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CommBank Now Lets You Bank Via Facebook Which Is Terrifying

Let’s all be honest with ourselves, Facebook isn’t the kindest or most secure service in the world. That’s ok, though, because we don’t do anything too sensitive on there except maybe send inappropriate pictures to our significant others. That’s all about to change however with the introduction of banking via Facebook thanks the the Commonwealth Bank.

It’s called CommBank Kaching For Facebook and the bank is calling it “the nation’s first social bank platform”.

Basically, Kaching for Facebook duplicates the features of the Kaching Android app, adding a range of peer-to-peer payment functionality like allowing you to pay for things like Events and Facebook Gifts, and you can even message your friends to get them to pay for stuff, too.

Say your mate owes you $20, you can just ping them a note on Facebook via Kaching and it will give them instructions to repay it. You can also post messages about what you’ve bought and paid for on your wall, too, if you like to splash cash in front of your friends. Nervous yet?

CommBank has made sure to offer a slew of assurances to customers yesterday, promising that the service would be safe:

Security remains a priority for CommBank Kaching for Facebook. A PIN and NetCode SMS sit behind payments to third parties, while Commonwealth Bank offers a 100 per cent security guarantee on all transactions, meaning it will cover any losses should someone make an unauthorised transaction via a customer’s Facebook account.

Meanwhile, CommBank’s chief marketing officer, Andy Lark was making his own guarantees:

Customer’s privacy is paramount to us. In addition to the security measures we have in place to protect a customer’s personal information, we have designed CommBank Kaching for Facebook in a way that ensures Facebook does not have access to, or visibility over, anything our customers do within the application. Our customers have total control over which personal and transactional information they choose to send to friends, post on their walls or post on your wall.

Assurances or not, I don’t think I’ll be putting my personal finances within 10 steps of Facebook. Ever.

Would you use it?