• Facebook has been talking to banks about putting financial data into Messenger, and people are freaking out

    4 monthes ago - By Business Insider

    Facebook wants banks to give it users' financial data so it can integrate it into its platform.
    According to the Wall Street Journal, Facebook has been talking to some big US banks about partnerships.
    The news sent Facebook's stock popping as high as 3%.
    But critics have attacked the California tech company over the news, arguing it is collecting too much data and getting too much power.
    Facebook has been in talks with banks about accessing users' financial data and integrating it into its platform, according to a new report from The Wall Street Journal on Monday .
    The report has sparked...
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  • Facebook's Plan to Partner With Banks Raises Privacy Concerns

    Facebook's Plan to Partner With Banks Raises Privacy Concerns

    4 monthes ago - By Fortune

    Facebook has asked big banks to share their customers' detailed financial records with it in an effort to offer new financial and commerce services through Facebook Messenger, the Wall Street Journal reports .
    The social media network wants access to card transactions and checking account balances along with information about where its users shop, the report said, citing people familiar with the matter.
    By helping friends and family do more than chat online, Facebook hopes to increase the amount of time that users spend with its Messenger app. Banks would get access to Facebook user...
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  • Cohn slams Facebook: 'Banks were more responsible citizens in '08 than some of the social media companies are today'

    4 monthes ago - By CNBC

    Big banks and the financial sector are frequently blamed for exacerbating - if not sparking - the financial crisis 10 years ago.
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  • Facebook taps banks, but for chatbots not purchase data like Google

    Facebook taps banks, but for chatbots not purchase data like Google

    4 monthes ago - By Tech Crunch

    Backlash swelled this morning after Facebook's aspirations in financial services were blown out of proportion by a Wall Street Journal report that neglected how the social network already works with banks. Facebook spokesperson Elisabeth Diana tells TechCrunch it's not asking for credit card transaction data from banks and it's not interested in building a dedicated banking feature where you could interact with your accounts. It also says its work with banks isn't to gather data to power ad targeting, or even personalize content such as what Marketplace products you see based on what you...
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  • Facebook open sources library to enhance latest Transport Layer Security protocol

    Facebook open sources library to enhance latest Transport Layer Security protocol

    4 monthes ago - By Tech Crunch

    For several years, the Internet Engineering Task Force has been working to improve the Transport Layer Security protocol, which is designed to help developers protect data as it moves around the internet. Facebook created an API library called Fizz to enhance the latest version, TLS 1.3, on Facebook's networks. Today, it announced it's open sourcing Fizz and placing it on GitHub for anyone to access and use.
    Facebook is currently running more than 50 percent of its traffic through TLS 1.3 and Fizz, which they believe is the largest implementation of TLS 1.3 to date.
    All of this is...
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  • Facebook wanted big U.S. banks to hand over your data

    4 monthes ago - By Fast Company

    The social network wanted to partner with big banks in an attempt vacuum up even more personal data.
    Facebook has been trying for a long time to make its Messenger app a hub for commercial activity. It's latest effort? To try and convince banks to offer services inside Messenger, according to a new report. Facebook pursued partnerships with major American banks-including Citigroup, Wells Fargo, J.P. Morgan Chase, and U.S. Bank-that would net it access to “detailed financial information about their customers, including card transactions and checking account balances,” writes The Wall Street...
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  • Facebook climbs after reportedly asking banks for data to help build out financial products

    Facebook climbs after reportedly asking banks for data to help build out financial products

    4 monthes ago - By Business Insider

    Facebook has reportedly asked large banks for customer data to offer more financial services, The Wall Street Journal reported Monday.
    Shares of Facebook spiked more than 2%. Facebook's request could help it increase user engagement after its disastrous earnings report last week .
    Follow Facebook's stock price in real-time here.
    Facebook has reached out to several major Wall Street banks for customer financial data including credit card transactions and checking account balances, The Wall Street Journal reported Monday.
    Shares of Facebook surged nearly 3% following the report.
    The social...
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