Facebook Wants Your Bank Account!!!

Posted on by under Social commentary

Facebook, the company that allowed Russia to obtain data on some 87 million users in order to target and manipulate voters for the 2016 election has hatched a new scheme.  You’re gonna love this one, folks!  Facebook is planning to expand its popular ‘Messenger’ program so that you can access your bank through Messenger and do such things as check your account balance, transfer money, pay bills, etc.

Let it sink in for just a minute …

The headline in the Wall Street Journal summed it up best:

Facebook to Banks: Give Us Your Data, We’ll Give You Our Users

You’ll remember that on July 26th, Facebook stock plummeted, losing approximately 20% of its value and costing the company $120 billion.  Well, seems they needed to come up with something new and innovative to get things rolling again, so here we are.  They are negotiating with a number of large financial institutions, including JP Morgan Chase, Wells Fargo & Co., Citigroup and U.S. Bancorp.

The social media network wants access to card transactions and checking account balances along with information about where its users shop. And what would the banks receive in return? Access to Facebook user’s information.  Wow … I don’t know about you, but I find that concept doubly frightening!  I use Facebook and use Messenger frequently … multiple times a day.  If this deal goes through, I will no longer use either!

Facebook-medicalConsidering that Facebook is still slogging through numerous lawsuits and trying to salvage their reputation as a result of the Cambridge Analytica, facing lawsuits in both the U.S. and UK, and is being investigated by a number of agencies, one might think they would ‘lay low’ and not stir further controversy, yes?  Remember the piece I wrote back in April, titled Facebook RX,  about their plans to link your medical records, such as age, prescriptions and number of hospital visits, to your Facebook user data?  That plan was shelved, for the same reasons I find this new one objectionable:  Facebook has proven more than once that they cannot guarantee the privacy of our data.

The Cambridge Analytica breach was not the first time that Facebook was in trouble over data misuse.  In 2011, Facebook settled with the Federal Trade Commission over charges that it didn’t keep its privacy promise to users by allowing private information to be made public without warning.  As a result, Facebook had to agree to undergo an independent privacy evaluation every other year for the next 20 years.

The new plan would give Facebook data such as where you shop, what you spend your money on, etc.  While Facebook claims they have no intention of using this information for targeted advertising or anything nefarious … then why would they even want the data?

eyesWe are already being tracked, as I wrote in my post, Big Brother IS Watching,  last August.  Our cell phones, if GPS is turned on, report our every movement.  Take a minute to go back and read that post again, if you will.  Since I wrote that piece, checked to see exactly how much Google knew about my activities, I have disabled my GPS and only turn it on when I travel into unfamiliar territory.

Technological advances have value, but only if used for the right purposes and confined to the right people.  In this day and age, particularly after the Cambridge Analytica breach, I find that my friend Herb’s motto: Trust No One, is quite apt.  At the very least, I do not trust Facebook.  While the intent may not be evil, I can imagine far too many scenarios where our personal and financial information gets into the wrong hands and we suffer the consequences.

My best advice to you is share nothing with Facebook.  I do not even have a profile on Facebook, beyond very basic information, and they absolutely will not be getting my banking information, nor credit card information!  And my bank will not be learning my Facebook password, either!

Facebook is struggling now, and they say their goal is to keep people on Messenger for longer periods of time, as they access their bank accounts there, rather than by phone or bank app.  They created their own situation, made their own bed, so to speak, and they will need to find ways to earn the confidence and trust of their users again.  Asking for our bank information and then asking our bank for our financial information is not the way to regain our trust!

Be ever vigilant, folks.  Guard your personal and financial information as if your life depended on it, for perhaps it does.  Bear in mind that your bank, Facebook, Twitter and even WordPress are not your friends, but are businesses, corporations, seeking to make money and in whatever way they can.

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44 thoughts on “Facebook Wants Your Bank Account!!!”

  1. Pingback: Facebook Wants Your Bank Account!!! — Filosofa’s Word – elunarcom

  2. Not surprised. They’re getting sketchier by the day… data leaks, censorship… a freelance writer just sent us this article for our blog about what they’re doing to screw over content creators.

    thethinkersright.com/2018/10/19/banned-part-two-a-freelance-writer-on-how-facebook-is-messing-with-the-industry-social-media-geoege-orwell-mark-zuckerberg-censorship/

    Thanks for sharing!

    Liked by 1 person

  5. Well that really is worrying. I am not a Facebook user. My husband does have a blank account linked to an empty email address, but that is it. We don’t follow anything. Mark Zuckerberg was quoted (in his early days) as calling Facebook followers ‘dumb f—s’ for trusting him with all their information.
    http://gawker.com/5636765/facebook-ceo-admits-to-calling-users-dumb-fucks

    I do have a smart phone. It is my only device that I use, but I do use some precaution. I use Firefox browser with add ons ‘https everywhere’ and ‘ublock origin’ to stop spy ware and adware. I also use the ‘duckduckgo’ search engine rather than Google so I am not tracked so much.

    I do have a twitter account with 800 followers, and use it only as a means to follow certain issues to do with veganism, animal welfare and environmental concerns. I suppose that casts me in a certain demographic there, but I never share anything personal there and only visit occasionally. Maybe I will delete it, or make it Private.

    I do have WhatsApp encrypted messaging (end to end encryption) but since WhatsApp is now owned by Facebook, that is not so reassuring.

    I try heartily not to use Skype or Microsoft in any form… That, according to an It friend is legalised spy ware. He also calls the operating system ‘Windwoes,’ for obvious reasons. He always blows it away on any new device and install Linux.

    As for GPS… mine is activated… BUT I shall think about that one.

    I have different email accounts for different things and keep activities on social media away from anything to do with family or other personal contacts.
    This gives me the option, if there happens to be a serious breach of data, to blow away the email account with the social media stuff instantly if need be.

    Since new privacy laws came into effect in Europe, my about page here on Word Press now has my privacy policy posted for followers. I also deleted the area where I showed who I followed, as I thought that violated privacy. I also made a statement that I reserved the right to delete my blog without warning to my followers.

    I probably share more about myself on WordPress than anywhere, but that too has its limits.

    As for Banking… Most of is it set up to be automatic. I do have an app which is double pincoded and for any transaction, I have a physical card reader to confirm the transaction over the Internet, so that is as safe as I can make it.

    Facebook and Banking…. The two are just so laughable… What was Zuckerberg thinking? But then, he is capable of fooling a lot of folk all of the time!

    Liked by 1 person

    • At one time, I had a great deal of respect for Zuckerberg, but the more I see & hear, the less I respect him. He is no different than the rest … $$$$$$ are what matters most to him. I do use Facebook a bit for keeping track of all my nieces and nephews and staying in touch, plus I post my blog there, but that is the limit of it for me. And they for certain are NOT getting my bank info!!!

      As re the GPS … last time I went to Pennsylvania to visit Herb, I used the GPS, of course, since I am directionally challenged and can get lost within a mile of my house! A month or so later, I decided to see what information Google had on me, based on some things I had read, and they knew what gas stations I had stopped at, what I had bought (fuel and coffee), and even had Herb’s address!!! They knew the restaurant that my girls and I had eaten at the week before, as I had left the GPS on when I returned from Pennsylvania. I will likely still use it when I travel, but I do not like that invasion of privacy … not one bit!

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  6. Dear Jill,

    I am upset with FB. I don’t use it for anything except posting my blog posts. I’m not about to share anything beyond this and FB will not get my banking information.

    But They recently did something that has upset me.

    I received this notice: Note: Starting August 1, 2018, Facebook is making a change to their platform: third-party tools can no longer automatically share posts to Facebook Profiles. This includes Publicize. If you’ve connected a Facebook Profile to your site, then Publicize will no longer be able to share your new posts to Facebook automatically. Sharing to Facebook Pages will continue to work as before.

    I nearly had a meltdown when my list of followers went from almost 1800 down to about 1100. It seems that about 700 peoples were following my posts via FB. Xena explained this to me.

    I’m upset enough to be tempted to delete my FB account except now I know that folks are following my blog via FB.

    Hugs, Gronda

    Liked by 1 person

    • How odd! I didn’t receive that notice, unless I did and just didn’t see it, for I usually just skim notifications on Facebook. I do post my blog posts on Facebook, but I don’t let them post automatically, for I tried that a couple of years back, and they never looked quite right, would often leave out the header image. So, I post them individually once a day. I have only a handful of regular readers from Facebook … maybe 10 or so, and only 3 who read every post, so it doesn’t much matter to me, but I can see why you are annoyed by it! Always something to make things just a little more difficult, isn’t there?

      Hugs, my friend!!!

      Liked by 1 person

  7. I rarely use my FB account and have been seriously considering deleting that and my Twitter. Unfortunately, my wife lives on FB but she would be the last person in the world to access our bank accounts with a third party app. Good grief.

    Liked by 1 person

  8. Wow…I do have Facebook but would never do this. I check my financial accounts almost daily just in case….
    I use Facebook because I get some of my news and yes I like some of the cute cat videos and I keep in touch with a few friends, so I would miss it. I actually have more groups I belong to than keeping up with friends.
    Anyway…this is disturbing
    I already assume, because I post my opinions in a lot of places (on WordPress, Facebook, Quora, and other blogs not on WordPress, that I’m “out there”. And that I don’t mind as I feel ok with being who I am. It’s the financial stuff that concerns me.

    Liked by 1 person

    • There is value in Facebook, in easily keeping in touch with friends/family, connecting with those who share an interest in kayaking, knitting, cooking or whatever, and yeah, even the cute cat videos. I spend very little time on Facebook, in part because I have very little time to waste these days, and in part because I usually end up embroiled in a political argument if I’m there for more than 5 minutes! 😉 But the thing is that people should be able to enjoy the platform for whatever value it has for them without fearing that if they make a post or a comment, it will be used to force unwanted advertising on them. And they should for certain feel safe that their financial data is secure. Facebook has proven they cannot be trusted with our data, and I hope most people are too savvy to give them any financial information.

      Liked by 1 person

      • Oh I agree…and I’m very careful with all that. Funny, the bulk of my time on line is on these blogs!😊….which I so enjoy. So many bright intelligent people that are like minded.

        Liked by 1 person

    • I honestly think that some people are so addicted to Facebook that they don’t really care what they do. I know of a few people who literally spend their whole days on Facebook. I don’t find enough to hold my interest for more than about 3 minutes a day! But no, they haven’t learned much from the Cambridge Analytica fiasco, apparently.

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  10. This makes me happy that I have never had Facebook, Twitter and all other forms of social media. No fancy phone that has a zillion apps or GPS…my phone either makes a call or receives one, works for me! I will, however, share this with my children, they are part of these groups. Thank-you!

    Liked by 1 person

    • You are a woman after my own heart! I DO have Facebook, Twitter, and a phone with a bazillion apps, and I seem to never be completely disconnected from the internet! Some Saturdays, when the girls and I go out for lunch and a bit of family time, I purposely leave my phone at home on the charger. But I find I panic, for I cannot check my email, my facebook page, or my blog! OH NO!!! I am attached to the internet!

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      • My friend…cut the umbilical cord! I say that to my children, endlessly. A line must be drawn at some point, to preserve one’s sanity. I have a firm rule in my house for table etiquette, as well as when dining out…NO phones. They are dining with me, not their phones. Disconnect the phone and connect with me! The world continues to revolve, the sun continues to shine, all is not lost in an hour.

        Liked by 1 person

        • I fully agree with you about dining … it amazes me to see a couple eating out in a nice restaurant and each of them are texting or checking email or whatever they do on their cell phones and never speak a word to each other! Even if I have my phone with me, I am not that rude. But you are right … I am far too attached at the hip to electronic communications. My phone sends me ‘breaking news’ alerts from 5-6 media outlets, it notifies me immediately if I receive a message or if certain people email me (only a handful of loved ones), and I have to turn the ringer off at night, else it will start pinging and knocking about the time I get into bed! 🙄

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  11. I only keep Twitter and WordPress now. I deleted my Facbook account because FB wouldn’t allow me to control my privacy settings, and post reporting wasn’t objective. So I hope other people will delete Facebook too. There’s no reason to collect data if you don’t need it. My opinion is that if any big company wants your data because they’re just ‘curious’, then they’re up to no good.

    Liked by 1 person

    • I agree … if you aren’t going to use the data, then why collect it. Sadly, we have to stay on our toes all the time, even more so now that Net Neutrality is gone.

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  12. Dear god…I heard this yesterday and thought it was a joke, one of those weird things that flit through social media and are gone. Now I’m feeling positively queasy. So glad I deleted my Facebook account. Like everyone else, I’d love to be able to access my banking without having to login blah blah, but that presupposes a technology that /I/ control. Not the banks and most certainly not Facebook.
    The biggest problem with Facebook and all the big tech companies is that they see their technology as a means to an end. For them, the end is good so they never question whether the means. As we have seen, any technology can be misused. Is misused. But Zuckerberg et al., can’t see that and so self-regulation will never work.
    I deleted Facebook and the world did not stop. I deleted all my Google accounts and the world did not stop. I stopped using Google search and the world did not collapse.
    How can ‘freedom of speech’ be a right while privacy is just an optional extra???

    Liked by 3 people

    • Like you, I hate all those layers of security, log-in, password, key phrase, id pic, etc. when logging into my bank’s website. BUT … every layer is protective, so I grin and bear it. We had our bank card # stolen several years ago … by bank employees, as it turned out … and it was such a nightmare. In the end, we were not out anything, but for a time, all our checks were being bounced and we had to involve the local police, detectives, and the 3 credit reporting bureaus. I spent hours getting new bank cards, changing information everywhere, and it was horrible. So, I grin and bear it. No, Facebook will never have my bank account or bank card number!!! I can live without Facebook if I have to!

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  14. I had set up an account with Facebook on two different occasions in the past and with both times experienced security issues and issues I did not need to deal with so closed my accounts and walked away… the same with Twitter… I do not miss either because there is a life without Facebook… if Facebook has taught us anything it’s that a lot of people aren’t quite ready for a spelling bee… 🙂

    “I was going to post something on Facebook until I asked myself why.” David E. Love

    Liked by 2 people

    • Good quote! And I especially like your ‘spelling bee’ comment! So very apt. I do use Facebook, for it is the simplest way to keep up with nieces, nephews and grandkids, not to mention friends. But I can and will give it up if they insist on knowing where I bank, how much money I don’t have, and where I buy my potatoes!

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  15. Absolutely not! No way in hell! Heck no! Yeah, I’m just an old man going into a rant, but I have been considering for several weeks dropping FB. I have already deleted Twitter and I don’t have GPS on my flip phone. America needs to wake up to the fact that these folks are essentially information miners.

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  16. My spouse uses fb and that messenger thing and didn’t read the fine print that said that in order to use it on a mobile phone, you give them all permission to access your phone completely and record whatever they want, even private phone or other communication that has nothing to do with them and doesn’t use their services, and that was even before this crap. I think he’s a dope, but he still uses it. Oh well–maybe someone will stop helpfully shooting themselves in the foot sometime…but the videos are cute! And the high school friends are nice! And…all your info is sold and compromised over and over. But the puppies…! And that funny thing about trump…!

    Liked by 2 people

  17. I have managed to avoid facebook thus far. I think I can continue to manage.

    I have two reasons for not wanting to join facebook:
    (1) they have a terrible privacy record;
    (2) I suspect it would just suck up a lot of time.

    Liked by 2 people

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