Facebook Has Asked Large US Banks To Share Detailed Financial Information About Customers

[DamianTV]

https://yro.slashdot.org/story/18/08...agement-update

Facebook wants your financial data. 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, The Wall Street Journal reported Monday. From the report:

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, Wells Fargo & Co., Citigroup and U.S. Bancorp USB to discuss potential offerings it could host for bank customers on Facebook Messenger, said people familiar with the matter. 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, according to 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.

Why do they think we should blindly trust them again?

[timosman]

[euphemia]

Why does FB think it has a right to that information?

[DamianTV]

Why does FB think it has a right to that information?

Because they bought it from your bank. Perhaps a better question would be not only why does FB think it has a right, but why your Bank thinks it has a right to sell / share that data?

Other side of this would be does your Bank have a right to buy data from the likes of FB, Google, Amazon, Netflix, Apple, Walmart, Acxicom, Cambridge Analytica, and the plethora of companies that have treasure troves of data on everyone?

[euphemia]

It’s hard to find a small, local bank.

[Swordsmyth]

I believe a proper interpretation of the law would find all this unauthorized information selling illegal.

[Anti Globalist]

Fedbook is at it again.

[enhanced_deficit]

Could US Congress also label Facebook 'digital gangsters'?

[DamianTV]

Could US Congress also label Facebook 'digital gangsters'?

I doubt it. On the surface, it will look like Congress is opposing FB's actions, but its behind closed doors where they both have Privacy from you and I that the Real Damage is done.

Imagine it this way. Credit Card companies used to determine your credit score based on how much money you made, how far in debt you were, and how well you made your payments. Trouble there is that was all the data they had access to. Today, they have access to a lot more data. And they have a financial incentive to find reasons to increase your interest rate. So today, if you make posts about drinking, have any distrust of Authoritarian Govt that now wants to execute you for selling drugs, or more minor infractions, they now have "probable cause" to jack up your interest rate / not hire you / fire you / imprison you / kick you out of your church / shun you / shame you / discredit you. All of which represents a persons only value to other people under the mindset of group think is how much money you are worth to them, and have ZERO value as a human being.

Digital Slavery.

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Also, @enhanced_deficit, should most definitely post that as its own thread...