Drudge Retort: The Other Side of the News
Monday, August 06, 2018

Facebook Inc (FB.O) has asked large U.S. banks to share detailed financial information about their customers, as part of an effort to offer new services to users, The Wall Street Journal reported on Monday, citing people familiar with the matter. ( on.wsj.com/2Kvw61Y )

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Of course, Facebook says they won't share the customer data with third parties.

Of course, that's what they say. The question is, what will they do?

#1 | Posted by LampLighter at 2018-08-06 12:25 PM | Reply

Why isn't Facebook asking the people for permission to access their data? No one should be able to hold information about me without my permission.

#2 | Posted by bored at 2018-08-06 12:27 PM | Reply | Newsworthy 2


@#2 ... Why isn't Facebook asking the people for permission to access their data? ...

Because the customers probably (more than likely) have already agreed to a privacy policy that allows the banks to share the data with third parties.

The bank has to send you a privacy notice each year, and if all you do is read it and toss it, then you've agreed to the data sharing policy of the bank.

You have to actively opt-out, a process that banks [intentionally] make difficult.

#3 | Posted by LampLighter at 2018-08-06 12:35 PM | Reply

Yes, which is why it should be against the law to force customers to relinquish their IP rights, like it is in Europe.
This is worse than China forcing US companies to relinquish their IP rights in order to gain access to the China market.

#4 | Posted by bored at 2018-08-06 01:11 PM | Reply

You can choose not to use their services.

#5 | Posted by sitzkrieg at 2018-08-06 02:10 PM | Reply


@#5 ... You can choose not to use their services. ...

Finding a bank that won't be participating, and switching to it is not always as easy as it sounds.

I've been with my current bank for over 30 years. To move to another bank at this point would be a pretty big hassle.

Personally, I'd rather Facebook stop sucking up everyone's private data unless that specific person opts in to allow it.

It should be opt-in if you want it, not opt-out if you don't want it.

#6 | Posted by LampLighter at 2018-08-06 02:30 PM | Reply

Rather than switch banks why not quit Facebook?

I never joined but if I had I would have quit when the Cambridge scandal hit, and if for some reason I stayed this would surely make me quit.

#7 | Posted by TaoWarrior at 2018-08-06 03:02 PM | Reply | Newsworthy 1


@#7 ... why not quit Facebook? ...

Facebook keeps shadow accounts on none-members so that Facebook can serve up ads. Nearly every website you visit, where you see the little Facebook icon means Facebook is tracking you, member or not a member.

There's nothing to say that Facebook wouldn't use your banking data even if you're a non-member to serve you ads in the financial realm.

On the other hand, Facebook seems to be back-pedaling rather fiercely from this news, effectively trying to deny it.
techcrunch.com

#8 | Posted by LampLighter at 2018-08-06 03:08 PM | Reply

I deleted my facebook account. I don't know what that means to facebook but I cant access it anymore. not deactivated but deleted.

#9 | Posted by lfthndthrds at 2018-08-06 03:56 PM | Reply

Personally, I'd rather Facebook stop sucking up everyone's private data unless that specific person opts in to allow it.

#6 | POSTED BY LAMPLIGHTER AT 2018-08-06 02:30 PM | FLAG:

It's hard to call it private when you give it away and sign the agreement that allows it.

#10 | Posted by sitzkrieg at 2018-08-06 04:11 PM | Reply

#8

Well since I don't have a Facebook account I've never agreed to their EULA or privacy policy so if they did access my banking info I'm pretty sure I could sue the ship out of them.

#11 | Posted by TaoWarrior at 2018-08-06 04:23 PM | Reply

#11 | POSTED BY TAOWARRIOR

Out of your bank you mean.

#12 | Posted by IndianaJones at 2018-08-06 04:50 PM | Reply

Because the customers probably (more than likely) have already agreed to a privacy policy that allows the banks to share the data with third parties.

#3 | Posted by LampLighter

Are people that stoopid?

#13 | Posted by Sniper at 2018-08-06 05:14 PM | Reply

#5 Then why can't China say to US corps that they can choose not to enter the China market or hand over their IP. At least China is a government that has the right to make laws that apply within its borders. Why do US corps get their governments to threaten people asking for IP for access to services/markets? Why is one type of IP confiscation okay but not the other? I want my government to protect my rights, not just their corporate sponsors.

#14 | Posted by bored at 2018-08-06 05:26 PM | Reply

@#13 ...Are people that stoopid? ...

Do you read all the privacy agreements that your bank sends to you?

Do you read all the privacy agreements for all the websites you visit?

Do you read the Terms of Service for every device you buy?

Do you read the End User License Agreement for every piece of software you use?

Yes, people are that stupid.

#15 | Posted by LampLighter at 2018-08-06 05:37 PM | Reply

Are people that stoopid?

#13 | POSTED BY SNIPER

As you prove on a daily basis, yes.

Though most of the people being described are just to busy and distracted to catch everything that a team of lawyers has set before them.

#16 | Posted by memyselfini at 2018-08-06 06:31 PM | Reply

#2 | Posted by bored

What do you think every credit bureau is doing and on and on from there.

#17 | Posted by bayviking at 2018-08-06 08:44 PM | Reply

Why isn't Facebook asking the people for permission to access their data? No one should be able to hold information about me without my permission.

#2 | Posted by bored

Because you live in america, where corporation profits are more important than anything else.

#18 | Posted by SpeakSoftly at 2018-08-07 10:50 AM | Reply | Newsworthy 1

Facebook needs to ESAD!!

#19 | Posted by getoffmedz at 2018-08-07 11:32 AM | Reply

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