Facebook denies claims of approaching banks for customers' financial data

Facebook has refuted claims that the company approached banks to access customers’ financial data to add new services to its Messenger platform. A report in WSJ claimed that Facebook had earlier asked US banks like JPMorgan Chase, Wells Fargo and Citigroup  to permit access to customer data such as credit card transactions and checking account balances to offer customer service on the Messenger. The report also said that the data is likely to be used for potential features, including fraud alerts and the ability to check balances within the mobile app.

However, Facebook has clearly stated that it is not asking for financial transactions’ data actively. "Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management. The idea is that messaging with a bank can be better than waiting on hold over the phone — and it's completely opt-in," Facebook said.

This report comes close on heels of the Cambridge Analytica episode.

With the unremitting spread of half-truths, Facebook has also suffered its biggest drop by losing $100 billion in its market value.