Tuesday, 07 August 2018 08:54

Facebook seeks access to bank data of Americans: report Featured

By
Facebook seeks access to bank data of Americans: report Pixabay

Undeterred by its recent travails, social media giant Facebook has started asking large American banks to share detailed information about their customers in order that it can offer new services to its two billion-plus users.

The Wall Street Journal reported that among the information sought were credit and debit car transactions and account balances for those who held cheque accounts.

Facebook had approached JP Morgan, Chase, Wells Fargo, Citigroup and US Bancorp to talk about offerings it host for bank customers on Facebook Messenger, the WSJ said, citing people familiar with the matter.

The initiative comes as part of recent moves by Facebook to improve its earnings. The company has made moves to try and monetise WhatsApp increasing the functionality of the WhatsApp Business app that it has been testing for a few months, allowing companies to send messages to customers through the app.

Facebook was embroiled in a damaging data leak scandal this year, when it was revealed that data analytics firm Cambridge Analytica had obtained data about 87 million Americans from Facebook which it used to target voters in the 2016 US presidential election. Investigations into the data leak are ongoing.

The company lost about US$120 billion of its value on 26 July after it announced what was its slowest growth of users and warned that revenue would fall for the remainder of the year. Founder Mark Zuckerberg's personal fortune fell by almost US$16 billion.

The announcement was made at an earnings call for its second-quarter results. Facebook had revenue of US$13.23 billion, compared to US$9.32 billion during the corresponding quarter in the previous year. Net income for the quarter was US$5.1 billion, compared to US$3.89 billion in Q2 of 2017.

In talks with the American banks, Facebook had suggested a feature that would show its users their account balances and also one that provide fraud alerts.

Facebook told the WSJ that it would not use data from the banks for targeting advertising or share it with third parties.

“We don’t use purchase data from banks or credit card companies for ads,” spokeswoman Elisabeth Diana said. “We also don’t have special relationships, partnerships, or contracts with banks or credit-card companies to use their customers’ purchase data for ads.”


Subscribe to ITWIRE UPDATE Newsletter here

Now’s the Time for 400G Migration

The optical fibre community is anxiously awaiting the benefits that 400G capacity per wavelength will bring to existing and future fibre optic networks.

Nearly every business wants to leverage the latest in digital offerings to remain competitive in their respective markets and to provide support for fast and ever-increasing demands for data capacity. 400G is the answer.

Initial challenges are associated with supporting such project and upgrades to fulfil the promise of higher-capacity transport.

The foundation of optical networking infrastructure includes coherent optical transceivers and digital signal processing (DSP), mux/demux, ROADM, and optical amplifiers, all of which must be able to support 400G capacity.

With today’s proprietary power-hungry and high cost transceivers and DSP, how is migration to 400G networks going to be a viable option?

PacketLight's next-generation standardised solutions may be the answer. Click below to read the full article.

CLICK HERE!

WEBINAR PROMOTION ON ITWIRE: It's all about webinars

These days our customers Advertising & Marketing campaigns are mainly focussed on webinars.

If you wish to promote a Webinar we recommend at least a 2 week campaign prior to your event.

The iTWire campaign will include extensive adverts on our News Site itwire.com and prominent Newsletter promotion https://www.itwire.com/itwire-update.html and Promotional News & Editorial.

This coupled with the new capabilities 5G brings opens up huge opportunities for both network operators and enterprise organisations.

We have a Webinar Business Booster Pack and other supportive programs.

We look forward to discussing your campaign goals with you.

MORE INFO HERE!

BACK TO HOME PAGE
Sam Varghese

website statistics

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

Share News tips for the iTWire Journalists? Your tip will be anonymous

WEBINARS ONLINE & ON-DEMAND

GUEST ARTICLES

VENDOR NEWS

Guest Opinion

Guest Interviews

Guest Reviews

Guest Research

Guest Research & Case Studies

Channel News

Comments