Facebook Asks U.S. Banks to Share Customers’ Financial Information: Report

Facebook has asked large U.S. banks to share financial information about their customers, including where users shop and their account balances, as part of an effort to expand its services and become a platform for buying and selling products. The social-media platform has also floated the idea of issuing fraud alerts and allowing users to check their account balances through Facebook Messenger, sources told The Wall Street Journal. Facebook has asked JPMorgan Chase, Wells Fargo, Citigroup, and U.S. Bancorp for information over the past year, the Journal reports. Facebook said it would not share data it receives with third parties or use it for advertising. Google and Amazon have also asked banks to share information so they can provide additional services, sources said. A spokesperson for JPMorgan said it is not “sharing our customers’ off-platform transaction data with these platforms, and have had to say no to some things as a result.” Facebook has come under fire in recent months for sharing user data.