By Tomer Barel - COO, F2 (Facebook Financial)
Today, we’re starting to roll out a small pilot of our Novi digital wallet app in the US and Guatemala. Novi is a digital wallet that helps people send and receive money internationally instantly, securely, and with no fees.
We know your privacy is top of mind for you, so it will always be top of mind for us. From day one, we’re making it our priority to provide you with simple, understandable, and accessible explanations of when and how we collect, use, and share your information, as well as the choices and controls you have. During this pilot and beyond, our goal is to provide you with an app that is secure, easy to use, and compliant with applicable laws. To learn more, you can also visit our Customer Commitment Center, view the Help Center in the app or at Novi.com, or chat with Customer Care 24/7 through the app.
What is Novi's relationship with Facebook?
Novi is a regulated financial company from Facebook, Inc. We have strict controls in place to limit what is shared with other Facebook Companies. Your Novi account is separate from your Facebook account and your Novi activity is never posted to your Facebook profile. Novi will only share information with other Facebook Companies to help us keep Novi safe for everyone, comply with the law, provide basic functionality, and allow us to advertise Novi services. Even in these cases, Novi does not share your financial information with Facebook for Facebook’s own advertising purposes.
You don’t need a Facebook account to create a Novi account. But if you do have a Facebook account we’ll use it to help keep you and others safe. This helps us verify the identity of our customers, prevent fraud and criminal activity, and comply with laws. We only use information you share with Facebook when we feel confident it belongs to you and will help us with these specific purposes. For example, we may check that your government-issued ID and information you share with us when you create your Novi account is similar to information you have shared with Facebook, such as your phone number, profile photos, or hometown.
When you’re using the Novi app, Novi uses some Facebook systems with processes in place to limit the information shared. For example, Novi uses Facebook’s payment systems and works with payment service providers to help connect your debit or credit card to your Novi account. Rather than passing your card details to Facebook, they are replaced with a series of randomly generated numbers, so that Facebook cannot connect the information to you.
You may see ads for Novi on Facebook or Instagram, similar to how you might see ads from other companies. For example, we may advertise to you if you started signing up for Novi and didn’t finish creating your account, or if you visited the Novi website.
You can find more information on how Novi works with Facebook here.
What information about me does Novi collect and how is it used?
As a regulated financial company, much of the information Novi collects and uses is required so we can offer you our services and improve your experience, secure your account, help prevent fraud, and meet our regulatory obligations. Our systems and practices are designed to ensure we protect your personal and financial information.
When you sign up for Novi, we will ask you for information to verify your identity and create your account, like your legal name and government-issued ID. This is necessary in order to provide Novi services, meet our financial regulatory obligations, and keep Novi secure. When we think there is unusual or suspicious activity on your account, we may ask you to further verify your identity. You can do this via our video selfie tool, which is an automatic face verification feature that captures imagery of your face, or by requesting a manual review. You can learn more here about these options.
Novi collects your financial information to help you use the app. For example, we will ask for your card information, so you can add money to your Novi wallet to send to friends or family, or your bank account information if you’d like to transfer money from your Novi wallet to your bank account.
In order to reduce risk and meet our regulatory obligations, we also collect information about your use of Novi such as the general location where you are using Novi and the devices you are on while you use Novi, including IP addresses. This industry standard practice helps us monitor for any suspicious activity and ensure access to those in locations where Novi can operate.
For a step-by-step guide on how we use information during your Novi experience please click here for more.
Does Novi share my information?
We do not sell your information. We partner with trusted third parties for specific purposes such as processing your transaction. For example, we partner with financial services companies, such as payment service providers, to help connect your debit or credit card and bank account to your Novi account — this makes sure you can move money between your Novi wallet and your accounts. In some countries, we also work with cash-out agents so you can easily withdraw cash at their participating locations. In these cases, we share information required to help you get cash, including your legal name, date of birth, address, phone number, and withdraw code. In some cases, for compliance purposes, we may ask for and share additional details.
In order to comply with applicable laws and regulations, we may share relevant information with regulatory authorities. We may also share information with law enforcement under the appropriate processes. This helps us prevent or report unlawful activity and keep you safe.
What choices and controls do I have?
You can choose to make it faster and easier to send money to someone by syncing your phone’s contact book to the Novi app. If you do, we will securely store your contacts and update them regularly. Facebook does not have access to your contacts that you have synced to the Novi app. You can choose at any time to stop syncing your contacts by going to your device settings and turning off Novi’s contact permissions. Once you disable syncing, your contact list will be deleted in the Novi app, aside from the people you have transacted with in the past. And you can always send money to someone by entering their phone number manually.
You can also choose to enable location sharing to help find a nearby withdrawal location to pick up cash, if this option is available in your country. If you choose to do so, we’ll collect that information continually each time you open the app. Novi only stores an estimate of your current location. You can turn this off at any time through your device settings. If you do not turn on location sharing, Novi still collects some general location information, such as your mobile phone’s IP address and country code from your phone number.
By default, your legal name is displayed to you and the person you are sending money to or receiving money from as a part of that transaction's details. You can chat with Novi’s Customer Care team to change how your name is displayed. For more details please click here.
At any time, you can visit Novi’s app settings to access a Download Your Information tool. This tool can help you keep a record of the information stored in your Novi account, such as your transaction history and chat history with Novi’s Customer Care team.
And should you want to close your account at any point, you can through the 24/7 in-app chat with Novi’s Customer Care team.
How does Novi protect the information it collects?
We have strict controls in place to help prevent unauthorized access to your information. We prioritize the security and privacy of your information by encrypting the documents you upload to Novi, like your government-issued ID. We also encrypt your sensitive financial information. And to help prevent anyone else from accessing your account, Novi uses two-factor authentication when you sign in from a device we don’t recognize.
We complete rigorous security testing such as detailed code reviews and automated scanning for vulnerabilities in our code and infrastructure. We also work with trusted security partners to complete independent technical assessments and broad security audits.
Who sees my transaction activity?
Your Novi activity is never posted to your Facebook profile. Your transaction information, including notes that you may choose to include when sending money, is seen by you and the person you’re sending money to, not other Novi customers. The Novi team may review transaction notes in order to help detect and prevent fraud and criminal activity, and comply with applicable laws.
Will my Novi information be used for advertising?
The Novi app does not allow third-party ads. Just like other companies, Novi advertises its products and services on a variety of platforms, including Facebook and Instagram. If you don’t want to see ads for Novi when you’re on Facebook, you can change this in your Facebook settings. We may also send marketing communications to you about Novi. For example, you can sign up on our website to receive updates from us, and you can choose to opt out of receiving further marketing emails at any time by following the instructions contained in those emails.