The giant in social media, Facebook has been reported to hold talks with various banks like Wells Fargo, JPMorgan Chase, US Bancorp, and Citigroup to allow for a check on bank account balances through Messenger.
“We would like to provide various services to our customers through account management and customer chats, which is common to all online commerce businesses”, says Spokeswoman for Facebook, Elisabeth Diana.
“This will allow for real-time updates through Facebook Messenger for details like account receipts, balances, and shipping updates”, she says. Diana further adds that such information will be used only for these purposes and not for other purposes like advertising or to misuse financial data.
“We already have account linking with Singapore’s Citi, PayPal and American Express in the US. It is easier to message with the bank rather than be on hold when you are on the phone”, says Diana.
Customers will definitely not be pleased with Facebook to gain access to their bank information. The Cambridge Analytica Scandal which happened just six months has brought to light various occasions when such personal data collected by Facebook was misused, as it found its way into malicious hands.
Data about users are very important and Facebook cannot deny charges against misuse of data collected by it. The very thought of banking data in the hands of Facebook is scary.
Facebook has the habit of acquiring personal data and misusing them. Though Facebook says that the financial data is to offer Messenger services, will users be willing to provide valuable and sensitive information to Facebook?
Data safety that has been one of the important services provided by the bank will be at terrible risk at the hands of Facebook, especially as the data is about the financial information of clients.
Wells Fargo has given its answer “We give importance to maintain the privacy of information regarding our customers”.