Finances and Facebook

by | Aug 9, 2018

Finances and FacebookFacebook wants to get a little more friendly, with your financial information.

Fresh from seeing its CEO testify on Capitol Hill about a massive data leak, Facebook is now pushing to gain access to its users’ bank balances and recent credit card transactions.

Facebook is proposing a data-sharing partnership with banks and credit card companies that would allow users to access their personal account information in facebook messenger. This would be an alternative to speaking with customer service representatives or automated machines when you call your bank with a problem.

So far no major U.S. financial institutions have expressed interest but facebook says some smaller banks and credit card companies are sniffing around. And given its recent history, Facebook says the information won’t be used for anything else, including advertising. It says user financial information will be kept safe and secure.

But a lot of people aren’t buying. Critics say they never expected information like their name and address to be shared but it was. They say at this point you have to think twice about giving the company your phone number.

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Brian Banmiller

About Brian

CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.

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