routinely talk to financial institutions about how we can improve people’s commerce experiences, like enabling better customer service,” Facebook’s Ms. Diana said. “An essential part of these efforts is keeping people’s information safe and secure.”
Facebook and Twitter engage in selective censorship, and now they would like to weaponize your private financial information. Matter of fact, Twitter boss Jack Dorsey personally has a hand in banning conservatives when they hammer his celeb and political pals too much for his liking.
The leftwing Silicon Valley conglomerate has become maliciously politicized and jackbooted in their effort to squelch freedom of speech.
If you really believe that these social media malfeasants wouldn’t use your private bank data for criminal purposes, you are sadly mistaken. It’s bad enough our freedoms and privacy have eroded over the decades because of big government, now social media CEOs want to stick their noses into your bank account.