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

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

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.

  • Securing Entertainment Venues Securing Entertainment Venues

    One thing entertainment venues, sports stadiums and theme park officials want to accomplish is getting people back into their seats. That is happening today—but not without understanding and technology. In this episode, AJ DeRosa shares his insight on how COVID-impacted businesses are able to face safety and security issues with confidence and technology. We also discuss visitor expectations and how venue officials can ensure their space is secure as they welcome visitors back.

Digital Edition

  • Security Today Magazine - July August 2021

    July August 2021

    Featuring:

    • Tee Up the Security
    • Listen Clearly
    • Turning to the Cloud
    • COVID-19 The Final Push
    • Redefining Security

    View This Issue

  • Environmental Protection
  • Occupational Health & Safety
  • Infrastructure Solutions Group
  • Spaces4Learning
  • Campus Security & Life Safety