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Facebook Denies Seeking User Bank Data

Facebook Denies Seeking User Bank Data
Facebook has come under fire for allegedly seeking out user bank details for advertising purposes.

(CCM) — Facebook has had its fair share of scandals in recent months due to its privacy policy, and the latest has upped the ante. The Silicon Valley social media giant is in the hot seat for having allegedly asked a group of U.S. banks for information about user financial transactions for use in advertising data. The scandal originated with a report by The Wall Street Journal accusing Facebook of having approached JPMorgan Chase, Wells Fargo, Citigroup, and US Bancorp to ask for details about users' account balances and card transactions.

Facebook has since released a statement denying the allegations, saying that, while some users have opted in to using its Messenger app, any data accessed by the company for this reason was not used for advertising. "Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management," a spokesperson for Facebook said. "The idea is that messaging with a bank can be better than waiting on hold over the phone — and it's completely opt in.”

Image: © Julius Kielaitis - Shutterstock.com