TECHNOLOGY SPECTATOR: Facebook for banking? No thanks!

The strategy of using a social ID for banking could be a recipe for disaster and a nightmare for security experts.

Your Facebook ID could become your universal identifier, even for financial transactions. Let's think about that for a minute and ask ourselves just how many ways are we prepared to become Mark Zuckerberg's bitch?

Commonwealth Bank released its mobile payment system Kaching last week and as promised, it gives users the ability to pay anyone via Facebook, whether or not they're a Commbank customer.

Surely not. Since when is Facebook bank-grade security?


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