Orwell is here, Mr. Burton

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Skoll
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Location: West Palm

Orwell is here, Mr. Burton

Post by Skoll » Tue Aug 07, 2018 11:04 am

https://www.wsj.com/articles/facebook-t ... 9?mod=e2tw
Facebook Inc. FB -0.22% wants your financial data.

The social-media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking-account balances, as part of an effort to offer new services to users.

Facebook increasingly wants to be a platform where people buy and sell goods and services, besides connecting with friends. The company over the past year asked JPMorgan Chase JPM 0.90% & Co., Wells Fargo WFC 0.11% & Co., Citigroup Inc. C 0.64% and U.S. Bancorp USB 0.75% to discuss potential offerings it could host for bank customers on Facebook Messenger, said people familiar with the matter.

Facebook has talked about a feature that would show its users their checking-account balances, the people said. It has also pitched fraud alerts, some of the people said.

Data privacy is a sticking point in the banks’ conversations with Facebook, according to people familiar with the matter. The talks are taking place as Facebook faces several investigations over its ties to political analytics firm Cambridge Analytica, which accessed data on as many as 87 million Facebook users without their consent.

One large U.S. bank pulled away from talks due to privacy concerns, some of the people said.

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's current data crisis involving Cambridge Analytica has angered users and prompted government investigations. To understand what's happening now, you have to look back at Facebook's old policies from 2007 to 2014. WSJ's Shelby Holliday explains. Illustration: Laura Kammerman
Facebook shares climbed sharply on the news, up 3.5% around midday, marking the biggest gain since last month’s historic drop.

Banks face pressure to build relationships with big online platforms, which reach billions of users and drive a growing share of commerce. They also are trying to reach more users digitally. Many struggle to gain traction in mobile payments.

Yet banks are hesitant to hand too much control to third-party platforms such as Facebook. They prefer to keep customers on their own websites and apps.

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, the people said. Messenger has some 1.3 billion monthly active users, Chief Operating Officer Sheryl Sandberg said on the company’s second-quarter earnings call last month.

Alphabet Inc.’s Google and Amazon.com Inc. also have asked banks to share data if they join with them, in order to provide basic banking services on applications such as Google Assistant and Alexa, according to people familiar with the conversations.

“Like many online companies, we routinely talk to financial institutions about how we can improve people’s commerce experiences, like enabling better customer service,” Ms. Diana said. “An essential part of these efforts is keeping people’s information safe and secure.”

Facebook has taken a harder public line on privacy since the Cambridge Analytica uproar. A product privacy team has announced new features such as “clear history,” which would allow users to prevent the service from collecting their off-Facebook browsing details. It also is making efforts to alert users to its privacy settings.

That hasn’t assuaged concerns about Facebook’s privacy practices. Bank executives are worried about the breadth of information being sought, even if it means not being available on certain platforms that their customers use. Bank customers would need to opt-in to the proposed Facebook services, the company said in a statement Monday.

JPMorgan isn’t “sharing our customers’ off-platform transaction data with these platforms, and have had to say no to some things as a result,” said spokeswoman Trish Wexler.

Banks view mobile commerce as one of their biggest opportunities, but are still running behind technology firms such as PayPal Holdings Inc. PYPL 0.63% and Square Inc. Customers have moved slowly, too; many Americans still prefer using their cards, along with cash and checks.

In an effort to compete with PayPal’s Venmo, a group of large banks last year connected their smartphone apps to money-transfer network Zelle. Results are mixed so far: While usage has risen, many banks still aren’t on the platform.

In recent years, Facebook has tried to transform Messenger into a hub for customer service and commerce, in keeping with a broader trend among mobile messaging services.

A partnership with American Express Co. AXP 1.64% allows Facebook users to contact the card company’s representatives. Last year, Facebook struck a deal with PayPal that allows users to send money through Messenger. Mastercard Inc. MA 0.42% cardholders can place online orders with certain merchants through Messenger using the card company’s Masterpass digital wallet. (A Mastercard spokesman said Facebook doesn’t see card information.)

Reading shit like this makes me glad I use a fake name and a throwaway email for ALL social media. Today it's your banking information, tomorrow it's your biometric data.
"The essential American soul is hard, isolate, stoic, and a killer. It has never yet melted.”

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jjk308
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Location: Oldsmar FL

Post by jjk308 » Tue Aug 07, 2018 11:22 am

I ignore those "Sign in with Social media" requests from businesses and refuse to buy ANYTHING advertised on Facebook. In fact the only thing I use it for is to keep in touch with family and friends and send messages. No posting cute BS, cat videos, or any other garbage.

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Skoll
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Joined: Wed Jul 18, 2018 2:39 pm
Location: West Palm

Post by Skoll » Tue Aug 07, 2018 11:31 am

jjk308 wrote:
Tue Aug 07, 2018 11:22 am
I ignore those "Sign in with Social media" requests from businesses and refuse to buy ANYTHING advertised on Facebook. In fact the only thing I use it for is to keep in touch with family and friends and send messages. No posting cute BS, cat videos, or any other garbage.
I do that as well but I also run a good adblocker so I don't really see ads on Facebook. It sucks that I feel stuck into using the platform just to keep in touch with some high school friends.
"The essential American soul is hard, isolate, stoic, and a killer. It has never yet melted.”

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tector
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Location: Broward/Sunrise

Post by tector » Tue Aug 07, 2018 11:47 am

I don't use my real name on any social media. I rejected the basic premise of social media from Day One, thankfully. If anybody from my past needs to find me, I am easily found otherwise. And in 99% of the cases, I probably don't want to talk them anyway (or I already would be doing so).

S&W collector
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Location: Orlando area

Post by S&W collector » Tue Aug 07, 2018 11:59 am

tector wrote:
Tue Aug 07, 2018 11:47 am
I don't use my real name on any social media. I rejected the basic premise of social media from Day One, thankfully. If anybody from my past needs to find me, I am easily found otherwise. And in 99% of the cases, I probably don't want to talk them anyway (or I already would be doing so).
This^^

Keith
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Joined: Thu Jul 19, 2018 12:39 pm
Location: North Pasco

Post by Keith » Tue Aug 07, 2018 12:35 pm

tector wrote:
Tue Aug 07, 2018 11:47 am
I don't use my real name on any social media. I rejected the basic premise of social media from Day One, thankfully. If anybody from my past needs to find me, I am easily found otherwise. And in 99% of the cases, I probably don't want to talk them anyway (or I already would be doing so).
Yeah me too. Never use my real name.

Iosef
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Joined: Sat Jul 21, 2018 8:42 pm

Post by Iosef » Tue Aug 07, 2018 9:32 pm

Skoll wrote:
Tue Aug 07, 2018 11:31 am
...It sucks that I feel stuck into using the platform just to keep in touch with some high school friends.
Since I don't have any friends, FSN is as close as I get to social media :-)

milsurp
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Location: Tampa area

Post by milsurp » Wed Aug 08, 2018 5:55 am

tector wrote:
Tue Aug 07, 2018 11:47 am
I don't use my real name on any social media. I rejected the basic premise of social media from Day One, thankfully. If anybody from my past needs to find me, I am easily found otherwise. And in 99% of the cases, I probably don't want to talk them anyway (or I already would be doing so).
These are my thoughts exactly. Never had and don't need it.

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rentprop1
Posts: 110
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Location: West Central FL
Contact:

Post by rentprop1 » Wed Aug 08, 2018 11:00 am

Keith wrote:
Tue Aug 07, 2018 12:35 pm
tector wrote:
Tue Aug 07, 2018 11:47 am
I don't use my real name on any social media. I rejected the basic premise of social media from Day One, thankfully. If anybody from my past needs to find me, I am easily found otherwise. And in 99% of the cases, I probably don't want to talk them anyway (or I already would be doing so).
Yeah me too. Never use my real name.
don't worry, no one will even figure out your real name is Alousious Hershel Palowatski :mrgreen:

Keith
Posts: 46
Joined: Thu Jul 19, 2018 12:39 pm
Location: North Pasco

Post by Keith » Wed Aug 08, 2018 11:07 am

rentprop1 wrote:
Wed Aug 08, 2018 11:00 am
Keith wrote:
Tue Aug 07, 2018 12:35 pm
tector wrote:
Tue Aug 07, 2018 11:47 am
I don't use my real name on any social media. I rejected the basic premise of social media from Day One, thankfully. If anybody from my past needs to find me, I am easily found otherwise. And in 99% of the cases, I probably don't want to talk them anyway (or I already would be doing so).
Yeah me too. Never use my real name.
don't worry, no one will even figure out your real name is Alousious Hershel Palowatski :mrgreen:
You have ruined my anonymity!

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