In fact, banks are also interested in that move; they\u2019ve been struggling to connect with younger generations that basically live in Messenger, WhatsApp, and their like. Facebook is offering banks an opportunity to catch up, but for the users that opportunity could come at a huge cost: their privacy.<\/p>\n
Trust issues<\/h3>\n
To answer your questions, a chat bot \u2014 Facebook \u2014 needs access to your financial information. How else could it tell you your account balance?<\/p>\n
Even if 2018 isn\u2019t the year Facebook learns to respect and protect users\u2019 privacy, few would argue that the social media giant has managed to bury the issues.<\/p>\n
Remember the Cambridge Analytica incident<\/a>, when the third-party analytics company misused the information of about 50 million Facebook users? Facebook remembers it as well, and says it won\u2019t be sharing your financial information with anyone, but users\u2019 trust in Facebook, already relatively low, sank further after the incident became public. People probably won\u2019t be too eager to give their financial data to Mark Zuckerberg and Co.<\/p>\n If you have a Facebook account, the tech giant probably has more information on you than you would prefer. That might even be true . Adding financial information to that seems like too much.<\/p>\n But even if you ignore the \u201ccan\u2019t trust Facebook with my money\u201d aspect, there are more problems remaining, and the main problem is the increased potential for fraud and other kinds of cybercrime.<\/p>\n With your financial account tied to your Facebook Messenger account, a criminal who got hold of the financial account could immediately transfer all the money to a money-laundering Facebook account and cash in.<\/p>\n Or they could use the stolen account to pretend to be you and ask other people from your contact list for money. Messenger makes it so simple to transfer money, they\u2019d probably get plenty of bites. This type of scam is already quite popular among cybercriminals<\/a>, but connecting Messenger with financial accounts would probably result in an increase in its popularity. The list of possible scams goes on.<\/p>\n Here\u2019s another one: Cybercriminals can use fake accounts to pretend to be a bank\u2019s customer-support service informing you of a fraud and persuading you to enter your banking data on a phishing site. Or they can send you a deluge of fake fraud alerts so that you get too annoyed to pay attention and miss a real one.<\/p>\n With a bit of imagination, you can invent more fraud schemes involving Messenger\u2019s upcoming ability to be the interface between you and your bank \u2014 the above is just the tip of the iceberg.<\/p>\nIs it secure to use Facebook for banking?<\/h3>\n
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