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?


Comments

    ugh.. And then watch how many people get all upset when all their banking info gets trawled by all those haX0rz.
    Honestly, anyone who thinks there's anything even remotely private or secure about facebook (or any social socket) really needs to have their heads examined.

    No, I don't even put my real address in Facebook, no way on this planet would I be linking Facebook to my finances.

      No, I don't even put my real address in Facebook, no way on this planet would I be linking Facebook to my finances.

      Yeah but would it really be that bad if someone stole the $38.63 in your bank account?

      Last edited 07/03/13 2:04 pm

        You are overestimating how much money I have, Alan.

    People still use Facebook? Most of my friends have stopped using it entirely.

      Who needs surveys and statistical data when you got your 5 closest buddies you can ask? Surely that’s a far better indicator for whats going on in the world.

    we have designed ... in a way that ensures Facebook does not have access to, or visibility over, anything our customers do within the application

    ...but no mention about what information this app will be collecting about you, your friends, your likes and your wall.

    Honestly, I don't see myself using this instead of NetBank - if I'm at the computer, it's just as easy to log into NetBank.

    We'll see, though.

    No, I think i'll just up a Nigerian and give them my money. Quicker and easier that way.

    I hate how one mention of "facebook" and we're all automatically supposed to scream in terror for our "privacy". I honestly don't understand how this can be that bad when you have PIN's and NetCode and everything else.
    If you're concerned someone's going to break your 2-factor and steal your money then you shouldn't even have NetBank.

    In saying that, I'm not saying Kaching for Facebook is a good idea, either. I probably won't use it, only because I can't see how it's ever going to be useful.

    Still, good on CommBank for trying something new.

    I don’t think this is a good idea but I will point out that pretty much under every instance of internet banking fraud, the bank will reimburse you and they will pursue an investigation themselves. At least that was the case when I was working at a bank.

    HTTPS the connection .... ?

      Facebook has native HTTPS support which you can turn on in your privacy settings. So in saying that, I assume that they would have that enabled for this 'application'.

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