Banks Using Social Media Sites For Mining Personal Information

Banks and other financial organizations are collecting and archiving information such as status updates that users post on social media sites like Facebook and Twitter, according to a recent ABC News article.

The ABC article maintains that due to the wealth of user data available on social media sites like Facebook and Twitter, banks can now have a very detailed and elaborate view on the personal lives of its clients. Personal finance expert Erica Sandberg thinks that anyone can get information about her financial conditions from Facebook or LinkedIn and can then use this information to may even deny credit to her. According to Sandberd: