Facebook Not Banking on Financial RecordsThe social media giant denies trying to procure users’ financial data.

[Collection]Facebook is not snooping around its users banking records — at least for now. On Monday, the Internet was awash with stories that Facebook, which has been under fire for its data privacy and handling of security, is trying to partner with banks to access consumers’ financial data. But don’t buy it, the social media giant said. “A recent Wall Street Journal story implies incorrectly that we are actively asking financial services companies for financial transaction data — this is not true,” Facebook said in prepared remarks provided to WWD. “Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management.” The tech company reportedly courted institutions such as J.P. Morgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and U.S. Bancorp over the last year. J.P. Morgan neither confirmed nor denied the report. Instead, Trish Wexler, J.P. Morgan’s chief communications officer, referred requests for comment back to a previous statement that the bank is not “sharing our customers’ off-platform transaction data with these platforms, and have had to say no to some things as a result.” Facebook has been in the hot seat lately because of revelations that Cambridge

Follow WWD on Twitter or become a fan on Facebook.

Read More...https://wwd.com/business-news/technology/facebook-privacy-banking-financial-user-data-1202770391/