Archives 14 November 2019

The project, code-named Cache, is expected to launch next year with accounts run by Citigroup and a credit union at Stanford University, a tiny lender in Google’s backyard. Big tech companies see financial services as a way to get closer to users and glean valuable data. Apple introduced a credit card this summer. Amazon.com has talked to banks about offering checking accounts. Facebook is working on a digital currency it hopes will upend global payments. Their ambitions could challenge incumbent financial-services firms, which fear losing their primacy and customers. They are also likely to stoke a reaction in Washington, where regulators are already investigating whether large technology companies have too much clout.

The tie-ups between banking and technology have sometimes been fraught. Apple irked its credit-card partner, Goldman Sachs Group, by running ads that said the card was “designed by Apple, not a bank.” Major financial companies dropped out of Facebook’s crypto project after a regulatory backlash. Google’s approach seems designed to make allies, rather than enemies, in both camps. The financial institutions’ brands, not Google’s, will be front-and-center on the accounts, an executive told The Wall Street Journal. And Google will leave the financial plumbing and compliance to the banks — activities it couldn’t do without a license anyway.

When you’re scrolling through Facebook’s app, the social network could be watching you back, in more ways than just your data, concerned users have found. Multiple people have found and reported that their iPhone cameras were turned on in the background while looking at their feed. The issue came to light with several posts on Twitter, showing that their cameras were activated behind Facebook’s app as they were watching videos or looking at photos on the social network. After clicking on the video to full screen, returning it back to normal would create a bug where Facebook’s mobile layout was slightly shifted to the right. With the open space on the left, you could now see the phone’s camera activated in the background. This was documented in multiple cases, with the earliest incident on November 2.