How do you feel about your bank giving your financial detail to Facebook?

Yesterday, we asked how you felt about ancestry sites selling your DNA data to drug companies.

See How do you feel about 23&Me selling your DNA to drug companies?

Today, let’s go a step further.

The WSJ was the first to report that Facebook has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking-account balances


Think about that for a minute…


Among the banks solicited were JPMorgan Chase ,  Wells Fargo, Citigroup and   U.S. Bancorp.

Reportedly, “one of the banks pulled away from talks due to privacy concerns”.

Does that mean that the others think it’s a good idea?

I was relatively relaxed when Facebook was outted for peddling users’ “private” information.

Since I’m not a Facebook user, the breach didn’t impact me … and, the users apparently don’t give a hoot about privacy.

But, hijacking my bank and credit card info is going way, way to far.

Of course, Facebook positions the data grab as a innocent way to “deepen user engagement”.

Yeah, right.

Even if the intention is virtuous, remember Equifax?

In 2017, Equifax – one of the 3 big credit reporting agencies was hacked – and 143 million folks had their financial information compromised.

Given the Facebook’s history, it’s hard to believe that they won’t sell the data or leave the barndoor open.

Here’s what I know: if my bank starts feeding my financial data to FB, then I’ll be changing banks before you can bat an eye.


Grand irony: Facebook stock moved UP a bit when the WSJ story hit.

Follow on Twitter @KenHoma

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