Facebook wants to "deepen user engagement" with Messenger, and to that end, it's been pitching America's giant banks on joint enterprises where Facebook will get to see all your financial info (especially info on where you're shopping and what you're buying) to help it suck you into using Messenger for longer.
In return, Facebook offered to let the banks do business through its platform, allowing Facebook users to transact business and manage their finance through Facebook Messenger.
However, it promised the banks that the financial data they turned over wouldn't be shared with third parties.
The news that Facebook might be able to access all this financial data resulted in a massive share-price surge, with shares up 3.5%, recovering much of the ground lost during Facebook's share-price bloodbath last month.
Facebook has told banks that the additional customer information could be used to offer services that might entice users to spend more time on Messenger, a person familiar with the discussions said. The company is trying to deepen user engagement: Investors shaved more than $120 billion from its market value in one day last month after it said its growth is starting to slow.
Facebook said it wouldn’t use the bank data for ad-targeting purposes or share it with third parties.
“We don’t use purchase data from banks or credit card companies for ads,” said spokeswoman Elisabeth Diana. “We also don’t have special relationships, partnerships, or contracts with banks or credit-card companies to use their customers’ purchase data for ads.”
Facebook to Banks: Give Us Your Data, We’ll Give You Our Users [Emily Glazer, Deepa Seetharaman and AnnaMaria Andriotis/WSJ]
Writer and data journalist Kevin Litman-Navarro subjected 150 privacy policies from leading online services to programmatic analysis for complexity (the Lexile test), and found them to be an incomprehensible mess second only to Kant's Critique of Pure Reason in their lack of clarity.
The Great State of Maine, having jettisoned its far-right lunatic "government" and replaced it with a responsive, progressive, evidence-based one, is now set to pass the nation's most stringent ISP privacy law, going further than both New York and California.
In 2012, Facebook settled an FTC privacy investigation by promising a host of privacy protections (that they never delivered on); now, the FTC is probing Facebook's noncompliance and they've demanded that the company let them look at Zuck's email, which prompted the company's legal team to have a look therein, and they really didn't like […]
So you cut the cord and got rid of cable? Join the steadily growing club. But while you’re out picking a streaming service, you might find one big blind spot: Local TV and sports, not to mention first-run programming from the big cable networks. Luckily, there’s a throwback way to get it for free: The […]
Even if you feel like AirPods are worth the price tag, you’ve got to admit there’s a certain anxiety that comes with using them. What if I lose them? What if they get wet in the rain? Or drenched in sweat? Or fall into the drink you dropped them into? Shiny tech is great, but […]
With the quick-fix appeal of video games and their own cell phones, it can be tough to keep kids focused on supposedly “educational” toys. And while it may seem counter-intuitive to fight tech with more tech, we’re all in when it comes to the Toybox 3D Printer. We’re not sure if anyone had envisioned a […]