topic Re: Facebook Asks Banks For Customer Data in Community Chat

Facebook Asks Banks For Customer Data

handygal2 — Tue, 07 Aug 2018 14:29:12 GMT

"Facebook to Banks: Give Us Your Data, We'll Give You Our Users"

Here's the link to this eye-opening article from today's Wall Street Journal. If l were on Facebook (which l'm glad I'm not), this would be enough to get me to close my FB account immediately.

https://www.wsj.com/articles/facebook-to-banks-give-us-your-data-well-give-you-our-users-1533564049?emailToken=7c341817a0a55cca59c53addc9c0ec8bNY8mPwZ6oQPqC1YNd5XqfyQ4C9LwXYgJZPSwYHmpN3tRjwzFd5ZkMiH4fgrfcXAYku3pL31Czurt32HDUrVXvTt8y8eMkem7rSGkHKl65q1IFWfEmQqj1Z7fXnVvGzXi&reflink=article_email_share

Re: Facebook Asks Banks For Customer Data

happycat — Tue, 07 Aug 2018 14:36:13 GMT

I'm not a member of Wall Street Journal, and I can't look at the link.

Would this be legal, for our banks to share our information on facebook?

I know when I worked for a local company, if we had a client whose check had bounced, I would call their bank and ask if said client had enough money to cover the check before we tried to run it through again, and the bank people would tell us yes or no.

But this is a lot different. I don't like it. Lord, between the mistakes that have been made at banks and the fraud that seems to run amock, in the banking industry, this just isn't a good idea at all. I will get a fake name and fake account, as I do like to look at my local news feed on there.

Re: Facebook Asks Banks For Customer Data

spent2much — Tue, 07 Aug 2018 14:38:39 GMT

You can view the information: https://www.google.com/search?source=hp&ei=eq1pW8jpLoS0ggfO1J2gAg&q=facebook+banks&oq=%22facebook+to+banks&gs_l=psy-ab.1.1.0i22i30k1l10.2168.5528.0.12438.19.18.0.0.0.0.92.1316.17.17.0....0...1c.1.64.psy-ab..2.17.1313.0..0j35i39k1j0i131k1j0i22i10i30k1.0.FlyPz1UilJU

Re: Facebook Asks Banks For Customer Data

chrystaltree — Tue, 07 Aug 2018 14:40:29 GMT

I don't click on links like that and I am 100% certain that there's some confusion here. FB isn't making such a request and no bank would ever respond to such a cokamamie request. It's ridiculous.

Re: Facebook Asks Banks For Customer Data

bathina — Tue, 07 Aug 2018 14:41:11 GMT

Banks have to disclose with whom they will share your info. They are mandated to give each customer a privacy notice. Read it- some banks share your info with marketing firms, affiliated businesses (like a mortgage or brokerage firm owned by the bank). You have to tell the bank you "opt out" of any potential info sharing.

Important to read and understand your disclosures.

Re: Facebook Asks Banks For Customer Data

handygal2 — Tue, 07 Aug 2018 14:41:56 GMT

@spent2much wrote:
You can view the information: https://www.google.com/search?source=hp&ei=eq1pW8jpLoS0ggfO1J2gAg&q=facebook+banks&oq=%22facebook+to+banks&gs_l=psy-ab.1.1.0i22i30k1l10.2168.5528.0.12438.19.18.0.0.0.0.92.1316.17.17.0....0...1c.1.64.psy-ab..2.17.1313.0..0j35i39k1j0i131k1j0i22i10i30k1.0.FlyPz1UilJU

@spent2much: Thanks.

Re: Facebook Asks Banks For Customer Data

handygal2 — Tue, 07 Aug 2018 14:47:00 GMT

Facebook is negotiating with banks, and none of this is a done deal yet. But just the idea of FB attempting to go in this direction makes me uneasy.

Re: Facebook Asks Banks For Customer Data

millieshops — Tue, 07 Aug 2018 14:49:39 GMT

@bathinaWise advice re those disclosures.

I opt out of pretty much everything companies say I can opt out of. So far, I've not found anything I wanted to opt back into and could not. They're happy to get us on our own timetables even though they'd rather bombard us all the time!

Re: Facebook Asks Banks For Customer Data

bridal_diva — Tue, 07 Aug 2018 14:51:24 GMT

I would drop facebook and any bank of mine that agrees to this union of information. We are tracked and threatened enough on every level by the lack of privacy.

I personally already resent that by looking at an item on the internet , it starts popping up on every page you look at.

Re: Facebook Asks Banks For Customer Data

Mj12 — Tue, 07 Aug 2018 14:55:26 GMT

I read the article, I don't think any bank has agreed. One large US-based bank dropped out of the talks right away due to privacy concerns.

Re: Facebook Asks Banks For Customer Data

handygal2 — Tue, 07 Aug 2018 15:03:16 GMT

@bathina wrote:
Banks have to disclose with whom they will share your info. They are mandated to give each customer a privacy notice. Read it- some banks share your info with marketing firms, affiliated businesses (like a mortgage or brokerage firm owned by the bank). You have to tell the bank you "opt out" of any potential info sharing.
Important to read and understand your disclosures.

@bathina: I would hope that those bank privacy notices re: information sharing-- which they're required to give to new customers, and then mail annually thereafter-- would also apply to FB. But it's too soon to know for sure.

If this ever does happen, it should be an OPT-IN service at FB.

Re: Facebook Asks Banks For Customer Data

bathina — Tue, 07 Aug 2018 15:02:44 GMT

@handygal2 wrote:
@bathina wrote:
Banks have to disclose with whom they will share your info. They are mandated to give each customer a privacy notice. Read it- some banks share your info with marketing firms, affiliated businesses (like a mortgage or brokerage firm owned by the bank). You have to tell the bank you "opt out" of any potential info sharing.
Important to read and understand your disclosures.
@bathina: I would hope that those bank privacy notices re: information sharing-- which they're required to give to new customers, and then mail annually thereafter-- would also apply to FB. But it's too soon to know for sure...

If banks agree to share info to FB, I'm thinking you would have to ask the bank specifically. Those privacy notices tell you if the bank shares your info, but not who they share with. And there's no chance of any legislation passing to force banks to disclose particulars. Yuck.

Re: Facebook Asks Banks For Customer Data

sunshine 919 — Tue, 07 Aug 2018 15:03:25 GMT

I deactivated my Facebook years ago.

Re: Facebook Asks Banks For Customer Data

millieshops — Tue, 07 Aug 2018 15:07:03 GMT

@handygal2There's conflicting info available - the devil may be in the details.

I just read the BBC from 10 hours after the WSJ article. That one says the shared info has to come from Facebook members opting IN on a messenger app. If that's true, that makes sense. but if members have to opt OUT, I hate that choice.

Once again, as @Bathina says, we absolutely have to know what our choices are.

I choose not to belong to FB, but if I did I definitely would not share my buying habits. BTW, I'm not even sure what they mean when they talk about buying habits, but I do think they are not asking for account numbers and/or amounts. That, at least, makes it less scary.

Re: Facebook Asks Banks For Customer Data

bathina — Tue, 07 Aug 2018 15:07:54 GMT

@sunshine 919 wrote:
I deactivated my Facebook years ago.

Many are following your lead.

Re: Facebook Asks Banks For Customer Data

wvumountiefan — Tue, 07 Aug 2018 15:19:10 GMT

I have never had a FB account and have never even been on FB. This just adds to the reasons why. 🤨😬

Re: Facebook Asks Banks For Customer Data

NicksmomESQ — Tue, 07 Aug 2018 15:32:52 GMT

It’s scary how nothing is private anymore. I’m very careful with what I put out there.The problem is that doesn’t matter.With all the computer hacks etc. all our private information has become public.Regardless of how hard we try we can no longer protect our privacy!! Facebook doesn’t even scratch the surface of how compromised we have all become.

Re: Facebook Asks Banks For Customer Data

Alison Wonderland — Tue, 07 Aug 2018 15:47:29 GMT

@chrystaltree wrote:
I don't click on links like that and I am 100% certain that there's some confusion here. FB isn't making such a request and no bank would ever respond to such a cokamamie request. It's ridiculous.

You're right. Facebook didn't ask for that kind of info. (That's been reported since the WSJ article came out.) Facebook and banks are working together to provide additional customer service platforms, like Facebook Messenger.

QVC also works with Facebook and Messenger. When I place an order on QVC, I get a message on Messenger that tells me my order has been received. I also get shipping notifications and notices about sales and TSVs. I can block them at any time, but I find them useful and I don't.

Facebook also works with PayPal in the same way. If I make a charge on PayPal, I get a notice on Messenger. If I have a subscription plan through PayPal (I subscribe to several newspapers, boxes, and Hulu via PayPal), I get a monthly notice when my payment has been withdrawn. It's a good way for me to keep track of them and means that if someone makes a charge I did NOT approve on my PayPal account, I'm going to get a notification and can immediately contact PayPal about fraud.

Re: Facebook Asks Banks For Customer Data

bathina — Tue, 07 Aug 2018 16:00:00 GMT

Thanks for the clarification @Alison Wonderland and @chrystaltree.

Re: Facebook Asks Banks For Customer Data

VaBelle35 — Tue, 07 Aug 2018 16:00:47 GMT

@millieshops wrote:
@handygal2There's conflicting info available - the devil may be in the details.
I just read the BBC from 10 hours after the WSJ article. That one says the shared info has to come from Facebook members opting IN on a messenger app. If that's true, that makes sense. but if members have to opt OUT, I hate that choice.

@Once again, as @bathina says, we absolutely have to know what our choices are.

I choose not to belong to FB, but if I did I definitely would not share my buying habits. BTW, I'm not even sure what they mean when they talk about buying habits, but I do think they are not asking for account numbers and/or amounts. That, at least, makes it less scary.

I assume this is similar to when you "Opt In" to receive Messenger notifications of your retail purchases and shipping updates. I opt out of all of those.