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goalieskates
Premium
join:2004-09-12
land of big

2 recommendations

Facebook wants to be your online bank

Fortune

quote:
Currently in an internal beta, with the first version built in March, the application is expected to launch sometime this year to customers. It will allow Facebook users who are bank customers to make payments to third parties as well as Facebook friends through the social media channel, according to the bank. Commonwealth will secure transactions with its own authentication system -- similar to how payments are secured on its online and mobile banking site, a spokesperson says.

...

There are risks such as spam messages that could look like a friend in trouble, prompting users to send money through their Facebook app. But Commonwealth Bank says it won't launch the app unless it can offer customers a 100% guarantee of security, a spokesperson says. Plus scams like these are inherent to any virtual medium today, and unlikely to deter the Facebook user who finds banking from the social channel a time saver.

And while Facebook may be encouraging banks to open virtual outposts today, other industries will likely also be interested in creating a private walled garden on the platform. Sure, people are coming to Facebook to share their vacation photos with pals. But why not collect their paycheck, buy medical insurance or pay the IRS there as well?

The company makes no bones that it sees itself as a channel where users supply content with Facebook acting solely as the conduit. However, touting itself as a place for privacy is an unusual marketing pitch from social media's grand dame. And it's one that officially Facebook won't officially acknowledge.
"Touting itself as a place for privacy"????

Lord have mercy.


newview
Ex .. Ex .. Exactly
Premium
join:2001-10-01
Parsonsburg, MD
kudos:1

3 recommendations

Never in a million years would I ever trust Facebook with banking information. AFAIC, the idea is just laughable.


The Antihero

join:2002-04-09
Enola, PA
reply to goalieskates

After all the questionable ads I've seen on Facebook, including a few that tried to install malware on my machine, there's no way in hell I'd ever trust them with banking information.



Snowy
Premium
join:2003-04-05
Kailua, HI
kudos:6
Reviews:
·Clearwire Wireless
·Time Warner Cable

3 recommendations

reply to goalieskates

The question that needs asking is "Why"?.
The benefits to facebook are obvious.
A larger footprint to monetize.
What's in it for a US based financial institution?
Passing off their legally mandated liability for fraudulent transactions.
As it is now, if a US issued credit card customer falls victim to fraud the card issuer takes the loss when the fraud is properly reported by the consumer.
An exception is made when a 3rd party handles the transaction.
facebook making payments to a 3rd party on a customers request is acting as a 3rd party in the relationship between card issuer & it's card holding customer.
Bank is off hook & facebook doesn't assume banks liability.
Bank has successfully passed fraud liability to customer.
short story: US bankers version of wet dream.



CylonRed
Premium,MVM
join:2000-07-06
Bloom County
reply to newview

said by newview:

Never in a million years would I ever trust Facebook with banking information. AFAIC, the idea is just laughable.

Same can be said for just about any website wanting banking information.
--
Brian

"It drops into your stomach like a Abrams's tank.... driven by Rosanne Barr..." A. Bourdain

art22gg
Premium
join:2005-02-16
Courtenay, BC
kudos:6

1 recommendation

reply to goalieskates

Now isn,t this just a classic case of wanting to put the Fox in the chicken coop to protect the chickens....


Bill or Will
Bill or Will Willy J to you LOL
Premium
join:2002-05-26
Lumberton, TX
reply to goalieskates

Well I think that there are going to be a lot of Cyber Bums asking for spare change best thing to tell them if this really does go thru is to pawn there PC


Austinloop

join:2001-08-19
Austin, TX
kudos:1
reply to newview

+1. Facebook is joking, right?



DrModem
Trust Your Doctor
Premium
join:2006-10-19
USA
kudos:1
reply to goalieskates

Yea... no.



vaxvms
ferroequine fan
Premium
join:2005-03-01
Wormtown
kudos:3
reply to goalieskates

"won't launch the app unless it can offer customers a 100% guarantee of security"

hahahahahahahahahahahahahahahaha
--
Of course I can keep secrets. It's the people I tell them to that can't keep them.



jabarnut
Light Years Away
Premium,MVM
join:2005-01-22
Galaxy M31
kudos:2
reply to goalieskates

I must say, I got a pretty good laugh of this too when I first read it.
I'd give my banking information to some homeless guy on a street corner, if he assured me he could be trusted, before I allowed Facebook to get their hands on it.
--
I had a life once.....now I have a Computer and a Modem.


Hotch

join:2012-06-12
reply to newview

said by newview:

Never in a million years would I ever trust Facebook with banking information. AFAIC, the idea is just laughable.

The greatest writer that ever lived could not have said it better! Your two sentences literally says it all.


trparky
Apple... YUM
Premium,MVM
join:2000-05-24
Cleveland, OH
kudos:2

I'm on Facebook myself but I'll never let them come within a mile of my bank account. That's for sure.


ke4pym
Premium
join:2004-07-24
Charlotte, NC
Reviews:
·VOIPO
·ooma
·Verizon Broadban..
·Northland Cable ..
·Time Warner Cable
reply to The Antihero

said by The Antihero:

After all the questionable ads I've seen on Facebook, including a few that tried to install malware on my machine, there's no way in hell I'd ever trust them with banking information.

There are ads on Facebook?


Dude111
An Awesome Dude
Premium
join:2003-08-04
USA
kudos:12
reply to Austinloop

 

No they arent,alot of idiots will probably do this!



EGeezer
zichrona livracha
Premium
join:2002-08-04
Midwest
kudos:8
Reviews:
·Callcentric
reply to goalieskates

Re: Facebook wants to be your online bank

Nope for me.

I'd be too afraid that at some point Facebook would, without notice, change information sharing of account information that would result in a horrendous breach.

Besides, why do I need a middleman between me and those with whom I make financial transactions, and why do I need Facebook in particular to be the guardian of the privacy of my financial activity?



workablob

join:2004-06-09
Houston, TX
kudos:3
Reviews:
·Comcast

said by EGeezer:

Nope for me.

I'd be too afraid that at some point Facebook would, without notice, change information sharing of account information that would result in a horrendous breach.

Besides, why do I need a middleman between me and those with whom I make financial transactions, and why do I need Facebook in particular to be the guardian of the privacy of my financial activity?

It will be a 'Pay with Facebook, PayPal or Credit Card' when a user is at the online checkout.

I can see a lot of people doing this.

I do it every now and then with PayPal.

Not in a million years (Plus Infinity) would I ever do it with FB.

Dave

Razzy

join:2012-06-21
reply to trparky

Why what's they gonna do? Take your money away? For what? So they can be charged with theft?

Heh.



wxboss
This is like Deja vu all over again.
Premium
join:2005-01-30
Fort Lauderdale, FL

1 recommendation

reply to goalieskates

Mark Zuckerberg is a genius! He found a way to capitalize on stupidity!

Damn, why didn't I think of that?!


HELLFIRE
Premium
join:2009-11-25
kudos:18
reply to goalieskates

1) Brain off

2) hand over money

...

4) PROFIT!

Facepalms of the internet, unite.

Regards


burger eater

join:2011-05-20
reply to goalieskates

Hmmm, i'd have to be losing it to hand over my fiscal information to a social networking website. haha, hahahah,hahahahhahahah good one facebook!



Thaler
Premium
join:2004-02-02
Los Angeles, CA
kudos:3

1 recommendation

reply to CylonRed

said by CylonRed:

said by newview:

Never in a million years would I ever trust Facebook with banking information. AFAIC, the idea is just laughable.

Same can be said for just about any website wanting banking information.

I've never seen any bank site where sharing all your information to the world was turned on by default.


Exhibitionst

@bhn.net
reply to goalieskates

1) Think of how easy it would be to apply for a facebook checking account. They already have all your info, a credit check couldn't tell them more than what they already know about you.

2) You could publish what you spend your money on and see how many likes it gets. "Billy Bob paid the rent" would probably get many likes from the company holding his mortgage.

3) Fraud claims would be piece of cake. facebook would know you weren't on ebay purchasing knock-off designer jeans cause you were in vegas gambling all you money away on slots.

Win win!



Name Game
Premium
join:2002-07-07
Grand Rapids, MI
kudos:7

1 recommendation

reply to goalieskates

Best comment I have seen so far on this is "Facebook plans to offer banking services so its users can combine the joy of paying bills with the thrill of having their identities stolen."

Wonder if they will give home loans ?
»www.bloomberg.com/news/2012-07-1···ges.html
--
Gladiator Security Forum
»www.gladiator-antivirus.com/