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InternetJeff
I'm your huckleberry.
join:2001-09-25
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InternetJeff

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Facebook Asked Banks to "Share" Data on Their Customers

Anyone still using Facebook? Why are you doing that?

Why would you use a "service" that selectively manipulates content submissions and spies on your financial transactions?
quote:
Facebook Inc.has asked big U.S. banks to share financial information on their customers that includes checking account balances and card transactions

»www.marketwatch.com/stor ··· 18-08-06

People who continue to be involved with Facebook are being used. The service shapes the narrative on it's site, mines your personal info, suppresses content it does not like, and now seeks your financial information.

Enjoy that.

StuartMW
Premium Member
join:2000-08-06

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StuartMW

Premium Member

"All that lovely data(tm)"

(tm): HELLFIRE See Profile

dandelion
MVM
join:2003-04-29
Germantown, TN

dandelion to InternetJeff

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to InternetJeff
I use it because my children post their pictures there but rarely put any information on it including not my pictures...
InternetJeff
I'm your huckleberry.
join:2001-09-25
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6 recommendations

InternetJeff

Member

said by dandelion:

I use it because my children post their pictures there but rarely put any information on it including not my pictures...

Facebook uses data from people's "friends" and connections to create a back-end profile on you, regardless of what you post. They use analytics of your "friends" interests, what they post, groups they belong to, and other info to characterize you and infer your mutual personal interests. This is evident from the targeted ads they serve to you, stories and groups presented that "you may like", and people "you may know". It's a sophisticated operation.

StuartMW
Premium Member
join:2000-08-06

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StuartMW

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quote:
The only winning move is not to play.
--WOPR, Wargames (1983)
StuartMW

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StuartMW to InternetJeff

Premium Member

to InternetJeff
From one commenter at the article.
quote:
Facebook and Wells Fargo. A team you can trust.
LOL

dandelion
MVM
join:2003-04-29
Germantown, TN

dandelion to InternetJeff

MVM

to InternetJeff
I use FB Purity along with my regular security so don't see a lot of that but I imagine some do.
dave
Premium Member
join:2000-05-04
not in ohio

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dave to InternetJeff

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to InternetJeff
I think it's perfectly ok for Facebook to ask for anything they want. Merely asking is not a problem.

Where I'll be outraged is if (or more like when) any bank says "yes".
InternetJeff
I'm your huckleberry.
join:2001-09-25
.

6 recommendations

InternetJeff

Member

said by dave:

I think it's perfectly ok for Facebook to ask for anything they want. Merely asking is not a problem.

Often times with social media and online services, the "asking" is buried in an opt-out setting somewhere on site which is pre defaulted to opt-in.

camper
just visiting this planet
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join:2010-03-21
Bethel, CT

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camper to InternetJeff

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to InternetJeff
said by InternetJeff:

share financial information

 

»www.reuters.com/article/ ··· BN1KR0SH

...The financial information asked from the banks include card transactions and checking account balances...

StuartMW
Premium Member
join:2000-08-06

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StuartMW

Premium Member

And from the OP link
quote:
...as it seeks to expand its own service offer and stem slowing growth...
I wonder if that includes becoming a bank itself?

. o O (Facebank--"We have all your PII and money")
Frodo
join:2006-05-05

Frodo to InternetJeff

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to InternetJeff
I think the problem would be with the particular bank, instead of Facebook, if the bank's customer didn't first opt in.
InternetJeff
I'm your huckleberry.
join:2001-09-25
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2 recommendations

InternetJeff

Member

said by Frodo:

I think the problem would be with the particular bank, instead of Facebook, if the bank's customer didn't first opt in.

Maybe. But I will never give a social media service access to my financial activity.
HELLFIRE
MVM
join:2009-11-25

3 recommendations

HELLFIRE to InternetJeff

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to InternetJeff
On the topic of "how much do you trust Facebook," would you trust em if they did an OSS TLS1.3 library?

For the case of banking and TLS, Facebook can go to hell, far as I'm concerned...

My Cynical 00000010bits

Regards

camper
just visiting this planet
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camper to Frodo

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to Frodo
said by Frodo:

if the bank's customer didn't first opt in.

 

Banks have to send you a privacy notice each year and give you the opportunity to opt out of some (but not all) of the data sharing. I've tried to go through the opt out procedure for one of my banks. The URL given resulted in a 404.

TamaraB
Question The Current Paradigm
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TamaraB to dave

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to dave
said by dave:

I think it's perfectly ok for Facebook to ask for anything they want. Merely asking is not a problem.

What you ask for reveals loads about your character and motives. Asking someone for a blowjob says a lot about you, even if they don't give you one.
dave
Premium Member
join:2000-05-04
not in ohio

dave

Premium Member

True, but I suspect most of here are already informed about Facebook's character and motives.

StuartMW
Premium Member
join:2000-08-06

StuartMW

Premium Member

said by dave:

I suspect most of here are already informed about Facebook's lack of character and questionable motives.

FIFY.
dave
Premium Member
join:2000-05-04
not in ohio

dave

Premium Member

I omitted the word "us".

(Thanks)

TamaraB
Question The Current Paradigm
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TamaraB to dave

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to dave
said by dave:

True, but I suspect most of us here are already informed about Facebook's character and motives.

I would question whether "most of us here are already informed". I suspect "most of us" here are Facebook account holders, if not active users. It seems there's a lot of cognitive dissonance happening with "most of us". I don't see a lot of Facebook shedding in the circles I frequent, and family and friends, Nor in places like here.

StuartMW
Premium Member
join:2000-08-06

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StuartMW

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said by TamaraB:

I suspect "most of us" here are Facebook account holders, if not active users.

That may be true but it's not like regular readers could be totally ignorant of Facebook's antics.

If anything there's willful ignorance.

. o O ("I want my MTV Facebook")
InternetJeff
I'm your huckleberry.
join:2001-09-25
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InternetJeff to TamaraB

Member

to TamaraB
said by TamaraB:

I suspect "most of us" here are Facebook account holders, if not active users.

An assumption.

chrisretusn
Retired
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join:2007-08-13
Philippines

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chrisretusn to InternetJeff

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to InternetJeff
quote:
Citing people familiar with the matter
Always love this part of any article. Of course the original article is behind a paywall. All the other articles I found are parrots of the original article.

I found this article that seems to tell the real story, without much of the fear mongering.
»techcrunch.com/2018/08/0 ··· banking/
InternetJeff
I'm your huckleberry.
join:2001-09-25
.

InternetJeff

Member

said by chrisretusn:

I found this article that seems to tell the real story, without much of the fear mongering.
»techcrunch.com/2018/08/0 ··· banking/

That "article" comes across pretty apologetic, but I'm not surprised. That "tech" site is obviously going to be soft on a social media giant in the tech industry. Bread, buttered.

I'll take a real fianancial reporting outlet any day, who is reporting from arm's length on an issue, about a powerful entity who's goal is to worm its way into everyone's privacy, "shape" news and public opinion via the device in everyone's pocket, and silence voices and views that are not in line with its agenda. The expansion into people's financial data is just a natural extension.

camper
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camper

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The other aspect of this is that I view anything Facebook says nowadays about privacy with a large grain of salt.

It seems Facebook has a history of caring about privacy only after they have been caught violating it.

Which leads me to wonder, is Facebook apologetic about violating privacy or getting caught for violating privacy?

StuartMW
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StuartMW

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said by camper:

The other aspect of this is that I view anything Facebook says nowadays about privacy anything with a large grain of salt.

FIFY
InternetJeff
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join:2001-09-25
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InternetJeff to camper

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to camper
said by camper:

Which leads me to wonder, is Facebook apologetic about violating privacy or getting caught for violating privacy?

The entire strategy is already mapped out. The PR departments of social media already have their messaging devised and ready to deploy. These people are not fools or idiots. And they have a plan. A plan to expand the personal data harvesting in support of exploiting same for ever increasing revenue goals. And power.

All you have to do is look at the business model. If something is free, you are the product, not the customer. The Social Media Industrial Complex creates nothing. It merely exploits people's information in a parasitic manner to leverage information into revenue and power. And with power and influence you can control attitudes and opinions. That is the real prize.

And we should, at this point, expect various defenders, so-called "tech" blogs, and web sites with a stake in the process to come out on the side of the Complex. It is to be expected.


Davesnothere
Change is NOT Necessarily Progress
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to camper
said by camper:

 

The other aspect of this is that I view anything Facebook says nowadays about privacy with a large grain of salt.

It seems Facebook has a history of caring about privacy only after they have been caught violating it.

Which leads me to wonder, is Facebook apologetic about violating privacy or getting caught for violating privacy?


First of all, a grain of salt which is THAT large is not called a 'grain'.

Try 'sack' on for size, I'd say.

And yes, only sorry THAT they got caught.

The rest is FN lip service.
Davesnothere

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to StuartMW
said by StuartMW:

said by camper:

The other aspect of this is that I view anything Facebook says nowadays about privacy anything with a large grain of salt.

FIFY


YOU only fixed it because I didn't see it first.

Mercurybird
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Hooks, TX

Mercurybird to InternetJeff

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Those here who read Breitbart.com daily know full well what "The Masters of the Universe" are about. Those who don't... well, not so much. I'm not on FB, but my wife and adult children are. I can tell you that my wife's account is as locked down as FB has designed it to be. Is she still at risk from FB? Maybe. But you go about your business anyway, every day. Paranoia is too damaging. And living off the grid? Who wants to do that?!