After the Cambridge Analytica scandal, FB now is requesting that banks share detailed information on their customers. They are asking for data on credit card transactions and checking account balances.
FB wants to form a partnership with the banks to allow FB to financially serve their users. Using the Messenger app, users are already able to send and receive money but currently it is an opt-in feature.
According to FB spokesperson, Elisabeth Diana, “We don’t use purchase data from banks or credit card companies for ads. We also don’t have special relationships, partnerships, or contracts with banks or credit card companies to use their customers’ purchase data for ads”. Are you willing to place your trust in FB after their past actions. It is also hard to place any faith in the banking system so when all is said and done, you should be hoping for a new financial transfer system which circumvents the banks as well as FB.