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It’s been mere months since Facebook vowed to be a kinder, gentler social media network in light of a data scandal that tarnished its once pristine reputation. But now the social networking giant may be back at it again.
Facebook is enticing major U.S. banks to divulge consumers’ personal information in exchange for other data, according to the Wall Street Journal. The site wants “detailed financial information,” including checking account balances, credit card transactions and more, the Journal reports.
The data grab would be part of Facebook’s plan to cement its hold in e-commerce as an online marketplace. The Menlo Park, California-based company is also interested in a fraud alert service as well as enabling purchases via Messenger, according to the Journal.
RELATED: Facebook Marketplace vs. Poshmark vs. Craigslist: How they rank
You would think the banks would be all in on the plan, but there are reported concerns over data privacy. At less one big bank has shunned the talks, according to the Journal.
As we’ve learned from the Equifax data breach, financial institutions are no better at safeguarding our data as any other company. That’s why Money expert Clark Howard says protecting our data should be our #1 concern.
This post was last modified on August 7, 2018 7:04 pm
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