Facebook Wants More Data

Yikes, Facebook recently reached out to major banks including JPMorgan Chase, Wells Fargo, Citigroup Inc., and U.S. Bancorp to pitch “potential offerings it could host for bank customers on Facebook Messenger.” In exchange for potential features including fraud alerts and checking-account balance checks, Facebook is asking for some of its users’ most sensitive financial information, such as account balances and where they use debit and credit cards. Luckily some banks are reluctant, especially after the recent data breach by Facebook.

Not too long since the data breach by Facebook that found 87 million Facebook users around the world whose details were shared with Cambridge Analytica caused one of the largest data breaches. The majority of those whose information was shared, about 70 million, are in the US.

No wonder that Facebook lost millions of members during 2017 and estimates losses of more millions during 2018. Caveat Emptor!