Facebook denies seeking users' bank data

Mark Zuckerberg Co Founder and CEO of Facebook returns from a break to answer the last of the Member's questions as he testifies before a meeting of the United States House Committee on Energy and Commerce during a hearing on

Facebook confirmed the effort in a statement to AFP, but said it was not asking for transaction data.

Facebook said the data would not be shared with marketers or used for ad-targeting purposes, and no major US financial institutions have announced that they're interested in a joint arrangement.

According to Gebhart, more user information centralized on one single platform also makes information more "vulnerable to unauthorized sharing or leaking" and can make "users easier to manipulate".

Facebook has promised that it will not use the bank data for any ad-targeting purposes or in communications with third parties. Some users may be wary of sharing especially sensitive financial details. That app now boasts 1.3 billion users and serves as the company's commerce center. It already allows money transfer between friends and e-commerce transactions with businesses through Messenger. "We also do not have special relationships, partnerships, or contracts with banks or credit-card companies to use their customers' purchase data for ads". President David Marcus to run its Messenger platform.

"Like many online companies, we routinely talk to financial institutions about how we can improve people's commerce experiences, like enabling better customer service", Facebook spokesperson Elisabeth Diana told the Wall Street Journal.

Saudi Arabia expels Canadian ambassador, freezes business
Saudi Arabia is also halting all new investment and trade transactions with Canada, the Saudi Press Agency statement added. It isn't immediately clear what new business could be affected between the two countries.

"Maintaining the privacy of customer data is of paramount importance to Wells Fargo".

The primary concern among many banks and individual customers with regards to Facebook's latest attempts at expansion is data privacy. "The privacy and protection of our customers' personal information and data is our highest priority", he added.

The banks' primary concern with this partnership is, unsurprisingly, about data privacy.

Though its stock bumped on news it was seeking big banking partnerships, Facebook pushed back on the Journal's report with what Slate reported was inconsequential counterpoints meant to reassure users about what the objective of the initiative is. For now at least, users have to opt-in to link it to their bank account - a partnership with banks might link users directly to their banks (no word on whether Messenger users would need to opt-in to the service).

A spokeswoman for Citigroup said the company recognizes its customers are increasingly spending more time on social media and it wants to be where consumers are. The goal: to build more services over Facebook Messenger.

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