Facebook is now your banker?

What’s in your wallet? Facebook sure wants to know!

Here’s an idea : if you know your customer’s bank account amount and activities, you are better able to jack up your prices. If the customer doesn’t have much, you can lower prices to the threshold that he’ll order. Instead of honoring prices, tech companies are able to quote each individual customer different prices! Welcome to the future.

I discovered this when my wife and I both shopped for the exact same product in Amazon, but were given different prices. Interesting, eh? While researching the matter, I discovered they can also read where you’ve been. So, for instance, if you’ve just come from the New York Times site, the algorithm suggests charging you more.

Try this with the airlines. Search for a flight. Later on web sites, you’ll see travel ads for the places you were searching for flights. Now go back and search again… the price will be higher. Visit another airlines, then return to the original airlines and the price will be lower.

Facebook actually now exposes the secret

Facebook has been getting cozy with your banks … they want the bank to give them your data, and in exchange they’ll give the bank their users.

The Wall Street Journal reported that Facebook has been courting banks to enter into data-sharing agreements. Google and Amazon have reportedly also sought similar arrangements, exchanging user data for the banks’ integration with the tech companies’ massive platforms.

Facebook denies wanting your financial data

Well of course! Did you think Facebook would own up to it? Hello?

Facebook says that it is not actually seeking to collect information, from a data perspective, nor does it want users’ shopping history. Do you believe that? I don’t. They know if they can let their robots analyze your VISA billing each month, they’ll know how much you have to spend, and on which vendors you spend it. They’ll also know the amount of your bank account.

Facebook is acknowledging that it is working with banks to increase its chatbot capabilities. But it denies the idea that it is seeking access to your financial data so it could fuel its ad engine or for some other purpose?

Do you trust Facebook?

Do you believe Facebook’s statement:

“Account linking enables people to receive real-time updates in Facebook Messenger where people can keep track of their transaction data like account balances, receipts, and shipping updates … We’re not using this information beyond enabling these types of experiences — not for advertising or anything else.”

Can you believe they would actually say that?

… and thanks for reading

Safenetting ~ 60-SecondsMedium
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