Would You Trust Facebook With Your Finances?

Rumours are flying that Facebook wants to move into the financial services arena, and Australia is tipped to be first in line. The idea is apparently being tested with the Commonwealth Bank this year. But is this something we should casually trust Facebook with?

Even more worrying than any concerns about getting hacked (which would probably never be an issue) is Facebook's history with user privacy and what access the company would have to your info. I'm not sure I would ever link my financial data to Facebook. What about you? [Fortune]

Image: Flickr/west.m


Comments

    Short answer no, long answer is that i wouldnt trust Facebook as far as i could throw it.

      Short answer NO!!! Long answer NOOOOOOOO!!! And ill dump and bank that would use facebook for access.

    I don't care so much about the security - I'm sure Facebook and Commbank would make it work safely. I just don't understand why I'd want to do this? What is the real net benefit for me, in the end?

    But I agree, siloing my bank information (in addition to the rest of my life) into Facebook is probably more info than I really want to give them.

      'Nigel' Just withdrew $100 from an ATM at 123 Street, 1 Minute Ago.

      'Nigel's Broke Cousin near-by' Likes this ✔

        ^ Classic mate.

        This reminded me of the stupid girl that was helping her Grand Mother count her life savings, and took a pic and posted it on Facebook, that night the Grand Mother got robbed.

          "If you're not doing anything wrong, you have nothing the hide" vs what he said :)

    They have turned something good into a barely functioning social network with so many bugs that entomologists have started taking an interest in it... sure I'd trust them with my finances!

      agreed, time line ruined facebook.

        Time line is one of the few good features they have pushed out.

        Phasing out chronological feed posts and showing more and more garbage posts for people that you don't know that your friends commented on has ruined facebook.

    At the end of the day Facebook is just a massive advertising platform that collects all our personal data and this just further assist them in knowing your spending patterns to further sell onto third parties

    Well, being as how the Com bank (and NAB, don't get me started with that lot) are the two banks I will have the least to do with, you can imagine how I feel about FB getting their hands on my financial details.
    Hell, they can't keep ANY thing private or secure. How on Earth they think they can keep financial info secure is beyond me.
    But there will be plenty of Rubes out there who'll blindly hand over any info that's asked of them.

    After them changing default email addresses, can't wait for them to change your bank accounts

    Left it and never looked back. The only ones using it now are attention whores and narcissists.

      I can see why you left. I would too if I had zero friends.

        What an ignorant statement that is. People with real friends do not waste their time on Facebook Mac, they meet in real life and communicate via phone and email. Facebook has fooled you into thinking you must have hundreds of "friends" and keep up with the people you never really spoke to, all while selling your details to various companies. I can count my good friends on one hand - those are the ones I keep close and maintain friendship with - the rest are mere acquaintances who I will exchange small talk with if I see them. Honestly I am 23 and just cannot stand Facebook, glad to see the end of it, it is completely ANTI social!

    "getting hacked (which would probably never be an issue)" AAAHHH,HA,HA,HA,HA!!!! Yeah, no, you're right, Facebook accounts never get hacked.

      Obviously they would up security on accounts to align with financial industry regulations dumbarse

    Can you see it?:

    Mother on Facebook: "6953"
    Son: "What are you doing?"
    Mother: "Oh, I thought I was putting my PIN number into the Facebook thingy to transfer money. Umm, how do I delete this?"

    Either that or:

    "You are about to install 'MY SECRETE CRUSHS NAME?!?!?!??!'. This application wishes to * Access your bank account details * Access your mother's maiden name * Use your signature and PIN for transactions"

    Another reason why Facebook shares have plummeted.

    I wouldn't trust Facebook with anything important.

      *anything at all

    Just seems conducive to credit card fraud. I'm sure (at least I bloody hope so) that the banks would have to cover any losses to a customer if their account information was fraudulently used, but surely this would be creating more work and fraud tracking for the bank than it would be worth so?
    More so, given it would be a service very few people would actually want, and end up paying for in bank fees.

    Facebook is getting in on the netbank SMS thing?

    This is such a bad idea. Did they fire all the fraud department and IT staff who should have stopped this?

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