"We're not shoring up financial data", she added.
Although Facebook began as a social hub in which users could connect with friends, it has increasingly aimed to become a platform in which users can buy and sell goods and services. Facebook tried to persuade banks to give it their users' data by promising them features such as users being able to see their checking account balances or receiving fraud alerts within Facebook Messenger.
Highlighting the fact that "Facebook has been a cesspool of privacy issues for quite a while", technology writer Curtis Silver argued in a piece for Forbes on Monday that it's time to "quit Facebook before it inevitably accesses your banking data". At least one major USA bank left talks with the company due to privacy concerns, the Wall Street Journal reports.
The dust surrounding the Cambridge Analytica data privacy incident still hasn't fully settled, but Facebook is already looking for additional ways to get its hands on user data.
(C) and U.S. Bancorp (USB) in the past year to determine whether potential offerings for bank customers on Facebook Messenger might be possible.
Facebook has allegedly asked banks to share detailed financial information about innocent customers.
Wells Fargo declined to comment.
"We don't use purchase data from banks or credit card companies for ads", Facebook spokeswoman Elisabeth Diana said in a statement.
According to WSJ, Alphabet (Google's parent company) and Amazon have also been in talks with the banks about sharing their customers data to use it to improve digital assistants, such as Google Assistant and Alexa, respectively.
Facebook wants banks to share your financial data to expand Messenger, says report. This marks the largest gain since the rapid drop in July.