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Facebook asks big banks to share customer details

AFP  |  New York 

has asked to share customer data to allow it to develop new services on the social network's texting platform, a source told AFP today.

had discussions with Chase, JPMorgan, Citibank, and several months ago, said the source, who asked to remain anonymous.

The Silicon Valley-based also contacted US Bancorp, according to the Wall Street Journal, which first reported the

Facebook, which has come under intense criticism for sharing user data with many app developers, was interested in information including card transactions, checking account balances, and where purchases were made, according to the source.

A denied the had asked financial institutions for transaction data, according to a statement given to CNBC. Facebook and did not immediately respond to AFP's requests for comment, while declined to address the

The goal was to create new ways for to be woven into, and facilitate, interactions between banks and customers, according to the reports. The texting service boasts 1.3 billion users.

directed AFP to a statement given to saying, "We don't share our customers' off-platform transaction data with these platforms and have had to say 'No' to some things as a result."

Facebook has been maneuvering to make money from by making it a preferred way for businesses and customers to tend to purchases, delivery confirmation, complaints and more.

But word Facebook is fishing for financial information comes amid concerns it has not vigilantly guarded private information.

Facebook acknowledged last month that it was facing multiple inquiries from US and British regulators about a scandal involving the British consultancy Cambridge Analytica.

In Facebook's worst ever public relations disaster, it admitted that up to 87 million users may have had their data hijacked by Cambridge Analytica, which was working for US Donald Trump's 2016 election campaign.

Facebook said in May he was rolling out privacy controls demanded by European regulators to Facebook users worldwide because "everyone cares about privacy." The is now looking at cooler growth following a years-long breakneck pace.

Shares in Facebook plummeted last week, wiping out some $100 billion, after the firm missed quarterly revenue forecasts and warned growth would be far weaker than previously estimated.

Shares in the social network have regain some ground, and were trading up 3.6 percent to USD 184.24 in mid-day trading on Monday.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, August 07 2018. 00:05 IST
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