Do You Want Facebook With Your Banking?

A forthcoming update to the Commonwealth Bank's online banking platform NetBank will include Facebook integration so you can tell friends that you've just sent them a payment. There is no way I want Facebook anywhere near my banking. How do you feel?

Here's how the bank explains the update:

People are always giving me suggestions on how to make NetBank better and emailing payment receipts pops up every couple of months. Rather than just adding an email feature we have also added Facebook, so it’s now really convenient to let your friends know when you have made a payment to them.

The Commonwealth Bank is also working on a Facebook-only version of its Kaching mobile app, so this isn't exactly surprising. I want neither for a very simple reason: when it comes to security, I have zero faith in Facebook. It constantly alters and hides privacy settings, its security options often don't work properly, and its communication on security matters is utterly hopeless.

So I will be ignoring any Facebook features in NetBank. But maybe that's just me. Does that sound useful to you, or would you rather keep Facebook and banking in separate buckets? Tell us in the comments.

Some cool new NetBank features coming your way [Blog.Commbank]


Comments

    Definitely the worst combination, the most secure site people use mixed in with one of the worst websites for privacy. No thanks, its almost tempting to remove myself from facebook to avoid all of the facebook "plug-ins" that litter the internet, most websites now days has some sort of facebook integration.

      Use Ghostery. It blocks all plugins across all sites. Stops ad trackers too.
      I highly recommend it as when you partner it with adblock, they form a privacy creating, distraction slaying duo.

    No, no, no. This sounds like a poorly thought out and really late April fools joke.

    To be fair; nobody is trying to get you to pay people through facebook- even though you can do this with the current kachina app, it requires a second verification code anyway.
    This would actually be very helpful- again- face books privacy settings don't come into it, as it is till external, and even if someone stole you Facebook details, email AND phone; they would still not be able to get at your money without spending a lot of their own; and then even if they did; Commbank has a garunteed that any money lost will be completely refunded.
    I've used it once before, and it is practically foolproof.

      '... Not be able to get at your money without spending a lot of their own...'. You gave me the best laugh I've had in a while. I have visions of hackers around the world sipping fine champagne logging into some data base with their personal credit card spending their money to steal yours. On the other hand if your happy to have your account frozen with zero access to your money while the bank takes a week or 2 (in my experience) then go right ahead and link your Facebook account with your bank account access.

      The problem here is a lot of lax people put a lot of personal info on their Facebook pages along with lax privacy settings. They also have lax passwords. If I saw they banked with xyz bank I could probably guess their passwords based on pet names, child birth dates, one of those stupid questionnaires their friend sent them, etc. Furthermore I could probably gather a lot of personal info from their page and pose as that person well enough to gain what I want. This sort of thing happens every day of every year world wide. If you wouldn't stand on a street corner announcing which bank you bank with why would anyone trust a tie in with Facebook?

    The stupidity of NetBank. Do they expect me to become friends with the Council, VicRoads, my electricity & phone supplier? I think not.
    If I pay a friend then I don't want to resort to social networking to thank them by telling them that I have paid them back.
    As for the security side it's just a laugh.
    NetBank should stop trying to be "cool" and start acting like a financial institution.

    ಠ_ಠ

      OK I just have to know, How,.. where , did you get that symbol, what is it. ? :)

    Couldn't agree more. There is no way in hell I would want my banking matters to have any sort of integration with Facebook.

    I never understood why a bank is so keen on intragrating with a social networking platform that much.

    So far, all of my mates who are with CommWealth do not use Kachin because of security concerns.

    Hell No!

    I'm glade I'm not with CommBank. Facebook has a poor history of being hacked.

    An SMS or email would be sufficient.. but why facebook.. facebook is goin to tell everyone who is a friend of that person that you just sent the money..

      This has so many privacy implications as well. "Fred has just paid Joe 100$" scary person who Joe owes money to: "hmm. Joe said he was out that 100. time to make a 'friendly' visit."

        They've been doing in the USA for a while now.. Chase Bank pioneered it I think.. SMS alerts, that is..

    I definitely agree with you Angus

    if they try and make me link facebook with my netbank, I think ill just switch bank.

    If you wanna pay a friend you use PayPal best bank in the world for payments. Easier then a credit card.

    Oh I can see it now. Wall update. Your friend Matt had just been paid $2000 from x company. And then proceeds to list your spending on your wall.

      If my friend tried to give me money he owes me through PayPal i would slap him. Why pay fees when I trust him to do a direct transfer, free. And then I don't have to wait 5-7 days to get te money.

    I feel the same. Facebook? No fracking way. Google+? May be.

    I just don't see why you would use Facebook to tell your friend you have sent them money? In a private message, I guess, maybe ... but there are so many better alternatives - email, sms, carrier pigeon.

    At first, I think oh hell no. But, then, this sort of thing, I think grows on you through sheer convenience. I don't use CommBank & I'm pretty sure Westpac's rather featureless net banking isn't going to offer this anytime soon so I cant judge for sure.

    I remember wondering why on Earth anyone would use mobile banking but damn, how handy is that?!

    So.. I prophesise 1) you're probay not the target user for this and 2) now its there you'll probably find yourself using it sometime :)

    Me? No. Facebook can stay the hell from my bidness

    If I was actually with facebook to begin with... no way in hell would I want fb linked with my online banking in any way! totally agree with u Angus

    if the commonwealth bank puts a facebook spy icon in netbank like the one on this page i will change banks.
    this is how facebook is spying on you right now on this page (from ghostery)

    Privacy Information
    Privacy Policy:
    http://www.facebook.com/about/privacy/

    Data Collected:
    Anonymous (Browser Information, Demographic Data, Interaction Data , Page Views )
    Pseudonymous (IP Address (EU PII))

    Data Sharing:
    Data is shared with 3rd parties (specifics undisclosed).

    Data Retention:
    Undisclosed

    This is what I commented at the bank blog, not sure if it will be accepted by the moderator:

    You have to be kidding, "added Facebook" - that has to be the worst idea I have ever heard from a bank. Facebook is the most insecure, obtuse and obnoxious company around - security settings keep being changed without notice, privacy is modified "for my convenience" on a regular basis without consulting me. I do not want Facebook anywhere near my accounts and if you do, I'll be closing my bank accounts with you.

    It would be nice if they could fix their android banking app first.

    I really want CommBank to come out and say "We got you good!"
    No one wants Facebook integration with Netbank, it's the same reason why people didn't like Facebook Beacon; people didn't like Beacon because it linked peoples' most secure sites to... well... Facebook.

    People. Calm down. Just don't link the two if you don't want it. The only thing it will likely add is the jacking feature to send money to a Facebook account, so you just need to be friends, you don't new to know all their details. It doesn't post anything about transactions all walls, thus pointless. Common sense. Use it.

    Its unanimous - nobody here wants Facebook anywhere near their on-line banking site, Netbank or otherwise. Its a really bad idea for lots of reasons, and a total waste of effort. CBA is just trying to appeal to the kids who love FB - its a marketing ploy, and not a good one at that.

    Also, like many big corporations, they haven't yet realised that there is a huge Android market out there that is not being well serviced. They still think that Apple is the only mobile o/s of any importance.

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