RIP Philo

Banks giving your bank data to Facebook

> The social-media giant Facebook is in negotiations with most major U.S. banks, including Wells-Fargo, Bank of America, and Citibank, to share detailed financial information about their customers. This includes detailed logs of all credit and debit card transactions, as well as up to the minute checking-account balances, all as part of an effort to "offer new services to users."

What are your thoughts? If you've looked at your bank's user contract you know that you have contractually agreed to allow this and have no recourse. Why did you consent?
Permalink RC 
August 6th, 2018 7:41pm
Problem: Every bank probably has such a clause in their deposit agreement.  What are you going to do, not have a bank account?

Also, it's probably buried on page 10 of the fine print somewhere.  Seriously, who reads those things.  Once every few years they sand me a document and it says "By not closing your account, you agree to the new terms."
Permalink Send private email FSK 
August 6th, 2018 9:06pm
I get new terms of service from by bank several times a year.

It's a multi-page booklet written in 'legalese'.

I'm sure the frequent reissues are specifically intended to lull people into not bothering to read them.

Besides, what can you actually do about it?
Permalink Hampus Clitus 
August 7th, 2018 1:43am
Wastebook should get their claws out of my fucking bank account. Zuckerberg has enough money. I don't need another money changer. Wall Street is full of them already.
Permalink DrPepper 
August 7th, 2018 6:51am
"We only share your data with our trusted partners."
Permalink Send private email xampl9 (Moto phone) 
August 7th, 2018 6:54am
"We only share ... with our trusted partners."

This sounds a lot like faggot talk in the 80s during the HIV outbreak.
Permalink Random Lurker 
August 7th, 2018 8:28am
Obviously it's very useful to connect these things.

If you have bad credit, lets show you payday loan and rent to own TV center ads.

If you have no money in the bank, let's not show you ads for upscale handbags and luxury cars.

If you are shown an ad for a handbag, lets track whether you later pull out your credit card and buy that handbag anywhere, which means the ad was effective.
Permalink RC 
August 7th, 2018 9:35am
It is a terrible idea to let facebook have any sort of access to financial transactions. The Cambridge Analytica (now operating under a new name) incident showed that zuckerberg cares only for making money and cares naught about you. 

China has a social credit system. If facebook gets in control of this sort of thing, you can expect them to come up with a version of China's system.

Black Mirror to the rescue:
Permalink Pie or cake? 
August 7th, 2018 6:14pm
It didn't take Cambridge Analytica to show that. It is clear from the business model that Facebook needs as much data as it can harvest and needs to sell to whoever will buy.
Permalink ,ndo 
August 7th, 2018 7:53pm

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