Facebook has also suggested that it could perhaps integrate banks' fraud alerts or account balances into the app.
According to a new Wall Street Journal (WSJ) report, Facebook has asked us banks to share detailed information on their customers, including data on credit card transactions and checking account balances.
Facebook wants banks to share your financial data to expand Messenger, says report.
Wells Fargo declined to address the news.
Banks are keen to use Big Tech messaging services as a means to communicate with customers, but have baulked at the breadth of information sought by Facebook, states the report. An essential part of these efforts is keeping people's information safe and secure, ' Facebook said in a statement. These include offering a purchase option on Facebook Messenger, which is now used by 1.3 billion monthly active users to communicate with friends.
Facebook has been under fire for several scandals involving data privacy, starting with Cambridge Analytica. And those on Facebook have become more comfortable using their credit cards in the news feed because of a product that enables people to ask their friends to donate to charitable causes.
After all, if a financial institution shares data that is later exposed in a breach, the bank may share the blame in the eyes of regulators.
Shares of Menlo Park, California-based Facebook ended the day up 4.5 percent at $185.69.
A JPMorgan spokesperson said that the company is not sharing its customers' transaction details with these third parties.
"We're not using this information beyond enabling these (customer service) types of experiences", Facebook said in a statement.
In response to the Journal's reporting, critics of corporate power used the word "dystopian" to describe the push by Facebook, Google, and Amazon for ever-greater access to users' personal information in a bid to boost profits. However, Facebook received good marks for "offering detailed terms of service and end-user agreements that explain how they use consumers' data", Consumer Reports said.