Being completely opaque is their DNA. Even after the Cambridge Analytica type episode, we are forced to take at it’s face value. Different Governance mechanisms & enforcement systems have made no impact on this company. Lip service has to privacy has become more professional. Facebook has reported a quarter of slowest growth since 2011. Time to think of new strategies. It’s time to go beyond the company created data.
Unperturbed by a survey rating of a company users did not trust, it’s looking for greener pastures. We are where the data is, happens to catchphrase. As per a recent Wall Street Journal report “Facebook is asking large banks in the US to share their customers’ card transactions, shopping habits, and checking account balances to offer new financial services.” At least one bank has ended talks with Facebook citing privacy concerns. Financial data and data created out of social transactions are two totally different entities. The suspicion over US Presidendial Elections might not mean anything for the user, get swindled would be a different story.
In it’s copybook style by now of creating a customer experience, integrating services etc, company issued a emailed response. They don’t even have the shame or dignity to come out in the open & clarify it’s stand. “It says that it’s simply looking to partner with banks and credit card companies to offer customer service through a chatbot in messenger or help users to manage the account within the app.” A real innovative idea indeed & what concern for the user, data stripping.
Who has given such draconian authority to Facebook? From where do they derive these powers? As per law this itself constitutes the crime of conspiracy. Habitual offender! Why were the users opinion not taken publicly, its more intriguing in the backdrop of the sordid saga only few months back. Even the banks have no right to get engaged into such a deal. Banks contacted include JP Morgan, Citigroup, Wells Fargo & US Bancorp. Privacy has to be etched in stone, notwithstanding anything else.
PRIVACY HAS TO BE LEGALLY ENFORCED.