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!