Facebook Wants Access to Your Banking Data

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jimmysmitty

Polypheme
Moderator
Sure. Give Facebook access to millions of users banking information. What could go wrong? Not like they have not ever been hacked.

Its all part of the lizard lord Zuckerbergs plan to rule the Earth.

Banks should say no. They already make plenty of money off of holding a persons money. No need to risk someones privacy for a quick buck.
 

shrapnel_indie

Distinguished
Unless Facebook is able to reassure the banks that it either won’t have direct access to the data itself, or that the data will never be used for advertising purposes, then the company may not succeed in convincing U.S. banks to share their customers data.
FB can reassure all they want. As long as Zuckerberg et al run FB, they'll be "speaking with a forked tongue."

They've broken their own rules in the past, intentionally. They've outright lied to us about privacy....
 
F FB (Should be a saying)

I have a FB account it has my real name. Nothing else is real on it. I have it locked down to friends only and I have no friends. I use it for site logins. Sure they can scrape a hair of data from sites I log into but they get very little otherwise and it will stay that way.
 

USAFRet

Titan
Moderator
Mar 16, 2013
113,274
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Banking
Medical
Shopping
Transportation

FB already has a tie-in to some/most of your shopping.
They were talking about medical last year.

The others will happen eventually, because some clueless "digital native" will make a fancy chart with an Up Arrow for profits, and some PHB will approve it.
Eventually.
 

SkyBill40

Honorable


Pfft. I've said far worse on there already. Let them come.
 

canadianvice

Distinguished
I feel like any service necessitating personal info should be prohibited by law from sharing/selling it without written consent separate from the contract required to use said services.

Some things are part of life. You can't easily get by w/o a bank, you can't easily get by without utilities or a credit card in many cases, and the law should recognize that these are effectively contracts of duress in regard to authorizing the sharing or sale of your private data.
 

bit_user

Splendid
Herald

That's probably why they're talking to a bunch of them at once. If all the big banks get onboard, then you will have few options left.
 

bit_user

Splendid
Herald

I have no love for Zuck, but I don't actually believe that.

I think he just wants to build the online platform used by the entire world. The grand vision of FB, and possibly Google, is to build a proprietary successor to the Internet. Not like that's really much better...


really? Yeah, with these sky-high interest rates...

No, banking does not work like it did last century. Retail banking is a low-margin business. Bank capitalization requirements mean they can't actually invest very much of the money on their balance sheets. The main ways they make money off of retail customers is through credit card interest and selling mortgages. Holding your money is just almost like a favor they do, in order to earn your trust and goodwill.
 

stdragon

Commendable
Apr 5, 2018
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Just remember, banks are "too big to fail".

The fact they can't via the Gov propping them up is a good portion why the US is in the financial mess that it's in. The whole housing crisis in 2008 could have been, should have been in fact, the correction it needed to be. They played games with mortgage backed security, why did the tax payer get left holding the bag?

Same goes for Student loans. Why can't students declare bankruptcy, pay for it with 7 years of bad credit, then start their life over? It's the banks fault for taking on the risk! It's the students as well. But NnooooOOOOOooo, the average tax payer (that had nothing to do with any of this recklessness) gets stiffed again and it's business as usual for the banks!!!

/end rant.
 

bit_user

Splendid
Herald

...something about complete collapse of the financial system plunging the modern world into the dark ages.

Remember that Congress first voted against the bailout, before they got the daylights scared out of them when they learned what would actually happen if more big banks failed. Credit default swaps were sort of like Dr. Strangelove's doomsday machine - not intentionally so, but nonetheless a form of mutually assured destruction. If you don't know what I'm talking about, I'd say you have some reading to do.

I don't like the bailout, but faulting the bailout is misdiagnosing the problem. When a guy walks down a dark alley and hands over his wallet to a mugger, you don't blame him for handing over his wallet, but rather you go after the mugger and probably fault the guy for walking down the dark alley. So, focusing on the bailout is really just a trick used to distract us from focusing on the necessary financial reforms, which might not have gone far enough, and some of which have recently been rolled back.

Anyway, I'm sort of glad for the recent focus on the trade deficit, as that was just adding fuel to the fire created by the financialization of mortgages. The money that left US shores had to come back in some form, in order to keep the whole thing going. So, one place it went was into financial products like mortgage-backed securities, which were created and given fictional values with the aid of unregulated insurance policies called credit default swaps. But CDS' weren't only used for that purpose...

(I can rant, too)
 
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