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Banks Could Soon Be Giving Up Your Account Balance And Transaction Info To Facebook

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Since it’s starting to look like Facebook is slowly going the way of MySpace, the once flourishing social-media giant has now asked large U.S. banks to share detailed financial information about their customers. Information which could include card transactions and checking-account balances.

All this comes as Facebook is desperate to try to offer new services to users who pretty much either think the platform has become stale, don’t trust it anymore after many user privacy missteps or because of its censorship of right-wing media on their platform.

Here is more on this story via The Wall Street Journal:

“Facebook increasingly wants to be a platform where people buy and sell goods and services, besides connecting with friends. The company over the past year asked JPMorgan Chase JPM 0.03% & Co., Wells Fargo WFC 0.10% & Co., Citigroup Inc. C 0.01% and U.S. Bancorp USB 0.04% to discuss potential offerings it could host for bank customers on Facebook Messenger, said people familiar with the matter.

Trending: Tucker Carlson’s Young Daughter Attacked By Vile Libs – Makes Tragic Announcement

Facebook has talked about a feature that would show its users their checking-account balances, the people said. It has also pitched fraud alerts, some of the people said.

Data privacy is a sticking point in the banks’ conversations with Facebook, according to people familiar with the matter. The talks are taking place as Facebook faces several investigations over its ties to political analytics firm Cambridge Analytica, which accessed data on as many 87 million Facebook users without their consent.

One large U.S. bank pulled away from talks due to privacy concerns, some of the people said.

Facebook has told banks that the additional customer information could be used to offer services that might entice users to spend more time on Messenger, a person familiar with the discussions said. The company is trying to deepen user engagement: Investors shaved more than $120 billion from its market value in one day last month after it said its growth is starting to slow.

Facebook said it wouldn’t use the bank data for ad-targeting purposes or share it with third parties.

“We don’t use purchase data from banks or credit card companies for ads,” said spokeswoman Elisabeth Diana. “We also don’t have special relationships, partnerships, or contracts with banks or credit-card companies to use their customers’ purchase data for ads.”
Facebook shares climbed sharply on the news, up 3.5% around midday, marking the biggest gain since last month’s historic drop.

Banks face pressure to build relationships with big online platforms, which reach billions of users and drive a growing share of commerce. They also are trying to reach more users digitally. Many struggle to gain traction in mobile payments.

Yet banks are hesitant to hand too much control to third-party platforms such as Facebook. They prefer to keep customers on their own websites and apps.

As part of the proposed deals, Facebook asked banks for information about where its users are shopping with their debit and credit cards outside of purchases they make using Facebook Messenger, the people said. Messenger has some 1.3 billion monthly active users, Chief Operating Officer Sheryl Sandberg said on the company’s second-quarter earnings call last month.

Alphabet Inc.’s Google and Amazon.com Inc. also have asked banks to share data if they join with them, in order to provide basic banking services on applications such as Google Assistant and Alexa, according to people familiar with the conversations.

“Like many online companies, we routinely talk to financial institutions about how we can improve people’s commerce experiences, like enabling better customer service,” Ms. Diana said. “An essential part of these efforts is keeping people’s information safe and secure.”

Facebook has taken a harder public line on privacy since the Cambridge Analytica uproar. A product privacy team has announced new features such as “clear history,” which would allow users to prevent the service from collecting their off-Facebook browsing details. It also is making efforts to alert users to its privacy settings.

That hasn’t assuaged concerns about Facebook’s privacy practices. Bank executives are worried about the breadth of information being sought, even if it means not being available on certain platforms that their customers use. Bank customers would need to opt-in to the proposed Facebook services, the company said in a statement Monday.

JPMorgan isn’t “sharing our customers’ off-platform transaction data with these platforms, and have had to say no to some things as a result,” said spokeswoman Trish Wexler.

Banks view mobile commerce as one of their biggest opportunities but are still running behind technology firms such as PayPal Holdings Inc. PYPL 0.68% and Square Inc. Customers have moved slowly, too; many Americans still prefer using their cards, along with cash and checks.”

Although Facebook has taken a harder public line on privacy since the Cambridge Analytica fiasco where people’s information ended up who knows where by adding new ways to keep your private information safe, but let’s be honest here, it may just be too late at this point in time. In fact, I can’t think of anyone who would let their banking information be accessed by a company that picks and chooses what they let on their platform while they betray the trust of their users have that financial information.

The truth of the matter is that Facebook doesn’t seem to want to understand that it doesn’t matter how much they try, people won’t trust them again. They did social media extremely well until they let the left wing dictate their values, now they claim to want to become a commerce platform. But why? We already have Amazon, eBay, Letgo, OfferUp, CraigsList and many others. People won’t just hand over their information when so many other platforms are great at commerce.

 

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BREAKING: Trump Preparing To Fire Key Member Over Immigration Issue – Changes Everything

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As the most reliable and balanced news aggregation service in the world, RWN offers the following information published by: Washington Times

President Trump is reportedly preparing to dismiss Homeland Security Secretary Kirstjen Nielsen and the removal could happen as soon as this week.

According to a report Monday night in the Washington Post, which cited “five current and former White House officials,” Mr. Trump told aides last weekend that he has decided to dismiss her over what he sees as her lackluster performance on immigration enforcement.

Mr. Trump has been grumbling for months along these lines and has berated Ms. Nielsen at Cabinet meetings, “belittled her to other White House staff and tagged her months ago as a ‘Bushie,’ a reference to her previous service under president George W. Bush and meant to cast suspicion on her loyalty,” the Post wrote.

The president is looking for someone who will promote his immigration policies and ideas more vigorously, the Post reported.

But Mr. Trump’s desire to dismiss Ms. Nielsen is being resisted by Chief of Staff John Kelly, and, the Post noted, Mr. Trump can be mercurial on personnel matters.

As for Ms. Nielsen herself, the Post cited “colleagues” as saying she has been unhappy “for several months” but wants to stick around at least until Dec. 6, the first anniversary of her tenure at Homeland Security.

Should she leave, her successor would be the fourth DHS secretary in two years.

 

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Trump Seeks End of Florida Recount After Horrible News Out Of Arizona

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As the most reliable and balanced news aggregation service in the world, RWN offers the following information published by: Reuters

TAMPA, Fla./WASHINGTON (Reuters) – U.S. President Donald Trump on Monday urged Florida election officials to end a recount and declare his fellow Republicans the winners of disputed races in last week’s elections, while Democrats picked up a U.S. Senate seat in Arizona.

U.S. Representative Kyrsten Sinema declared victory and Republican opponent Martha McSally conceded after multiple media outlets called the closely contested Arizona race for the Democrat. Sinema will succeed Republican Senator Jeff Flake, a frequent Trump critic, who did not seek-election.

The results will not affect Republican control of the 100-member Senate. Republicans have won at least 51 seats and Democrats 47 in the elections, with results in Florida and Mississippi still outstanding.

In Florida, leads by the Republican candidates in the races for a U.S. Senate seat and the governor’s office shrank as more ballots were tallied following last Tuesday’s elections. State law mandates recounts in elections where the margin of victory is within 0.5 percentage point.

As Florida officials scrambled to review more than 8 million ballots by Thursday, Trump, without providing evidence, cast doubt on the recount process.

Trump called for an end to the recount even though state rules allow election officials to wait 10 days for absentee ballots submitted by registered voters living outside the United States, including active-duty military personnel.

A machine recount began over the weekend in the race between outgoing Republican Florida Governor Rick Scott and Democratic U.S. Senator Bill Nelson, with another recount under way for the Florida gubernatorial race between Republican Ron DeSantis and Democrat Andrew Gillum.

Republicans are eager to cement victories in a key battleground state after maintaining their control of the U.S. Senate in last week’s congressional midterm elections, while Democrats are eyeing another possible state governorship win. Each party accused the other of trying to subvert democracy.

Scott on Sunday asked a Broward County judge to issue an emergency injunction calling for law enforcement to seize all voting machines, tallying devices and ballots when they are not being used until the end of the recount and any related litigation.

‘RAMP DOWN THE RHETORIC’

Broward County Circuit Judge Jack Tuter, who on Monday rejected Scott’s request for the emergency injunction, urged both sides to be restrained in their public statements as the state faces a repeat of its dramatic role in the 2000 U.S. presidential vote recount.

“I am urging because of the highly public nature of this case to ramp down the rhetoric,” Tuter said. “Wait until these counts are over and there’ll be time to litigate.”

Trump repeated his complaints over the Florida races in a Twitter post on Monday.

The president instead called on state authorities to go with the initial vote count totals. Trump alleged voter fraud had taken place, but provided no evidence.

“The Florida Election should be called in favor of Rick Scott and Ron DeSantis in that large numbers of new ballots showed up out of nowhere, and many ballots are missing or forged. An honest vote count is no longer possible-ballots massively infected. Must go with Election Night!” he wrote.

Studies have found no evidence of large-scale voter fraud in the United States, although courts have found evidence through the nation’s history of policies intended to suppress voting by minorities.

“The fact is that there is no evidence of fraud,” said Marc Elias, the lawyer representing Nelson’s campaign in the recount. “Both judges and the state law enforcement officials have said that.”

Nelson on Monday called on Scott to recuse himself from playing any role in overseeing the recount.

The Florida secretary of state’s office said it had received reports that election officials in Bay County, a Republican-leaning county home to some 183,500 people that was hard hit by Hurricane Michael, allowed some residents to cast ballots by email and fax. State law makes no provision for voting in that way.

“Supervisors of elections are independently elected constitutional officers and it is each supervisor’s responsibility to adhere to the law,” state spokeswoman Sarah Revell said in an email.

Florida law gives local election officials until the Saturday after an election to submit their first round of unofficial election results. It is common for elections supervisors to process results well after election night.

The Florida Department of Law Enforcement, which has said it will review allegations of criminal fraud, has stated that it had no active investigations.

Scott has said he won the Senate race even as the ballots are tallied again, telling Fox News on Monday: “I want to make sure there’s a free and fair election. But there’s laws. Comply with the laws.”

Georgia’s gubernatorial race also remains undecided. Several U.S House of Representative races are also still too close to call after Democrats seized control of the House in last week’s elections.

Reporting by Letitia Stein in Tampa, Florida, and Susan Heavey in Washington; Additional reporting by Makini Brice, Mark Hosenball and Lisa Lambert in Washington and Zachary Fagenson in Miami; Editing by Scott Malone, Alistair Bell and Peter Cooney

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