Facebook turns to banks to get their customers data

Whether Facebook asked banks for customer's financial information has been the talk in the cyber security community this week.

The Wall Street Journal reported that Facebook has been asking major banks to “share detailed financial information about their customers, including card transactions and checking account balances, as part of an effort to offer new services to users.”

Currently, most of Facebook's revenue is based on ad generation, also partnerships and integrations with other companies and services...even banks.

Houston cybersecurity expert, SCIS Security Chief Information Security officer Dennis Chow said he hopes banks turn these types of transactions down.

“Ultimately, everyone’s getting into some form of AI, whether you’re a professional service company or social media platform, they’re collecting all your data and they’re going to do something with it. At least, with this model they’re utilizing ad revenue at some point,” said Chow.

Facebook claims it's not using data—even from banks—for targeted ad revenue purposes to deliver better customer experiences.

Chow said data that Facebook collects could be for other projects to improve their own platform. Remember, it is a for-profit institution.

“Carefully watch how Facebook is turning itself from just a pure social media platform to something a little bit greater,” said Chow.

He said always be wary of what you're actually signing up for. Use ad blockers and cookie blockers when possible and don't offer up any additional information that you don't want made public.

Two banking laws: Gramm-Leach-Bliley Act (GLBA) and the General Data Protection Regulation (GDPR)-help protect consumers from the use of personal data by corporate entities.

Chow suggested when you have cybersecurity issues write your congressman, as well as the Electronic Frontier Foundation.

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