Facebook is in talks with large banks to get bank customers data including the transaction history and bank balance. If you think you know yourself better than the credit card companies know you, you are mistaken. Collecting and storing an individual’s banking records on the servers of social networks like Facebook is unthinkable. You must delete your Facebook now.
Banks and Credit Card companies encourage customers to swipe cards in order to avoid fees, earn points and rewards. They aren’t doing that for no reason. Massive amount of data is collected and then sold to various companies so at a trend could be derived. Credit Card companies know where you are, what you do, how much you make, what you eat, what you drink, where you visit and every other details of your life. Imagine you have that data on Facebook!
As part of the proposed deals, Facebook asked banks for information about where its users are shopping with their debit and credit cards outside of purchases they make using Facebook Messenger – WSJ
While this news surfaces, it is fair to assume that some smaller banks have already completed a test case with Facebook. Usually large technology companies conduct a series a tests with smaller firms before they roll our a new feature.
Facebook doesn’t face the same burden of accountability towards its customers like the banks to. While this would be just a partnership and a product feature for Facebook, for Banks its their reputation, customer trusts and the overall relationship at stake. It’s a deal where the banks will lose. Banks must stay from a disastrous deal like this.
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