From Bank Account to Bank Account: Transferring Money via Social Media

From Bank Account to Bank Account: Transferring Money via Social Media

  • By Ginger Hill
  • Oct 14, 2014

While social media has many benefits – staying in touch with family and friends, marketing, making new connections – I not too sure that transferring money across these platforms is such a good idea. Groupe BPCE, France’s second largest bank by customers, doesn’t agree with me, however, and neither does Rakuten Bank in Japan. From Bank Account to Bank Account: Transferring Money via Social Media

Using Groupe BPCE’s S-Money mobile payments unit that allows bank customers to transfer money over mobile phones via text messages, this bank has created a service using Twitter’s open software standards. Its French customers will be allowed to send money to a friend, regardless of which bank they use and without knowing the recipient’s banking details just by tweeting. As far as the security component, details have yet to be released, but are assumed to incorporate an extra layer of identification.

Rakuten Bank in Japan offers a similar service, only with Facebook’s platform. Their “Transfer by Facebook” allows customers who have downloaded the bank’s mobile banking app to send money to anyone in their Facebook friend’s list.

As technology giants’ interest is increasingly piqued about online and mobile payments, you better believe that hackers are already at work trying to figure out how to gain access.

If the thought of sending money via social media platforms doesn’t make you cringe, I don’t know what will.

About the Author

Ginger Hill is Group Social Media Manager.

Featured

  • The Future of Access Control: Cloud-Based Solutions for Safer Workplaces

    Access controls have revolutionized the way we protect our people, assets and operations. Gone are the days of cumbersome keychains and the security liabilities they introduced, but it’s a mistake to think that their evolution has reached its peak. Read Now

  • A Look at AI

    Large language models (LLMs) have taken the world by storm. Within months of OpenAI launching its AI chatbot, ChatGPT, it amassed more than 100 million users, making it the fastest-growing consumer application in history. Read Now

  • First, Do No Harm: Responsibly Applying Artificial Intelligence

    It was 2022 when early LLMs (Large Language Models) brought the term “AI” into mainstream public consciousness and since then, we’ve seen security corporations and integrators attempt to develop their solutions and sales pitches around the biggest tech boom of the 21st century. However, not all “artificial intelligence” is equally suitable for security applications, and it’s essential for end users to remain vigilant in understanding how their solutions are utilizing AI. Read Now

  • Improve Incident Response With Intelligent Cloud Video Surveillance

    Video surveillance is a vital part of business security, helping institutions protect against everyday threats for increased employee, customer, and student safety. However, many outdated surveillance solutions lack the ability to offer immediate insights into critical incidents. This slows down investigations and limits how effectively teams can respond to situations, creating greater risks for the organization. Read Now

  • Security Today Announces 2025 CyberSecured Award Winners

    Security Today is pleased to announce the 2025 CyberSecured Awards winners. Sixteen companies are being recognized this year for their network products and other cybersecurity initiatives that secure our world today. Read Now

Most   Popular

New Products

  • Compact IP Video Intercom

    Viking’s X-205 Series of intercoms provide HD IP video and two-way voice communication - all wrapped up in an attractive compact chassis.

  • HD2055 Modular Barricade

    Delta Scientific’s electric HD2055 modular shallow foundation barricade is tested to ASTM M50/P1 with negative penetration from the vehicle upon impact. With a shallow foundation of only 24 inches, the HD2055 can be installed without worrying about buried power lines and other below grade obstructions. The modular make-up of the barrier also allows you to cover wider roadways by adding additional modules to the system. The HD2055 boasts an Emergency Fast Operation of 1.5 seconds giving the guard ample time to deploy under a high threat situation.

  • EasyGate SPT and SPD

    EasyGate SPT SPD

    Security solutions do not have to be ordinary, let alone unattractive. Having renewed their best-selling speed gates, Cominfo has once again demonstrated their Art of Security philosophy in practice — and confirmed their position as an industry-leading manufacturers of premium speed gates and turnstiles.