Now Facebook wants your banking information

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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.

Report: Facebook asks banks for our financial data

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.

Here are 3 common ways to protect your data

  • Strong passwords: But what makes a good password? Should it be a random assortment of letters and numerals or should it be comprised of words or phrases that we can readily call to mind? Maybe a bit of both.
  • Watch what you share: Social media provides a tempting platform for us to give away key pieces of our digital, financial and personal life. Here are 10 things you should never share online.
  • Don’t talk to strangers: It sounds innocent enough, but when we talk to people we don’t know via email, we provide criminals an opportunity to victimize us. Unsuspecting email users have clicked on malware or even had their bank accounts siphoned of funds. Be aware of all the phishing techniques out there.
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Craig Johnson is a conscious money-saver who still reads paperback books and listens to vinyl. He likes to write about how technology is making things easier and more affordable — but also sometimes more dangerous — for the modern consumer. You can reach Craig at [email protected]
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